Bank of New York Mellon Corp Grows Stock Holdings in Worthington Steel, Inc. (NYSE:WS)

Bank of New York Mellon Corp grew its position in shares of Worthington Steel, Inc. (NYSE:WS) by 44.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 359,035 shares of the company’s stock after purchasing an additional 110,662 shares during the period. Bank of New York Mellon Corp owned about 0.71% of Worthington Steel worth $11,424,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of WS. Quadrature Capital Ltd purchased a new stake in shares of Worthington Steel in the 3rd quarter valued at $213,000. MML Investors Services LLC purchased a new stake in Worthington Steel during the third quarter valued at about $239,000. Victory Capital Management Inc. grew its stake in shares of Worthington Steel by 36.8% during the third quarter. Victory Capital Management Inc. now owns 8,523 shares of the company’s stock valued at $290,000 after buying an additional 2,291 shares during the last quarter. Handelsbanken Fonder AB increased its holdings in shares of Worthington Steel by 23.7% in the fourth quarter. Handelsbanken Fonder AB now owns 9,916 shares of the company’s stock worth $316,000 after buying an additional 1,900 shares during the period. Finally, Amalgamated Bank increased its holdings in shares of Worthington Steel by 8.9% in the third quarter. Amalgamated Bank now owns 10,173 shares of the company’s stock worth $346,000 after buying an additional 830 shares during the period. 45.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Worthington Steel Stock Performance

Shares of Worthington Steel stock opened at $25.89 on Friday. Worthington Steel, Inc. has a 52-week low of $24.22 and a 52-week high of $47.19. The company’s 50 day moving average price is $28.77 and its 200-day moving average price is $34.41. The stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of 9.08 and a beta of 2.62.

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 analysts’ consensus estimates of $0.56 by ($0.37). The firm had revenue of $739.00 million during the quarter, compared to the consensus estimate of $740.40 million. Worthington Steel had a return on equity of 12.59% and a net margin of 4.36%. Worthington Steel’s revenue was down 8.5% on a year-over-year basis. During the same period last year, the business earned $0.11 EPS. As a group, equities research analysts forecast that Worthington Steel, Inc. will post 2.26 earnings per share for the current fiscal year.

Worthington Steel Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date of this dividend is Friday, March 14th. Worthington Steel’s payout ratio is 22.46%.

Worthington Steel 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.