Worthington Industries, Inc. (NYSE:WOR) declared a quarterly dividend on Wednesday, March 28th, RTT News reports. Investors of record on Friday, June 15th will be given a dividend of 0.21 per share by the industrial products company on Friday, June 29th. This represents a $0.84 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date of this dividend is Thursday, June 14th.
Worthington Industries has raised its dividend payment by an average of 7.5% per year over the last three years and has raised its dividend every year for the last 7 years. Worthington Industries has a payout ratio of 27.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Worthington Industries to earn $3.39 per share next year, which means the company should continue to be able to cover its $0.84 annual dividend with an expected future payout ratio of 24.8%.
Worthington Industries opened at $46.70 on Wednesday, Marketbeat reports. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.29 and a current ratio of 2.05. Worthington Industries has a 1-year low of $39.52 and a 1-year high of $53.27. The firm has a market capitalization of $2.96 billion, a price-to-earnings ratio of 16.80, a price-to-earnings-growth ratio of 3.37 and a beta of 1.08.
In related news, VP Catherine M. Lyttle sold 34,500 shares of the company’s stock in a transaction on Wednesday, April 4th. The shares were sold at an average price of $40.65, for a total transaction of $1,402,425.00. Following the completion of the sale, the vice president now directly owns 32,059 shares of the company’s stock, valued at approximately $1,303,198.35. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michael J. Endres purchased 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 4th. The shares were acquired at an average cost of $39.78 per share, with a total value of $119,340.00. Following the completion of the transaction, the director now owns 187,440 shares in the company, valued at approximately $7,456,363.20. The disclosure for this purchase can be found here. Insiders own 31.30% of the company’s stock.
WOR has been the subject of several research reports. ValuEngine upgraded Worthington Industries from a “hold” rating to a “buy” rating in a research report on Wednesday, April 18th. Jefferies Financial Group restated a “hold” rating and set a $45.00 price objective on shares of Worthington Industries in a research report on Friday, March 30th. Finally, Zacks Investment Research downgraded Worthington Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, March 14th.
About Worthington Industries
Worthington Industries, Inc, a metals manufacturing company, focuses on value-added steel processing and manufactured metal products in the United States, Austria, Canada, Mexico, Poland, Portugal, and Turkey. The company operates through three segments: Steel Processing, Pressure Cylinders, and Engineered Cabs.
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