Bank of New York Mellon Corp Boosts Holdings in Worthington Steel, Inc. (NYSE:WS)

Bank of New York Mellon Corp boosted its stake in Worthington Steel, Inc. (NYSE:WS - Free Report) by 44.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 359,035 shares of the company's stock after purchasing an additional 110,662 shares during the quarter. Bank of New York Mellon Corp owned about 0.71% of Worthington Steel worth $11,424,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Quadrature Capital Ltd bought a new stake in shares of Worthington Steel in the 3rd quarter worth about $213,000. MML Investors Services LLC purchased a new stake in Worthington Steel during the third quarter valued at approximately $239,000. Victory Capital Management Inc. lifted its stake in shares of Worthington Steel by 36.8% in the 3rd quarter. Victory Capital Management Inc. now owns 8,523 shares of the company's stock valued at $290,000 after purchasing an additional 2,291 shares during the last quarter. Handelsbanken Fonder AB boosted its holdings in shares of Worthington Steel by 23.7% in the 4th quarter. Handelsbanken Fonder AB now owns 9,916 shares of the company's stock worth $316,000 after purchasing an additional 1,900 shares during the period. Finally, Amalgamated Bank boosted its holdings in shares of Worthington Steel by 8.9% in the 3rd quarter. Amalgamated Bank now owns 10,173 shares of the company's stock worth $346,000 after purchasing an additional 830 shares during the period. Institutional investors own 45.41% of the company's stock.

Worthington Steel Trading Down 2.0 %

Shares of WS traded down $0.52 during midday trading on Monday, reaching $26.11. 340,202 shares of the stock were exchanged, compared to its average volume of 230,324. The company has a market capitalization of $1.33 billion, a P/E ratio of 9.16 and a beta of 2.62. Worthington Steel, Inc. has a 52 week low of $24.22 and a 52 week high of $47.19. The company's 50 day moving average is $28.59 and its two-hundred day moving average is $34.30.

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Worthington Steel (NYSE:WS - Get Free Report) last announced its quarterly earnings results on Wednesday, December 18th. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.37). The business had revenue of $739.00 million during the quarter, compared to analysts' expectations of $740.40 million. Worthington Steel had a return on equity of 12.59% and a net margin of 4.36%. Worthington Steel's revenue for the quarter was down 8.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.11 EPS. On average, sell-side analysts expect that Worthington Steel, Inc. will post 2.26 EPS for the current year.

Worthington Steel Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend is Friday, March 14th. Worthington Steel's payout ratio is 22.46%.

Wall Street Analyst Weigh In

Separately, KeyCorp reduced their price objective on shares of Worthington Steel from $41.00 to $34.00 and set an "overweight" rating on the stock in a research report on Friday, March 7th.

Worthington Steel Profile

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.