Worthington Steel (NYSE:WS) Shares Down 5.1% – Here’s What Happened

Shares of Worthington Steel, Inc. (NYSE:WS) traded down 5.1% during mid-day trading on Friday . The stock traded as low as $27.02 and last traded at $26.44. 68,563 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 229,518 shares. The stock had previously closed at $27.87.

Analyst Ratings Changes

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

Worthington Steel Stock Performance

The stock’s fifty day moving average price is $28.23 and its 200-day moving average price is $34.02. The company has a market capitalization of $1.33 billion, a P/E ratio of 9.20 and a beta of 2.62.

Worthington Steel (NYSE:WS) last issued its earnings results on Wednesday, March 19th. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.32). The firm had revenue of $687.40 million during the quarter, compared to the consensus estimate of $732.00 million. Worthington Steel had a net margin of 4.36% and a return on equity of 12.59%. The firm’s revenue for the quarter was down 14.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.99 earnings per share. On average, research analysts predict that Worthington Steel, Inc. will post 2.26 EPS for the current fiscal year.

Worthington Steel Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 13th will be issued a dividend of $0.16 per share. The ex-dividend date is Friday, June 13th. This represents a $0.64 annualized dividend and a dividend yield of 2.44%. Worthington Steel’s dividend payout ratio is presently 22.46%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in WS. Jane Street Group LLC boosted its position in shares of Worthington Steel by 44.5% during the 3rd quarter. Jane Street Group LLC now owns 68,744 shares of the company’s stock worth $2,338,000 after acquiring an additional 21,172 shares in the last quarter. Geode Capital Management LLC boosted its position in Worthington Steel by 5.7% in the third quarter. Geode Capital Management LLC now owns 771,371 shares of the company’s stock valued at $26,240,000 after buying an additional 41,925 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in Worthington Steel in the fourth quarter valued at approximately $649,000. Janus Henderson Group PLC boosted its position in Worthington Steel by 546.5% in the third quarter. Janus Henderson Group PLC now owns 93,480 shares of the company’s stock valued at $3,179,000 after buying an additional 79,021 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Worthington Steel by 46.0% in the third quarter. JPMorgan Chase & Co. now owns 85,141 shares of the company’s stock valued at $2,896,000 after buying an additional 26,809 shares in the last quarter. 45.41% of the stock is owned by institutional investors.

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.