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There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on August 9, Worthington Industries, Inc.'s Director, Ozey K Horton Jr., invested $16,496.00 into 1,000 shares of WOR, for a cost per share of $16.50. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money.
In trading on Friday, bargain hunters could buy shares of Worthington Industries, Inc. (NYSE:WOR) and achieve a cost basis 2.4% cheaper than Horton, with shares changing hands as low as $16.10 per share. It should be noted that Horton has collected $0.12/share in dividends since the time of their purchase, so they are currently down 1.7% on their purchase from a total return basis. Worthington Industries, Inc. shares are currently trading down about 0.1% on the day. The chart below shows the one year performance of WOR shares, versus its 200 day moving average:
Looking at the chart above, WOR's low point in its 52 week range is $12.84 per share, with $23.75 as the 52 week high point — that compares with a last trade of $16.41. By comparison, below is a table showing the prices at which insider buying was recorded over the last six months:
WOR operates in the Non-Precious Metals & Non-Metallic Mining sector, among companies like Allegheny Technologies, Inc (NYSE:ATI) which is up about 0.5% today, and Gerdau S.A. (NYSE:GGB) trading lower by about 1.5%. Below is a three month price history chart comparing the stock performance of WOR, versus ATI and GGB.
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