Worthington Steel (NYSE:WS) Shares Down 5.1% – Here’s What Happened

Worthington Steel, Inc. (NYSE:WS) shares fell 5.1% on Friday . The stock traded as low as $27.02 and last traded at $26.44. 68,563 shares traded hands during trading, a decline of 70% from the average session volume of 229,518 shares. The stock had previously closed at $27.87.

Analysts Set New Price Targets

Separately, KeyCorp decreased their target price on Worthington Steel from $41.00 to $34.00 and set an “overweight” rating for the company in a research report on Friday, March 7th.

Worthington Steel Price Performance

The business has a 50 day moving average price of $28.23 and a 200 day moving average price of $34.02. The firm has a market capitalization of $1.33 billion, a P/E ratio of 9.20 and a beta of 2.62.

Worthington Steel (NYSE:WS) last released its earnings results on Wednesday, March 19th. The company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.32). Worthington Steel had a return on equity of 12.59% and a net margin of 4.36%. The firm had revenue of $687.40 million for the quarter, compared to analyst estimates of $732.00 million. During the same period last year, the business earned $0.99 earnings per share. The firm’s quarterly revenue was down 14.7% compared to the same quarter last year. As a group, equities analysts expect that Worthington Steel, Inc. will post 2.26 EPS for the current year.

Worthington Steel Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 13th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date of this dividend is Friday, June 13th. Worthington Steel’s payout ratio is 22.46%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Jefferies Financial Group Inc. bought a new position in Worthington Steel in the 4th quarter worth approximately $1,535,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Worthington Steel by 17.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 56,893 shares of the company’s stock worth $1,810,000 after purchasing an additional 8,583 shares during the last quarter. State of Wyoming raised its position in Worthington Steel by 52.5% in the 4th quarter. State of Wyoming now owns 11,419 shares of the company’s stock worth $363,000 after purchasing an additional 3,932 shares during the last quarter. Nuveen Asset Management LLC raised its position in Worthington Steel by 3.6% in the 4th quarter. Nuveen Asset Management LLC now owns 445,698 shares of the company’s stock worth $14,182,000 after purchasing an additional 15,684 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Worthington Steel by 3.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,505 shares of the company’s stock worth $589,000 after purchasing an additional 634 shares during the last quarter. 45.41% of the stock is owned by institutional investors and hedge funds.

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.