Worthington Steel (NYSE:WS) Shares Gap Up Following Strong Earnings

Worthington Steel, Inc. (NYSE:WS)’s share price gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $30.92, but opened at $33.19. Worthington Steel shares last traded at $30.47, with a volume of 35,159 shares changing hands.

The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.39. The firm had revenue of $911.00 million during the quarter, compared to analyst estimates of $876.30 million. The company’s revenue was up 3.1% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on WS shares. KeyCorp increased their price objective on shares of Worthington Steel from $39.00 to $40.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 3rd. Seaport Res Ptn reissued a “neutral” rating on shares of Worthington Steel in a research note on Monday, March 11th.

Insider Transactions at Worthington Steel

In other Worthington Steel news, Director Carl A. Nelson, Jr. sold 12,000 shares of the business’s stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $30.89, for a total transaction of $370,680.00. Following the sale, the director now directly owns 85,583 shares of the company’s stock, valued at approximately $2,643,658.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Institutional Investors Weigh In On Worthington Steel

A number of institutional investors and hedge funds have recently made changes to their positions in WS. Key Financial Inc bought a new stake in Worthington Steel during the fourth quarter worth $28,000. Bartlett & CO. Wealth Management LLC bought a new position in Worthington Steel during the fourth quarter worth about $30,000. Clean Yield Group acquired a new position in Worthington Steel during the fourth quarter worth approximately $34,000. DekaBank Deutsche Girozentrale bought a new stake in Worthington Steel in the 1st quarter valued at $37,000. Finally, TFO Wealth Partners LLC acquired a new stake in Worthington Steel during the 4th quarter valued at $50,000. Institutional investors own 45.41% of the company’s stock.

Worthington Steel Trading Up 5.7 %

The stock’s 50-day simple moving average is $32.11 and its 200 day simple moving average is $31.27.

Worthington Steel Company Profile

Worthington Steel, Inc operates as a steel processor in North America. It offers carbon flat-rolled steel and tailor welded blanks, as well as electrical steel laminations; and aluminum tailor welded blanks. The company serves various end-markets, including automotive, heavy truck, agriculture, construction, and energy.