Worthington Industries, Inc. (NYSE:WOR) Announces Quarterly Dividend of $0.31

Worthington Industries, Inc. (NYSE:WORGet Rating) declared a quarterly dividend on Thursday, June 23rd, Wall Street Journal reports. Stockholders of record on Thursday, September 15th will be given a dividend of 0.31 per share by the industrial products company on Thursday, September 29th. This represents a $1.24 annualized dividend and a dividend yield of 2.81%. The ex-dividend date is Wednesday, September 14th. This is an increase from Worthington Industries’s previous quarterly dividend of $0.28.

Worthington Industries has raised its dividend by an average of 7.6% annually over the last three years and has increased its dividend annually for the last 12 consecutive years. Worthington Industries has a dividend payout ratio of 21.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Worthington Industries to earn $4.63 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 24.2%.

NYSE WOR traded up $3.67 during mid-day trading on Thursday, reaching $44.08. The stock had a trading volume of 438,239 shares, compared to its average volume of 244,145. The stock has a market cap of $2.21 billion, a PE ratio of 5.44 and a beta of 0.99. Worthington Industries has a 1 year low of $39.13 and a 1 year high of $65.60. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.85 and a quick ratio of 1.00. The company has a fifty day moving average price of $46.52 and a 200 day moving average price of $51.90.

Worthington Industries (NYSE:WORGet Rating) last issued its earnings results on Tuesday, March 22nd. The industrial products company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.37 by ($0.24). The company had revenue of $1.38 billion during the quarter. Worthington Industries had a return on equity of 26.10% and a net margin of 8.78%. The company’s revenue was up 81.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.36 EPS. As a group, equities research analysts expect that Worthington Industries will post 6.55 earnings per share for the current year.

In other Worthington Industries news, Director Sidney A. Ribeau sold 8,000 shares of Worthington Industries stock in a transaction that occurred on Wednesday, April 20th. The stock was sold at an average price of $57.16, for a total value of $457,280.00. Following the sale, the director now owns 58,505 shares of the company’s stock, valued at approximately $3,344,145.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 37.50% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of the business. Point72 Hong Kong Ltd lifted its stake in 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 worth $93,000 after purchasing an additional 1,691 shares during the last quarter. Federated Hermes Inc. lifted its stake in shares of Worthington Industries by 33.6% during the 1st quarter. Federated Hermes Inc. now owns 2,842 shares of the industrial products company’s stock worth $146,000 after acquiring an additional 714 shares during the last quarter. G2 Capital Management LLC OH lifted its stake in shares of Worthington Industries by 22.7% during the 1st quarter. G2 Capital Management LLC OH now owns 4,988 shares of the industrial products company’s stock worth $256,000 after acquiring an additional 924 shares during the last quarter. Royal Bank of Canada boosted its holdings in Worthington Industries by 11.0% during the 1st quarter. Royal Bank of Canada now owns 7,963 shares of the industrial products company’s stock valued at $410,000 after acquiring an additional 790 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new position in Worthington Industries in the 1st quarter valued at $432,000. Institutional investors and hedge funds own 45.96% of the company’s stock.

Separately, StockNews.com cut Worthington Industries from a “hold” rating to a “sell” rating in a research report on Friday, June 17th.

Worthington Industries Company Profile (Get Rating)

Worthington Industries, Inc, an industrial manufacturing company, focuses on value-added steel processing and manufactured metal products in North America and internationally. It operates through Steel Processing, Consumer Products, Building Products, and Sustainable Energy Solutions segments. The Steel Processing segment processes flat-rolled steel for customers primarily in the automotive, aerospace, agricultural, appliance, construction, container, hardware, heavy-truck, HVAC, lawn and garden, leisure and recreation, office furniture, and office equipment markets.

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Dividend History for Worthington Industries (NYSE:WOR)

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