Worthington Industries (WOR) Dips More Than Broader Markets: What You Should Know
In the latest trading session, Worthington Industries (WOR) closed at $71.88, marking a -0.98% move from the previous day. This move lagged the S&P 500's daily loss of 0.57%. Elsewhere, the Dow lost 0.05%, while the tech-heavy Nasdaq lost 1.04%.
Coming into today, shares of the metal manufacturer had gained 0.78% in the past month. In that same time, the Industrial Products sector lost 1.68%, while the S&P 500 gained 0.64%.
Worthington Industries will be looking to display strength as it nears its next earnings release, which is expected to be September 27, 2023. On that day, Worthington Industries is projected to report earnings of $1.99 per share, which would represent year-over-year growth of 23.6%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.35 billion, down 3.95% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $5.65 per share and revenue of $4.9 billion, which would represent changes of -3.58% and -5.89%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Worthington Industries. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Worthington Industries currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Worthington Industries has a Forward P/E ratio of 12.85 right now. This valuation marks a no noticeable deviation compared to its industry's average Forward P/E of 12.85.
The Metal Products - Procurement and Fabrication industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 91, which puts it in the top 37% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Worthington Industries, Inc. (WOR) : Free Stock Analysis Report
