Insider Selling: Worthington Steel (NYSE:WS) Insider Sells 7,168 Shares of Company Stock

Worthington Steel, Inc. (NYSE:WS) insider Clifford Larivey sold 7,168 shares of the stock in a transaction that occurred on Monday, October 19th. The stock was sold at an average price of $40.18, for a total transaction of $288,010.24. Following the completion of the transaction, the insider owned 26,351 shares in the company, valued at approximately $1,058,783.18. This trade represents a 21.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Clifford Larivey also recently made the following trade(s):

• On Friday, October 16th, Clifford Larivey sold 18,370 shares of Worthington Steel stock. The stock was sold at an average price of $40.31, for a total transaction of $740,494.70.
• On Thursday, October 15th, Clifford Larivey sold 1,100 shares of Worthington Steel stock. The shares were sold at an average price of $40.04, for a total transaction of $44,044.00.
• On Tuesday, October 6th, Clifford Larivey sold 200 shares of Worthington Steel stock. The shares were sold at an average price of $40.00, for a total transaction of $8,000.00.

Worthington Steel Stock Performance

Shares of WS stock traded down $0.34 during trading hours on Wednesday, hitting $40.90. The company’s stock had a trading volume of 332,085 shares, compared to its average volume of 309,219. The stock has a market cap of $2.09 billion, a PE ratio of -67.05 and a beta of 2.24. Worthington Steel, Inc. has a 12-month low of $27.22 and a 12-month high of $49.17. The company has a 50 day moving average of $35.95 and a 200 day moving average of $36.84. The company has a current ratio of 1.81, a quick ratio of 1.00 and a debt-to-equity ratio of 1.02.

Worthington Steel (NYSE:WS) last announced its quarterly earnings results on Wednesday, October 7th. The company reported $0.57 earnings per share for the quarter, missing the consensus estimate of $1.16 by ($0.59). The company had revenue of $2.73 billion for the quarter, compared to analyst estimates of $3.14 billion. Worthington Steel had a positive return on equity of 7.49% and a negative net margin of 0.56%. Worthington Steel’s revenue for the quarter was up 212.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.77 earnings per share. On average, sell-side analysts forecast that Worthington Steel, Inc. will post 4.29 EPS for the current fiscal year.

Worthington Steel Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 28th. Stockholders of record on Monday, December 14th will be paid a $0.16 dividend. The ex-dividend date is Monday, December 14th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.6%. Worthington Steel’s dividend payout ratio is presently -104.92%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on WS shares. Zacks Research lowered Worthington Steel from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 17th. KeyCorp reissued an “overweight” rating on shares of Worthington Steel in a report on Tuesday, October 6th. Wall Street Zen lowered Worthington Steel from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. Finally, Weiss Ratings lowered Worthington Steel from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, October 14th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $46.00.

Institutional Investors Weigh In On Worthington Steel

Several hedge funds have recently modified their holdings of the company. Security National Bank of SO Dak purchased a new position in shares of Worthington Steel in the 2nd quarter valued at about $111,000. Public Employees Retirement System of Ohio acquired a new position in Worthington Steel in the 2nd quarter worth about $51,000. Bank of New York Mellon Corp acquired a new position in Worthington Steel in the 2nd quarter worth about $11,617,000. Empowered Funds LLC boosted its position in Worthington Steel by 13.6% during the first quarter. Empowered Funds LLC now owns 240,916 shares of the company’s stock worth $7,312,000 after purchasing an additional 28,780 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in Worthington Steel by 1.8% during the first quarter. Bank of America Corp DE now owns 85,083 shares of the company’s stock worth $2,582,000 after purchasing an additional 1,501 shares in the last quarter. 45.41% of the stock is owned by hedge funds and other institutional investors.

About Worthington Steel

Worthington Steel, Inc (NYSE: WS) is a steel processing company that produces value-added flat-rolled steel products for manufacturers and industrial customers. The company processes carbon steel, electrical steel and other specialty steel products, with offerings that include coated and treated steel, electrical steel laminations and tailor-welded blanks.

Its products are used in a range of applications, including automotive components, electrical equipment, motors and transformers, construction products, appliances, energy systems, agriculture and general industrial manufacturing.