Worthington Steel (NYSE:WS) Reaches New 52-Week Low – Here’s What Happened

Worthington Steel, Inc. (NYSE:WS)’s stock price hit a new 52-week low during trading on Thursday . The stock traded as low as $24.00 and last traded at $24.23, with a volume of 454 shares. The stock had previously closed at $25.90.

Wall Street Analyst Weigh In

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

Worthington Steel Stock Down 9.6 %

The company has a 50 day moving average of $27.54 and a two-hundred day moving average of $33.70. The firm has a market cap of $1.19 billion, a P/E ratio of 8.24 and a beta of 2.62.

Worthington Steel (NYSE:WS) last posted its quarterly earnings results on Wednesday, March 19th. The company reported $0.35 earnings per share (EPS) 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 the consensus estimate of $732.00 million. Worthington Steel had a net margin of 4.36% and a return on equity of 12.59%. Worthington Steel’s quarterly revenue was down 14.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.99 EPS. Research analysts expect that Worthington Steel, Inc. will post 2.26 earnings per share for the current fiscal year.

Worthington Steel Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 13th will be given a $0.16 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.64 annualized dividend and a dividend yield of 2.73%. Worthington Steel’s dividend payout ratio (DPR) is presently 29.91%.

Hedge Funds Weigh In On Worthington Steel

Several institutional investors and hedge funds have recently added to or reduced their stakes in WS. Wellington Management Group LLP grew its holdings in shares of Worthington Steel by 0.6% during the fourth quarter. Wellington Management Group LLP now owns 69,920 shares of the company’s stock valued at $2,225,000 after buying an additional 434 shares in the last quarter. Bank of Montreal Can grew its stake in Worthington Steel by 6.0% during the 4th quarter. Bank of Montreal Can now owns 8,848 shares of the company’s stock valued at $282,000 after acquiring an additional 497 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Worthington Steel by 3.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,505 shares of the company’s stock valued at $589,000 after acquiring an additional 634 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Worthington Steel by 2.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 29,073 shares of the company’s stock valued at $925,000 after purchasing an additional 769 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Worthington Steel by 4.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 17,848 shares of the company’s stock worth $568,000 after purchasing an additional 828 shares in the last quarter. 45.41% of the stock is currently owned by hedge funds and other institutional investors.

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.