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

Worthington Steel, Inc. (NYSE:WS)’s share price traded down 5.1% during mid-day trading on Friday . The company traded as low as $27.02 and last traded at $26.44. 68,563 shares were traded during trading, a decline of 70% from the average session volume of 229,518 shares. The stock had previously closed at $27.87.

Wall Street Analysts Forecast Growth

Separately, KeyCorp reduced their price objective on shares of Worthington Steel from $41.00 to $34.00 and set an “overweight” rating on the stock in a research report on Friday, March 7th.

Worthington Steel Stock Performance

The stock’s 50-day moving average price is $28.29 and its two-hundred day moving average price is $34.07. The stock has a market capitalization of $1.33 billion, a PE ratio of 9.21 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). The business had revenue of $687.40 million during the quarter, compared to analysts’ expectations of $732.00 million. Worthington Steel had a return on equity of 12.59% and a net margin of 4.36%. The firm’s quarterly revenue was down 14.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.99 earnings per share. On average, analysts predict that Worthington Steel, Inc. will post 2.26 earnings per share for the current fiscal year.

Worthington Steel Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend is Friday, June 13th. Worthington Steel’s dividend payout ratio is currently 22.46%.

Hedge Funds Weigh In On Worthington Steel

Several hedge funds and other institutional investors have recently bought and sold shares of WS. Anchor Investment Management LLC bought a new position in Worthington Steel during the 4th quarter valued at about $32,000. Tower Research Capital LLC TRC lifted its stake in shares of Worthington Steel by 82.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,160 shares of the company’s stock worth $132,000 after purchasing an additional 1,883 shares during the period. Quadrature Capital Ltd purchased a new position in shares of Worthington Steel in the third quarter worth approximately $213,000. Voleon Capital Management LP purchased a new position in shares of Worthington Steel in the fourth quarter worth approximately $213,000. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Worthington Steel in the fourth quarter worth approximately $220,000. Institutional investors own 45.41% of the company’s stock.

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.