Worthington Steel (NYSE:WS) Reaches New 52-Week Low – Here’s What Happened

Shares of Worthington Steel, Inc. (NYSE:WS) hit a new 52-week low during trading on Tuesday . The company traded as low as $24.22 and last traded at $24.69, with a volume of 324067 shares trading hands. The stock had previously closed at $26.15.

Wall Street Analysts Forecast Growth

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

Worthington Steel Trading Down 5.6 %

The stock’s fifty day moving average is $29.13 and its two-hundred day moving average is $34.59. The firm has a market cap of $1.25 billion, a P/E ratio of 8.66 and a beta of 2.62.

Worthington Steel (NYSE:WS) last posted its earnings results on Wednesday, December 18th. The company reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.37). The firm had revenue of $739.00 million for 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%. The business’s revenue was down 8.5% on a year-over-year basis. During the same period last year, the company posted $0.11 EPS. On average, analysts forecast that Worthington Steel, Inc. will post 2.26 EPS for the current year.

Worthington Steel Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date of this dividend is Friday, March 14th. Worthington Steel’s dividend payout ratio (DPR) is presently 22.46%.

Hedge Funds Weigh In On Worthington Steel

A number of institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. increased its holdings in shares of Worthington Steel by 1.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 28,304 shares of the company’s stock worth $963,000 after buying an additional 350 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Worthington Steel by 0.6% in the 4th quarter. Wellington Management Group LLP now owns 69,920 shares of the company’s stock worth $2,225,000 after buying an additional 434 shares during the last quarter. Bank of Montreal Can increased its holdings in shares of Worthington Steel by 6.0% in the 4th quarter. Bank of Montreal Can now owns 8,848 shares of the company’s stock worth $282,000 after buying an additional 497 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Worthington Steel by 3.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,505 shares of the company’s stock worth $589,000 after buying an additional 634 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Worthington Steel by 4.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 17,848 shares of the company’s stock worth $568,000 after buying an additional 828 shares during the last quarter. Institutional investors own 45.41% of the company’s stock.

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.