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

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

Wall Street Analysts Forecast Growth

Separately, KeyCorp decreased their price objective on shares of 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 Price Performance

The firm has a market cap of $1.33 billion, a PE ratio of 9.21 and a beta of 2.62. The business’s fifty day moving average is $28.29 and its 200-day moving average is $34.07.

Worthington Steel (NYSE:WS) last posted its earnings results on Wednesday, March 19th. The company reported $0.35 earnings per share for the quarter, missing the consensus estimate 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%. Worthington Steel’s revenue for the quarter was down 14.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.99 EPS. Analysts forecast that Worthington Steel, Inc. will post 2.26 EPS for the current year.

Worthington Steel Announces Dividend

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

Hedge Funds Weigh In On Worthington Steel

Large investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in Worthington Steel by 14.0% during the fourth quarter. Vanguard Group Inc. now owns 4,467,428 shares of the company’s stock valued at $142,154,000 after purchasing an additional 550,181 shares during the last quarter. State Street Corp lifted its holdings in shares of Worthington Steel by 2.2% in the 3rd quarter. State Street Corp now owns 1,557,031 shares of the company’s stock worth $52,955,000 after acquiring an additional 33,534 shares during the last quarter. Pacer Advisors Inc. purchased a new position in shares of Worthington Steel in the fourth quarter worth $41,741,000. Geode Capital Management LLC increased its stake in shares of Worthington Steel by 5.7% in the third quarter. Geode Capital Management LLC now owns 771,371 shares of the company’s stock worth $26,240,000 after buying an additional 41,925 shares during the period. Finally, Nuveen Asset Management LLC increased its stake in shares of Worthington Steel by 3.6% in the fourth quarter. Nuveen Asset Management LLC now owns 445,698 shares of the company’s stock worth $14,182,000 after buying an additional 15,684 shares during the period. Hedge funds and other 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.