Worthington Industries, Inc. (NYSE:WOR) Position Cut by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System reduced its holdings in Worthington Industries, Inc. (NYSE:WOR – Get Rating) by 20.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,242 shares of the industrial products company’s stock after selling 3,170 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Worthington Industries were worth $609,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in WOR. Center for Financial Planning Inc. acquired a new position in shares of Worthington Industries during the fourth quarter valued at $25,000. Accurate Wealth Management LLC acquired a new position in Worthington Industries during the 4th quarter valued at about $54,000. Romano Brothers AND Company acquired a new stake in shares of Worthington Industries in the 4th quarter worth approximately $50,000. Point72 Hong Kong Ltd boosted its holdings in shares of Worthington Industries by 1,470.4% in the first quarter. Point72 Hong Kong Ltd now owns 1,806 shares of the industrial products company’s stock valued at $93,000 after acquiring an additional 1,691 shares in the last quarter. Finally, Federated Hermes Inc. boosted its holdings in shares of Worthington Industries by 33.6% in the first quarter. Federated Hermes Inc. now owns 2,842 shares of the industrial products company’s stock valued at $146,000 after acquiring an additional 714 shares in the last quarter. Institutional investors and hedge funds own 45.30% of the company’s stock.

Worthington Industries Stock Performance

Shares of WOR opened at $57.55 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.57 and a quick ratio of 1.67. The firm’s 50 day moving average is $59.08 and its 200-day moving average is $56.49. Worthington Industries, Inc. has a 12-month low of $38.01 and a 12-month high of $65.17. The stock has a market capitalization of $2.87 billion, a P/E ratio of 13.77 and a beta of 1.25.

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

Worthington Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 29th. Stockholders of record on Thursday, June 15th will be issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 2.15%. The ex-dividend date of this dividend is Wednesday, June 14th. Worthington Industries’s dividend payout ratio is 29.67%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on WOR shares. StockNews.com began coverage on Worthington Industries in a research report on Thursday. They issued a “buy” rating for the company. BMO Capital Markets raised their target price on Worthington Industries from $54.00 to $60.00 in a research note on Friday, March 24th.

Insider Activity at Worthington Industries

In other Worthington Industries news, Chairman John P/Oh Mcconnell sold 17,000 shares of the business’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 sale, the chairman now owns 1,338,633 shares in the company, valued at approximately $76,998,170.16. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, Chairman John P/Oh Mcconnell sold 17,000 shares of the firm’s stock in a transaction on Tuesday, May 9th. The stock was sold at an average price of $57.52, for a total value of $977,840.00. Following the completion of the sale, the chairman now owns 1,338,633 shares of the company’s stock, valued at $76,998,170.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Catherine M. Lyttle sold 10,000 shares of Worthington Industries stock in a transaction on 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 in the company, valued at approximately $3,395,593.60. The disclosure for this sale can be found here. 39.20% of the stock is currently owned by corporate insiders.

Worthington Industries Company Profile

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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.