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

Worthington Steel, Inc. (NYSE:WS) gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $37.92, but opened at $31.48. Worthington Steel shares last traded at $32.15, with a volume of 72,097 shares.

The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.37). The company had revenue of $739.00 million during the quarter, compared to the consensus estimate of $740.40 million. Worthington Steel had a net margin of 3.71% and a return on equity of 12.14%. The business’s revenue was down 8.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.11 EPS.

Worthington Steel Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend is Friday, March 14th. Worthington Steel’s dividend payout ratio is currently 25.81%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in WS. GAMMA Investing LLC increased its stake in shares of Worthington Steel by 153.0% in the 3rd quarter. GAMMA Investing LLC now owns 1,255 shares of the company’s stock worth $43,000 after acquiring an additional 759 shares in the last quarter. nVerses Capital LLC purchased a new stake in Worthington Steel in the third quarter worth about $71,000. Eastern Bank bought a new position in shares of Worthington Steel during the third quarter valued at approximately $99,000. Victory Capital Management Inc. purchased a new position in shares of Worthington Steel during the second quarter valued at approximately $208,000. Finally, Quadrature Capital Ltd purchased a new position in shares of Worthington Steel during the third quarter valued at approximately $213,000. Institutional investors own 45.41% of the company’s stock.

Worthington Steel Stock Performance

The stock has a market capitalization of $1.73 billion and a P/E ratio of 13.75. The business has a 50-day moving average price of $40.95 and a 200 day moving average price of $36.16.

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.