Norges Bank Invests $2.23 Million in Worthington Steel, Inc. (NYSE:WS)

Norges Bank purchased a new stake in Worthington Steel, Inc. (NYSE:WS - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 70,200 shares of the company's stock, valued at approximately $2,234,000. Norges Bank owned about 0.14% of Worthington Steel at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its position in shares of Worthington Steel by 51.3% during the fourth quarter. JPMorgan Chase & Co. now owns 128,830 shares of the company's stock worth $4,099,000 after acquiring an additional 43,689 shares during the period. Vanguard Group Inc. grew its position in Worthington Steel by 14.0% during the 4th quarter. Vanguard Group Inc. now owns 4,467,428 shares of the company's stock worth $142,154,000 after purchasing an additional 550,181 shares during the last quarter. LPL Financial LLC raised its stake in Worthington Steel by 6.9% in the 4th quarter. LPL Financial LLC now owns 16,632 shares of the company's stock worth $529,000 after acquiring an additional 1,078 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Worthington Steel during the fourth quarter worth about $220,000. Finally, American Century Companies Inc. boosted its holdings in shares of Worthington Steel by 4.6% in the 4th quarter. American Century Companies Inc. now owns 25,248 shares of the company's stock valued at $803,000 after acquiring an additional 1,104 shares during the last quarter. 45.41% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, KeyCorp cut their target price on shares of Worthington Steel from $41.00 to $34.00 and set an "overweight" rating for the company in a report on Friday, March 7th.

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Worthington Steel Trading Up 1.2 %

WS traded up $0.29 on Tuesday, hitting $24.10. The company had a trading volume of 156,497 shares, compared to its average volume of 250,469. The company's fifty day moving average price is $26.40 and its 200 day moving average price is $32.92. Worthington Steel, Inc. has a 1 year low of $21.30 and a 1 year high of $47.19. The firm has a market cap of $1.22 billion, a P/E ratio of 8.46 and a beta of 2.03.

Worthington Steel (NYSE:WS - Get Free Report) last posted its quarterly earnings results on Wednesday, March 19th. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.67 by ($0.32). Worthington Steel had a net margin of 4.36% and a return on equity of 12.59%. The company had revenue of $687.40 million during the quarter, compared to analyst estimates of $732.00 million. During the same period in the prior year, the business earned $0.99 EPS. Worthington Steel's revenue for the quarter was down 14.7% on a year-over-year basis. On average, analysts predict that Worthington Steel, Inc. will post 2.26 earnings per share for the current year.

Worthington Steel Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 13th will be issued a $0.16 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.66%. Worthington Steel's payout ratio is 29.91%.

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.