Van ECK Associates Corp, an investment advisory firm, has increased its holdings of shares in Worthington Industries, Inc. (NYSE: WOR) by 76% during the fourth quarter of 2020. The company took this action according to its most recent quarterly report submitted to the Securities & Exchange Commission. The report states that Van ECK Associates Corp now owns 85,792 shares of Worthington Industries stock after buying an additional 37,056 shares during the same period, which represents a substantial increase in their shareholding position.
At present, Van ECK Associates Corp maintains a minority ownership stake in Worthington Industries valued at $4,265,000 at the end of the reporting period in question. While this does not represent a controlling interest in the industrial products company worth approximately $2 billion as per market capitalization metrics, it does speak to investor confidence in their abilities and market outlook – a view shared by other institutional investors such as Vanguard Group and Blackrock.
Worthington Industries is also reportedly set to pay out dividends on Thursday, June 29th amounting to $0.31 per share for those investors recorded on June 15th – an enticing return on investment when compared to similar industrial sector companies within its peer group space. This dividend scheme promises an annualized return of $1.24 with a current yield record of approximately 2.18%, reflecting both impressive financial strength and corporate growth targets aligned with key performance indicators.
In addition to positive institutional confidence signals from investment firms such as Van ECK Associates Corp., Worthington’s own leadership team have shown further conviction in their commitment to creating value for shareholders through strategic stock sales over recent months despite fluctuations in commodity prices which may have otherwise caused concern or potential variable risks.
For example, recently appointed Board Chairman John P/Oh Mcconnell sold off some stocks totaling 17k shares worth approximately USD$977,840.00 amid rising shareholder interest in these securities. Other insiders like SVP Catherine M. Lyttle sold 10k shares for $629,000 during the last fiscal quarter of the previous year with plans to support other business investment activities.
In conclusion, Worthington Industries remains a leading industrial products company within the sector characterized by its ability to maintain investor confidence despite headwinds seen across numerous segments in recent times. Its successful appeal among institutional investors along with strategic stock transactions executed by leadership teams show sustained momentum propelling it towards rapid growth and market outperformance in financial markets long-term.
Institutional Investors and Hedge Funds Boost Stake in Worthington Industries While Analysts Upgrade Stock
Worthington Industries, Inc., an industrial products company, has recently received a boost from several institutional investors and hedge funds. Arizona State Retirement System, Cardinal Capital Management, Great West Life Assurance Co. Can, Swiss National Bank and Retirement Systems of Alabama have all upped their stake in the company by buying additional shares during the last quarter. In fact, institutional investors and hedge funds currently own 45.30% of the company’s stock.
This news comes alongside positive analyst reports on Worthington Industries. BMO Capital Markets raised their price target for the company from $54 to $60 while StockNews.com upgraded the stock from a “hold” rating to a “buy” rating.
The Ohio-based firm also recently announced its quarterly dividend payment scheduled for June 29th. Shareholders as of record on June 15th will receive a payment of $0.31 per share, resulting in an annualized dividend of $1.24 and a yield of 2.18%. Worthington Industries’ dividend payout ratio is currently 29.67%.
Shares in Worthington Industries opened at $56.81 on Thursday with the stock having a beta of 1.25 and market capitalization worth $2.83 billion. The business has debt-to-equity ratio of 0.40, quick ratio of 1.67 and current ratio of 2.57%.
In March this year, Worthington Industries reported earnings per share (EPS) worth $1.04 for Q4, surpassing analysts’ consensus estimates by up to $0.34 per share thanks to strong demand seen across all industries served by the firm including construction, automotive, and energy sectors.
Despite revenue being down during Q4 due to loss-making contracts being wound up or terminated early following weak demand particularly in oil & gas markets, Equities analysts remain bullish about Worthington Industries estimated EPS forecast for this year to be $4.93 per share.
Source: https://beststocks.com/van-eck-associates-corp-increases-stake-in-worthin/
