Worthington Steel (NYSE:WS) Shares Gap Down Following Weak Earnings

Worthington Steel, Inc. (NYSE:WS)’s share price gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $37.92, but opened at $31.48. Worthington Steel shares last traded at $32.15, with a volume of 72,097 shares.

The company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.37). The company had revenue of $739.00 million during the quarter, compared to analyst estimates of $740.40 million. Worthington Steel had a net margin of 3.71% and a return on equity of 12.14%. The company’s revenue was down 8.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.11 earnings per share.

Worthington Steel Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.64 dividend on an annualized basis and a yield of 1.97%. Worthington Steel’s dividend payout ratio is currently 25.81%.

Institutional Investors Weigh In On Worthington Steel

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WS. Principal Financial Group Inc. lifted its position in shares of Worthington Steel by 7.9% during the 3rd quarter. Principal Financial Group Inc. now owns 163,757 shares of the company’s stock valued at $5,569,000 after acquiring an additional 11,976 shares during the last quarter. Janus Henderson Group PLC boosted its stake in Worthington Steel by 546.5% in the 3rd quarter. Janus Henderson Group PLC now owns 93,480 shares of the company’s stock worth $3,179,000 after purchasing an additional 79,021 shares during the period. WINTON GROUP Ltd grew its position in Worthington Steel by 54.5% during the 2nd quarter. WINTON GROUP Ltd now owns 141,024 shares of the company’s stock worth $4,705,000 after purchasing an additional 49,725 shares in the last quarter. FMR LLC raised its stake in Worthington Steel by 14.4% during the 3rd quarter. FMR LLC now owns 88,973 shares of the company’s stock valued at $3,026,000 after purchasing an additional 11,226 shares during the period. Finally, Walleye Capital LLC lifted its holdings in shares of Worthington Steel by 56.4% in the third quarter. Walleye Capital LLC now owns 54,088 shares of the company’s stock valued at $1,840,000 after purchasing an additional 19,499 shares in the last quarter. Institutional investors own 45.41% of the company’s stock.

Worthington Steel Stock Down 14.4 %

The firm has a market cap of $1.65 billion and a price-to-earnings ratio of 13.09. The company has a 50-day moving average price of $40.95 and a 200 day moving average price of $36.16.

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.