Worthington Steel (NYSE:WS) Reaches New 1-Year Low – Here’s Why

Worthington Steel, Inc. (NYSE:WS) hit a new 52-week low during trading on Monday . The company traded as low as $28.08 and last traded at $28.12, with a volume of 75136 shares. The stock had previously closed at $29.05.

Worthington Steel Price Performance

The company has a fifty day moving average of $34.74 and a 200-day moving average of $35.78. The firm has a market capitalization of $1.41 billion, a PE ratio of 9.75 and a beta of 2.60.

Worthington Steel (NYSE:WS) last announced its quarterly 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 for the quarter, compared to analyst estimates of $740.40 million. Worthington Steel had a return on equity of 12.59% and a net margin of 4.36%. The business’s revenue for the quarter was down 8.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.11 EPS. Equities analysts anticipate that Worthington Steel, Inc. will post 2.26 EPS for the current year.

Worthington Steel Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.64 annualized dividend and a yield of 2.30%. Worthington Steel’s payout ratio is 22.46%.

Hedge Funds Weigh In On Worthington Steel

A number of hedge funds have recently made changes to their positions in WS. State Street Corp raised its stake in shares of Worthington Steel by 2.2% during the third quarter. State Street Corp now owns 1,557,031 shares of the company’s stock worth $52,955,000 after buying an additional 33,534 shares during the last quarter. Pacer Advisors Inc. bought a new stake in Worthington Steel in the 4th quarter valued at $41,741,000. Geode Capital Management LLC boosted its position 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 period. Bank of New York Mellon Corp grew its stake in shares of Worthington Steel by 44.6% during the 4th quarter. Bank of New York Mellon Corp now owns 359,035 shares of the company’s stock worth $11,424,000 after acquiring an additional 110,662 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Worthington Steel by 12.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 321,296 shares of the company’s stock valued at $10,927,000 after buying an additional 36,488 shares during the last quarter. Institutional investors and hedge funds own 45.41% of the company’s stock.

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.