Worthington Steel (NYSE:WS) Trading 4.7% Higher After Dividend Announcement

Worthington Steel, Inc. (NYSE:WS)’s stock price shot up 4.7% on Friday after the company announced a dividend. The stock traded as high as $34.05 and last traded at $33.98. 56,866 shares traded hands during trading, a decline of 74% from the average session volume of 217,181 shares. The stock had previously closed at $32.46.

The newly announced dividend which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 1.88%. The ex-dividend date of this dividend is Friday, March 14th. Worthington Steel’s dividend payout ratio (DPR) is presently 22.46%.

Worthington Steel Stock Up 5.1 %

The stock has a market cap of $1.73 billion and a PE ratio of 13.75. The firm has a fifty day moving average of $40.96 and a 200 day moving average of $36.16.

Worthington Steel (NYSE:WS) last posted its earnings results on Wednesday, December 18th. The company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.37). The business had revenue of $739.00 million during the quarter, compared to analysts’ expectations of $740.40 million. Worthington Steel had a net margin of 3.71% and a return on equity of 12.14%. The business’s quarterly revenue was down 8.5% compared to the same quarter last year. During the same period last year, the company earned $0.11 EPS. On average, equities research analysts forecast that Worthington Steel, Inc. will post 2.95 EPS for the current fiscal year.

Hedge Funds Weigh In On Worthington Steel

Several hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. grew its holdings in shares of Worthington Steel by 7.9% during the third quarter. Principal Financial Group Inc. now owns 163,757 shares of the company’s stock worth $5,569,000 after purchasing an additional 11,976 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of Worthington Steel by 4.2% during the third quarter. Franklin Resources Inc. now owns 29,170 shares of the company’s stock worth $995,000 after purchasing an additional 1,178 shares during the last quarter. Barclays PLC grew its holdings in shares of Worthington Steel by 317.9% during the third quarter. Barclays PLC now owns 50,010 shares of the company’s stock worth $1,701,000 after purchasing an additional 38,043 shares during the last quarter. Coldstream Capital Management Inc. grew its holdings in shares of Worthington Steel by 3.9% during the third quarter. Coldstream Capital Management Inc. now owns 21,935 shares of the company’s stock worth $747,000 after buying an additional 833 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Worthington Steel by 5.7% during 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 last quarter. 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.