Worthington Steel (NYSE:WS) Announces Quarterly Earnings Results, Misses Estimates By $0.20 EPS

Worthington Steel (NYSE:WS) announced its earnings results on Wednesday. The company reported $0.27 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.20), Briefing.com reports. Worthington Steel had a return on equity of 10.70% and a net margin of 3.83%.During the same quarter in the prior year, the company posted $0.35 earnings per share. The company’s revenue for the quarter was up 12.0% compared to the same quarter last year.

Worthington Steel Trading Up 2.9%

NYSE:WS traded up $0.97 during trading hours on Wednesday, hitting $34.90. The stock had a trading volume of 449,906 shares, compared to its average volume of 297,895. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.09 and a current ratio of 1.80. Worthington Steel has a one year low of $21.30 and a one year high of $49.17. The business’s 50 day moving average is $40.24 and its 200-day moving average is $35.62. The company has a market cap of $1.77 billion, a price-to-earnings ratio of 19.61 and a beta of 1.62.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Zacks Research upgraded shares of Worthington Steel from a “strong sell” rating to a “hold” rating in a research note on Monday, February 16th. Wall Street Zen raised Worthington Steel from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 28th. KeyCorp started coverage on shares of Worthington Steel in a report on Wednesday. They issued an “overweight” rating and a $46.00 target price on the stock. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Worthington Steel in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $46.00.

Insider Activity

In other Worthington Steel news, Director Scott J. Kelly bought 7,000 shares of the stock in a transaction that occurred on Tuesday, January 27th. The stock was acquired at an average cost of $39.11 per share, with a total value of $273,770.00. Following the purchase, the director owned 16,157 shares in the company, valued at $631,900.27. This trade represents a 76.44% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jon J. Bowsher bought 2,500 shares of the company’s stock in a transaction on Friday, January 30th. The shares were bought at an average price of $40.15 per share, for a total transaction of $100,375.00. Following the completion of the acquisition, the director directly owned 17,893 shares in the company, valued at approximately $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. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Worthington Steel

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Invesco Ltd. grew its holdings in shares of Worthington Steel by 8.1% in the 4th quarter. Invesco Ltd. now owns 207,657 shares of the company’s stock valued at $7,189,000 after acquiring an additional 15,481 shares in the last quarter. Summit Global Investments raised its holdings in Worthington Steel by 16.6% during the fourth quarter. Summit Global Investments now owns 20,236 shares of the company’s stock worth $701,000 after acquiring an additional 2,878 shares in the last quarter. Vident Advisory LLC bought a new stake in Worthington Steel during the fourth quarter worth about $623,000. EP Wealth Advisors LLC acquired a new position in Worthington Steel during the fourth quarter valued at approximately $237,000. Finally, Wellington Management Group LLP boosted its position in Worthington Steel by 7.7% during the fourth quarter. Wellington Management Group LLP now owns 76,728 shares of the company’s stock valued at $2,656,000 after purchasing an additional 5,463 shares during the last quarter. 45.41% of the stock is currently owned by institutional investors and hedge funds.

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.