Worthington Steel (NYSE:WS) Shares Climb 5.6% – Here’s Why

Worthington Steel, Inc. (NYSE:WS)’s share price was up 5.6% during mid-day trading on Monday. The stock traded as high as $37.95 and last traded at $38.08. 138,398 shares were traded during trading, a decline of 54% from the average session volume of 302,987 shares. The stock had previously closed at $36.05.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. KeyCorp reiterated an “overweight” rating on shares of Worthington Steel in a report on Tuesday, October 6th. Zacks Research downgraded Worthington Steel from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 17th. Weiss Ratings cut shares of Worthington Steel from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, August 3rd. Finally, Wall Street Zen cut shares of Worthington Steel from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. 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.com, the company has an average rating of “Hold” and a consensus price target of $46.00.

Worthington Steel Trading Down 1.1%

The firm has a market cap of $1.97 billion, a P/E ratio of -63.33 and a beta of 2.24. The company’s 50 day simple moving average is $35.73 and its 200-day simple moving average is $36.47. The company has a quick ratio of 1.00, a current ratio of 1.81 and a debt-to-equity ratio of 1.02.

Worthington Steel (NYSE:WS) last released its earnings results on Tuesday, October 6th. The company reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.59). Worthington Steel had a positive return on equity of 7.49% and a negative net margin of 0.56%. The business had revenue of $2.73 billion during the quarter, compared to analysts’ expectations of $3.14 billion. During the same quarter in the previous year, the business earned $0.77 EPS. The business’s revenue for the quarter was up 212.4% on a year-over-year basis. As a group, research analysts predict that Worthington Steel, Inc. will post 4.29 earnings per share for the current fiscal year.

Worthington Steel Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 28th. Investors of record on Monday, December 14th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Monday, December 14th. This represents a $0.64 dividend on an annualized basis and a yield of 1.7%. Worthington Steel’s payout ratio is -104.92%.

Institutional Trading of Worthington Steel

Several hedge funds have recently modified their holdings of WS. Security National Bank of SO Dak purchased a new position in shares of Worthington Steel in the second quarter worth $111,000. Public Employees Retirement System of Ohio acquired a new position in shares of Worthington Steel in the second quarter valued at about $51,000. Bank of New York Mellon Corp purchased a new position in shares of Worthington Steel in the second quarter worth about $11,617,000. Empowered Funds LLC lifted its holdings in shares of Worthington Steel by 13.6% during the first quarter. Empowered Funds LLC now owns 240,916 shares of the company’s stock worth $7,312,000 after purchasing an additional 28,780 shares during the period. Finally, Bank of America Corp DE lifted its holdings in shares of Worthington Steel by 1.8% during the first quarter. Bank of America Corp DE now owns 85,083 shares of the company’s stock worth $2,582,000 after purchasing an additional 1,501 shares during the period. 45.41% of the stock is owned by hedge funds and other institutional investors.

Worthington Steel Company Profile

Worthington Steel, Inc is a steel processing company that produces value-added flat-rolled steel products for manufacturers in the automotive, construction, energy, industrial and consumer markets. Its offerings include electrical steel, laser-welded and tailor-welded blanks, and other processed steel products designed to meet specific customer requirements.

The company provides services such as slitting, blanking, cold reduction, welding and other steel processing capabilities. Its products are used in applications including automotive components, electrical motors and transformers, building products, pressure vessels and industrial equipment.

Worthington Steel was separated from Worthington Industries as an independent public company in December 2023.