Worthington Industries Inc (WOR)
Worthington Industries, Inc., a metal fabrication company, focuses on processing value-added steel and metal products manufactured in the United States, Austria, Canada, Mexico, Poland, and Portugal. The company is headquartered in Columbus, Ohio.
Stock Price Trends
Stock price trends estimated using linear regression.
Key facts
- The primary trend is increasing.
- The growth rate of the primary trend is 130.01% per annum.
- WOR price at the close of May 17, 2024 was $58.37 and was inside the primary price channel.
- The secondary trend is decreasing.
- The decline rate of the secondary trend is 30.52% per annum.
- WOR price at the close of May 17, 2024 was inside the secondary price channel.
- The direction of the secondary trend is opposite to the direction of the primary trend. This indicates a possible reversal in the direction of the primary trend.
Linear Regression Model
Model equation:
Yi = α + β × Xi + εi
Top border of price channel:
Exp(Yi) = Exp(a + b × Xi + 2 × s)
Bottom border of price channel:
Exp(Yi) = Exp(a + b × Xi – 2 × s)
where:
i - observation number
Yi - natural logarithm of WOR price
Xi - time index, 1 day interval
σ - standard deviation of εi
a - estimator of α
b - estimator of β
s - estimator of σ
Exp() - calculates the exponent of e
Primary Trend
Start date: September 23, 2022
End date: May 17, 2024
a = -0.1000
b = 0.0023
s = 0.2054
Annual growth rate:
Exp(365 × b) – 1
= Exp(365 × 0.0023) – 1
= 130.01%
Price channel spread:
Exp(4 × s) – 1
= Exp(4 × 0.2054) – 1
= 127.40%
September 23, 2022 calculations
Top border of price channel:
Exp(Y844)
= Exp(a + b × X844 + 2 × s)
= Exp(a + b × 1,222 + 2 × s)
= Exp(-0.1000 + 0.0023 × 1,222 + 2 × 0.2054)
= Exp(3.0994)
= $22.19
Bottom border of price channel:
Exp(Y844)
= Exp(a + b × X844 – 2 × s)
= Exp(a + b × 1,222 – 2 × s)
= Exp(-0.1000 + 0.0023 × 1,222 – 2 × 0.2054)
= Exp(2.2779)
= $9.76
May 17, 2024 calculations
Top border of price channel:
Exp(Y1,258)
= Exp(a + b × X1,258 + 2 × s)
= Exp(a + b × 1,824 + 2 × s)
= Exp(-0.1000 + 0.0023 × 1,824 + 2 × 0.2054)
= Exp(4.4732)
= $87.64
Bottom border of price channel:
Exp(Y1,258)
= Exp(a + b × X1,258 – 2 × s)
= Exp(a + b × 1,824 – 2 × s)
= Exp(-0.1000 + 0.0023 × 1,824 – 2 × 0.2054)
= Exp(3.6517)
= $38.54
Description
- The primary trend is increasing.
- The growth rate of the primary trend is 130.01% per annum.
- WOR price at the close of May 17, 2024 was $58.37 and was inside the primary price channel.
Secondary Trend
Start date: February 15, 2024
End date: May 17, 2024
a = 5.8797
b = -0.0010
s = 0.0234
Annual growth rate:
Exp(365 × b) – 1
= Exp(365 × -0.0010) – 1
= -30.52%
Price channel spread:
Exp(4 × s) – 1
= Exp(4 × 0.0234) – 1
= 9.83%
February 15, 2024 calculations
Top border of price channel:
Exp(Y1,194)
= Exp(a + b × X1,194 + 2 × s)
= Exp(a + b × 1,732 + 2 × s)
= Exp(5.8797 + -0.0010 × 1,732 + 2 × 0.0234)
= Exp(4.1990)
= $66.62
Bottom border of price channel:
Exp(Y1,194)
= Exp(a + b × X1,194 – 2 × s)
= Exp(a + b × 1,732 – 2 × s)
= Exp(5.8797 + -0.0010 × 1,732 – 2 × 0.0234)
= Exp(4.1053)
= $60.66
May 17, 2024 calculations
Top border of price channel:
Exp(Y1,258)
= Exp(a + b × X1,258 + 2 × s)
= Exp(a + b × 1,824 + 2 × s)
= Exp(5.8797 + -0.0010 × 1,824 + 2 × 0.0234)
= Exp(4.1072)
= $60.78
Bottom border of price channel:
Exp(Y1,258)
= Exp(a + b × X1,258 – 2 × s)
= Exp(a + b × 1,824 – 2 × s)
= Exp(5.8797 + -0.0010 × 1,824 – 2 × 0.0234)
= Exp(4.0135)
= $55.34
Description
- The secondary trend is decreasing.
- The decline rate of the secondary trend is 30.52% per annum.
- WOR price at the close of May 17, 2024 was inside the secondary price channel.