Worthington Industries, Inc. (NYSE:WOR) Shares Bought by Van ECK Associates Corp

Posted by on May 11th, 2023

Van ECK Associates Corp grew its holdings in shares of Worthington Industries, Inc. (NYSE:WOR – Get Rating) by 76.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 85,792 shares of the industrial products company’s stock after purchasing an additional 37,056 shares during the quarter. Van ECK Associates Corp owned approximately 0.17% of Worthington Industries worth $4,265,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of WOR. Arizona State Retirement System boosted its stake in shares of Worthington Industries by 2.6% during the fourth quarter. Arizona State Retirement System now owns 9,084 shares of the industrial products company’s stock valued at $452,000 after acquiring an additional 229 shares during the last quarter. Cardinal Capital Management boosted its stake in shares of Worthington Industries by 2.0% during the fourth quarter. Cardinal Capital Management now owns 12,001 shares of the industrial products company’s stock valued at $597,000 after acquiring an additional 233 shares during the last quarter. Great West Life Assurance Co. Can boosted its stake in shares of Worthington Industries by 2.0% during the first quarter. Great West Life Assurance Co. Can now owns 18,328 shares of the industrial products company’s stock valued at $969,000 after acquiring an additional 366 shares during the last quarter. Swiss National Bank boosted its stake in shares of Worthington Industries by 0.5% during the fourth quarter. Swiss National Bank now owns 77,700 shares of the industrial products company’s stock valued at $3,862,000 after acquiring an additional 400 shares during the last quarter. Finally, Retirement Systems of Alabama boosted its stake in Worthington Industries by 1.1% in the 4th quarter. Retirement Systems of Alabama now owns 39,968 shares of the industrial products company’s stock worth $1,987,000 after buying an additional 417 shares during the last quarter. Institutional investors and hedge funds own 45.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. BMO Capital Markets raised their price target on Worthington Industries from $54.00 to $60.00 in a research note on Friday, March 24th. StockNews.com upgraded Worthington Industries from a “hold” rating to a “buy” rating in a report on Saturday, April 1st.

Insider Activity at Worthington Industries

In other Worthington Industries news, Chairman John P/Oh Mcconnell sold 17,000 shares of the firm’s stock in a transaction dated Tuesday, May 9th. The stock was sold at an average price of $57.52, for a total transaction of $977,840.00. Following the completion of the sale, the chairman now directly owns 1,338,633 shares in the company, valued at approximately $76,998,170.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, SVP Catherine M. Lyttle sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, March 28th. The shares were sold at an average price of $62.90, for a total value of $629,000.00. Following the transaction, the senior vice president now owns 53,984 shares of the company’s stock, valued at approximately $3,395,593.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman John P/Oh Mcconnell sold 17,000 shares of Worthington Industries stock in a transaction that occurred on Tuesday, May 9th. The shares were sold at an average price of $57.52, for a total transaction of $977,840.00. Following the completion of the transaction, the chairman now directly owns 1,338,633 shares in the company, valued at approximately $76,998,170.16. The disclosure for this sale can be found here. 39.20% of the stock is currently owned by corporate insiders.

Worthington Industries Stock Down 0.7 %

Shares of NYSE:WOR opened at $56.81 on Thursday. The stock has a 50-day simple moving average of $59.71 and a 200-day simple moving average of $56.15. The stock has a market capitalization of $2.83 billion, a P/E ratio of 13.59 and a beta of 1.25. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.67 and a current ratio of 2.57. Worthington Industries, Inc. has a 1 year low of $38.01 and a 1 year high of $65.17.

Worthington Industries (NYSE:WOR – Get Rating) last announced its earnings results on Wednesday, March 22nd. The industrial products company reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.34. Worthington Industries had a return on equity of 13.98% and a net margin of 3.97%. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $909.00 million. During the same period in the prior year, the company posted $1.13 EPS. Worthington Industries’s quarterly revenue was down 19.9% on a year-over-year basis. Equities analysts forecast that Worthington Industries, Inc. will post 4.93 earnings per share for the current year.

Worthington Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 29th. Investors of record on Thursday, June 15th will be paid a dividend of $0.31 per share. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $1.24 annualized dividend and a yield of 2.18%. Worthington Industries’s dividend payout ratio is currently 29.67%.

Worthington Industries Profile

(Get Rating)

Worthington Industries, Inc engages in processing of value-added steel and manufacturing of metal products. It operates through the following segments: Steel Processing and Pressure Cylinders. The Steel Processing segment consists of Worthington Steel business unit and consolidated joint ventures, which operates steel business and its prices.

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Institutional Ownership by Quarter for Worthington Industries (NYSE:WOR)

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