Worthington Steel (NYSE:WS) Downgraded to Strong Sell Rating by Zacks Research

Zacks Research lowered shares of Worthington Steel (NYSE:WS) from a hold rating to a strong sell rating in a report published on Monday morning,Zacks.com reports.

A number of other brokerages also recently commented on WS. Wall Street Zen downgraded Worthington Steel from a “buy” rating to a “hold” rating in a research report on Saturday, April 11th. KeyCorp initiated coverage on Worthington Steel in a research report on Wednesday, March 25th. They issued an “overweight” rating and a $46.00 price objective for the company. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Worthington Steel in a research report on Monday. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Worthington Steel currently has an average rating of “Hold” and an average price target of $46.00.

Worthington Steel Price Performance

Shares of NYSE WS traded down $0.09 during trading on Monday, reaching $35.61. The company had a trading volume of 23,341 shares, compared to its average volume of 301,922. Worthington Steel has a twelve month low of $24.23 and a twelve month high of $49.17. The stock has a market capitalization of $1.81 billion, a PE ratio of 20.99 and a beta of 2.06. The stock has a 50-day moving average price of $36.45 and a two-hundred day moving average price of $35.64. The company has a current ratio of 1.48, a quick ratio of 0.90 and a debt-to-equity ratio of 0.03.

Worthington Steel (NYSE:WS) last announced its quarterly earnings data on Thursday, March 26th. The company reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.20). The business had revenue of $769.80 million during the quarter, compared to analysts’ expectations of $882.95 million. Worthington Steel had a net margin of 3.64% and a return on equity of 10.12%. Worthington Steel’s revenue for the quarter was up 12.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.35 EPS. As a group, sell-side analysts predict that Worthington Steel will post 2.38 earnings per share for the current year.

Worthington Steel Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 12th will be given a $0.16 dividend. The ex-dividend date of this dividend is Friday, June 12th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.8%. Worthington Steel’s payout ratio is currently 37.65%.

Insider Transactions at Worthington Steel

In other news, Director Jon J. Bowsher purchased 2,500 shares of the stock in a transaction on Friday, January 30th. The stock was purchased at an average price of $40.15 per share, with a total value of $100,375.00. Following the completion of the transaction, the director owned 17,893 shares in the company, valued at approximately $718,403.95. The trade was a 16.24% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Scott J. Kelly purchased 7,000 shares of the stock in a transaction on Tuesday, January 27th. The shares were purchased at an average cost of $39.11 per share, with a total value of $273,770.00. Following the transaction, 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. Additional details regarding this purchase are available in the official SEC disclosure. 2.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Worthington Steel

A number of institutional investors have recently added to or reduced their stakes in the company. Hantz Financial Services Inc. grew its position in Worthington Steel by 56.4% during the fourth quarter. Hantz Financial Services Inc. now owns 910 shares of the company’s stock valued at $32,000 after acquiring an additional 328 shares during the period. MAI Capital Management grew its position in Worthington Steel by 39.8% during the third quarter. MAI Capital Management now owns 1,404 shares of the company’s stock valued at $43,000 after acquiring an additional 400 shares during the period. Public Employees Retirement System of Ohio grew its position in Worthington Steel by 1.5% during the third quarter. Public Employees Retirement System of Ohio now owns 28,143 shares of the company’s stock valued at $855,000 after acquiring an additional 406 shares during the period. Cardinal Capital Management grew its position in Worthington Steel by 2.2% during the fourth quarter. Cardinal Capital Management now owns 20,297 shares of the company’s stock valued at $703,000 after acquiring an additional 443 shares during the period. Finally, CWM LLC grew its position in Worthington Steel by 37.2% during the third quarter. CWM LLC now owns 1,917 shares of the company’s stock valued at $58,000 after acquiring an additional 520 shares during the period. 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.