Worthington Steel (NYSE:WS) Stock Price Up 4.7% Following Dividend Announcement

Worthington Steel, Inc. (NYSE:WS) was up 4.7% during mid-day trading on Friday after the company announced a dividend. The stock traded as high as $34.05 and last traded at $33.98. Approximately 56,866 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 217,181 shares. The stock had previously closed at $32.46.

The newly announced dividend which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.64 annualized dividend and a yield of 1.88%. Worthington Steel’s dividend payout ratio (DPR) is 25.81%.

Worthington Steel Price Performance

The stock’s fifty day simple moving average is $40.95 and its 200-day simple moving average is $36.16. The stock has a market cap of $1.73 billion and a P/E ratio of 13.75.

Worthington Steel (NYSE:WS) last announced its quarterly earnings results on Wednesday, December 18th. The company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.37). Worthington Steel had a return on equity of 12.14% and a net margin of 3.71%. The company had revenue of $739.00 million during the quarter, compared to the consensus estimate of $740.40 million. During the same period last year, the business posted $0.11 EPS. The company’s revenue for the quarter was down 8.5% on a year-over-year basis. Analysts forecast that Worthington Steel, Inc. will post 2.95 EPS for the current year.

Institutional Investors Weigh In On Worthington Steel

A number of hedge funds have recently added to or reduced their stakes in the stock. Coldstream Capital Management Inc. increased its holdings in shares of Worthington Steel by 1.5% in the 2nd quarter. Coldstream Capital Management Inc. now owns 21,102 shares of the company’s stock worth $704,000 after acquiring an additional 304 shares during the period. New York State Teachers Retirement System increased its stake in shares of Worthington Steel by 0.5% in the third quarter. New York State Teachers Retirement System now owns 64,487 shares of the company’s stock valued at $2,193,000 after purchasing an additional 305 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Worthington Steel by 1.3% in the third quarter. PNC Financial Services Group Inc. now owns 28,304 shares of the company’s stock valued at $963,000 after purchasing an additional 350 shares during the period. Louisiana State Employees Retirement System raised its holdings in shares of Worthington Steel by 2.6% during the second quarter. Louisiana State Employees Retirement System now owns 15,500 shares of the company’s stock valued at $517,000 after buying an additional 400 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Worthington Steel by 153.0% during the third quarter. GAMMA Investing LLC now owns 1,255 shares of the company’s stock worth $43,000 after buying an additional 759 shares during the period. 45.41% of the stock is currently owned by institutional investors.

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.