Worthington Steel (NYSE:WS) Shares Gap Down After Earnings Miss

Worthington Steel, Inc. (NYSE:WS) gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $26.88, but opened at $25.56. Worthington Steel shares last traded at $28.33, with a volume of 57,638 shares trading hands.

The company reported $0.35 earnings per share (EPS) 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 the consensus estimate of $732.00 million. During the same quarter last year, the company posted $0.99 EPS. Worthington Steel’s revenue for the quarter was down 14.7% on a year-over-year basis.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

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

Worthington Steel Stock Up 4.6 %

The stock has a market capitalization of $1.43 billion, a P/E ratio of 9.84 and a beta of 2.62. The stock has a 50 day simple moving average of $28.34 and a two-hundred day simple moving average of $34.12.

About Worthington Steel

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.