KeyCorp Lowers Worthington Steel (NYSE:WS) Price Target to $46.00

Worthington Steel (NYSE:WS) had its price objective lowered by equities research analysts at KeyCorp from $47.00 to $46.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. KeyCorp’s target price points to a potential upside of 34.44% from the stock’s current price.

WS has been the topic of several other reports. Wall Street Zen raised shares of Worthington Steel from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 28th. Zacks Research upgraded shares of Worthington Steel from a “strong sell” rating to a “hold” rating in a research report on Monday, February 16th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Worthington Steel in a report on Wednesday, January 21st. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $46.00.

Worthington Steel Price Performance

Shares of NYSE:WS opened at $34.22 on Wednesday. Worthington Steel has a twelve month low of $21.30 and a twelve month high of $49.17. The company has a current ratio of 1.80, a quick ratio of 1.09 and a debt-to-equity ratio of 0.04. The company has a market cap of $1.74 billion, a PE ratio of 19.25 and a beta of 1.62. The company’s 50 day moving average is $40.24 and its 200 day moving average is $35.62.

Insider Transactions at Worthington Steel

In other Worthington Steel news, Director Scott J. Kelly purchased 7,000 shares of Worthington Steel stock in a transaction that occurred on Tuesday, January 27th. The stock was bought at an average price of $39.11 per share, with a total value of $273,770.00. Following the acquisition, the director owned 16,157 shares of the company’s stock, valued at $631,900.27. This trade represents a 76.44% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jon J. Bowsher acquired 2,500 shares of the company’s stock in a transaction on Friday, January 30th. The stock was acquired at an average cost of $40.15 per share, for a total transaction of $100,375.00. Following the completion of the acquisition, the director owned 17,893 shares of the company’s stock, valued at $718,403.95. This trade represents a 16.24% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Worthington Steel

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. American Century Companies Inc. increased its stake in shares of Worthington Steel by 51.3% during the third quarter. American Century Companies Inc. now owns 609,810 shares of the company’s stock worth $18,532,000 after purchasing an additional 206,778 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Worthington Steel by 31.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 204,091 shares of the company’s stock valued at $6,202,000 after buying an additional 49,121 shares in the last quarter. LSV Asset Management acquired a new stake in Worthington Steel in the 3rd quarter worth about $1,674,000. Royce & Associates LP raised its holdings in shares of Worthington Steel by 150.4% during the third quarter. Royce & Associates LP now owns 314,494 shares of the company’s stock valued at $9,557,000 after acquiring an additional 188,884 shares during the last quarter. Finally, Fisher Asset Management LLC raised its holdings in shares of Worthington Steel by 44.3% during the third quarter. Fisher Asset Management LLC now owns 191,673 shares of the company’s stock valued at $5,825,000 after acquiring an additional 58,864 shares during the last quarter. Hedge funds and other institutional investors own 45.41% of the company’s stock.

About Worthington Steel

Worthington Steel (NYSE: WS) is a leading North American steel processor specializing in the production of flat-rolled, coated and painted sheet and coil products. Operating as a wholly owned subsidiary of Worthington Industries, the company serves a broad range of industries, including construction, automotive, appliance, energy and agricultural equipment. Its core business activities encompass the processing, finishing and distribution of carbon and advanced high-strength steels, aluminum and stainless products to manufacturers across the continent.

The company’s product portfolio includes hot-dip galvanizing, galvannealed, aluminized and pre-painted steel products, as well as cold-rolled and hot-rolled coil.