Worthington Steel (NYSE:WS) Shares Gap Down Following Weak Earnings

Worthington Steel, Inc. (NYSE:WS) gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $26.88, but opened at $25.56. Worthington Steel shares last traded at $28.33, with a volume of 57,638 shares traded.

The company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.32). The company had revenue of $687.40 million during the quarter, compared to analysts’ expectations of $732.00 million. Worthington Steel had a return on equity of 12.59% and a net margin of 4.36%. The business’s quarterly revenue was down 14.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.99 EPS.

Worthington Steel Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 13th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.64 annualized dividend and a dividend yield of 2.44%. Worthington Steel’s payout ratio is currently 22.46%.

Analyst Ratings Changes

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

Institutional Trading of Worthington Steel

Institutional investors have recently added to or reduced their stakes in the business. Jane Street Group LLC boosted its stake in Worthington Steel by 44.5% during the 3rd quarter. Jane Street Group LLC now owns 68,744 shares of the company’s stock valued at $2,338,000 after purchasing an additional 21,172 shares during the last quarter. Geode Capital Management LLC boosted its stake in Worthington Steel by 5.7% during 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 last quarter. Proficio Capital Partners LLC purchased a new stake in Worthington Steel during the 4th quarter valued at $649,000. Janus Henderson Group PLC boosted its stake in Worthington Steel by 546.5% during the 3rd quarter. Janus Henderson Group PLC now owns 93,480 shares of the company’s stock valued at $3,179,000 after purchasing an additional 79,021 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Worthington Steel by 46.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 85,141 shares of the company’s stock valued at $2,896,000 after purchasing an additional 26,809 shares during the last quarter. 45.41% of the stock is currently owned by hedge funds and other institutional investors.

Worthington Steel Trading Down 6.0 %

The firm has a 50 day simple moving average of $28.23 and a 200 day simple moving average of $34.01. The firm has a market capitalization of $1.33 billion, a PE ratio of 9.20 and a beta of 2.62.

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.