Worthington Steel (NYSE:WS) Sets New 12-Month Low – What’s Next?

Worthington Steel, Inc. (NYSE:WS) reached a new 52-week low on Thursday . The company traded as low as $24.00 and last traded at $24.23, with a volume of 454 shares. The stock had previously closed at $25.90.

Analyst Upgrades and Downgrades

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

Worthington Steel Price Performance

The company has a fifty day moving average price of $27.27 and a two-hundred day moving average price of $33.56. The company has a market capitalization of $1.16 billion, a P/E ratio of 8.04 and a beta of 2.03.

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 analysts’ consensus estimates of $0.67 by ($0.32). The business had revenue of $687.40 million for the quarter, compared to the consensus estimate of $732.00 million. Worthington Steel had a return on equity of 12.59% and a net margin of 4.36%. The company’s revenue was down 14.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.99 earnings per share. As a group, sell-side analysts forecast that Worthington Steel, Inc. will post 2.26 earnings per share for the current year.

Worthington Steel Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 13th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.79%. The ex-dividend date of this dividend is Friday, June 13th. Worthington Steel’s dividend payout ratio is currently 29.91%.

Institutional Investors Weigh In On Worthington Steel

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Worthington Steel by 14.0% during the fourth quarter. Vanguard Group Inc. now owns 4,467,428 shares of the company’s stock worth $142,154,000 after buying an additional 550,181 shares during the period. State Street Corp grew its holdings in Worthington Steel by 2.2% during 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 period. Pacer Advisors Inc. bought a new position in shares of Worthington Steel in the 4th quarter worth about $41,741,000. Geode Capital Management LLC lifted its stake in shares of Worthington Steel by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 771,371 shares of the company’s stock valued at $26,240,000 after purchasing an additional 41,925 shares during the period. Finally, Nuveen Asset Management LLC boosted its position in shares of Worthington Steel by 3.6% during the 4th 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 in the last quarter. Institutional investors and hedge funds 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.