Worthington Industries, Inc. (NYSE:WOR) will repurchase of up to an additional ten million of its outstanding common shares.
A prior authorization to repurchase ten million shares dated June 13, 2005, has 1.4 million shares remaining. No timetable was established for the new repurchase.
Worthington Industries is a leading diversified metal processing company with annual sales of nearly $3 billion.
PAYOUT YIELD ANALYSIS
At a share price of $23, the 11.4 million share repurchase promises to return $262 million to shareholders over what will likely be a 2 year period or at a rate of $131 million per year. With 85 million shares outstanding, the repurchase will return $1.54 per share per year. Combined with the annualized divdidend of $0.68, the Total Payout is projected to be $2.22 with a Total Payout Yield of 9.7%.
- Payout Yield Staff