KeyCorp Cuts Worthington Steel (NYSE:WS) Price Target to $34.00

Worthington Steel (NYSE:WS - Get Free Report) had its price target lowered by equities researchers at KeyCorp from $41.00 to $34.00 in a report released on Friday,Benzinga reports. The firm presently has an "overweight" rating on the stock. KeyCorp's price objective would suggest a potential upside of 36.63% from the stock's previous close.

Worthington Steel Stock Down 4.8 %

Shares of WS stock traded down $1.27 on Friday, reaching $24.88. 71,830 shares of the stock were exchanged, compared to its average volume of 264,468. Worthington Steel has a 1-year low of $24.77 and a 1-year high of $47.19. The firm has a 50 day moving average of $29.13 and a two-hundred day moving average of $34.59. The stock has a market cap of $1.26 billion, a P/E ratio of 8.75 and a beta of 2.62.

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

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Institutional Investors Weigh In On Worthington Steel

A number of institutional investors have recently added to or reduced their stakes in the company. Jefferies Financial Group Inc. bought a new stake in shares of Worthington Steel in the 4th quarter worth $1,535,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Worthington Steel by 17.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 56,893 shares of the company's stock valued at $1,810,000 after acquiring an additional 8,583 shares in the last quarter. State of Wyoming increased its position in Worthington Steel by 52.5% during the fourth quarter. State of Wyoming now owns 11,419 shares of the company's stock worth $363,000 after buying an additional 3,932 shares during the last quarter. Nuveen Asset Management LLC lifted its holdings in Worthington Steel by 3.6% in the 4th quarter. Nuveen Asset Management LLC now owns 445,698 shares of the company's stock worth $14,182,000 after purchasing an additional 15,684 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Worthington Steel by 3.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,505 shares of the company's stock valued at $589,000 after purchasing an additional 634 shares during the period. 45.41% of the stock is currently owned by institutional investors and hedge funds.

About Worthington Steel

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.