Worthington Steel (NYSE:WS) Reaches New 12-Month Low - Here's What Happened

Shares of Worthington Steel, Inc. (NYSE:WS - Get Free Report) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $24.00 and last traded at $24.23, with a volume of 454 shares traded. The stock had previously closed at $25.90.

Analysts Set New Price Targets

Separately, KeyCorp decreased their target price on Worthington Steel from $41.00 to $34.00 and set an "overweight" rating on the stock in a research note on Friday, March 7th.

Worthington Steel Trading Down 2.9 %

The stock has a market cap of $1.15 billion, a P/E ratio of 7.88 and a beta of 2.03. The stock's fifty day moving average price is $27.16 and its 200 day moving average price is $33.46.

Worthington Steel (NYSE:WS - Get Free Report) last posted its quarterly earnings data 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). The firm had revenue of $687.40 million during the quarter, compared to analysts' expectations of $732.00 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 14.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.99 earnings per share. On average, analysts anticipate that Worthington Steel, Inc. will post 2.26 earnings per share for the current year.

Remove Ads

Worthington Steel Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 13th will be given a dividend of $0.16 per share. The ex-dividend date is Friday, June 13th. This represents a $0.64 annualized dividend and a yield of 2.82%. Worthington Steel's payout ratio is 29.91%.

Hedge Funds Weigh In On Worthington Steel

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Worthington Steel by 14.0% during the fourth quarter. Vanguard Group Inc. now owns 4,467,428 shares of the company's stock valued at $142,154,000 after purchasing an additional 550,181 shares during the period. State Street Corp boosted its position in Worthington Steel by 2.2% during the 3rd quarter. State Street Corp now owns 1,557,031 shares of the company's stock valued at $52,955,000 after buying an additional 33,534 shares during the period. Pacer Advisors Inc. bought a new stake in Worthington Steel in the 4th quarter worth $41,741,000. Geode Capital Management LLC increased its position in shares of Worthington Steel by 5.7% in the third quarter. Geode Capital Management LLC now owns 771,371 shares of the company's stock valued at $26,240,000 after acquiring an additional 41,925 shares during the period. Finally, Nuveen Asset Management LLC raised its stake in shares of Worthington Steel by 3.6% during the fourth quarter. Nuveen Asset Management LLC now owns 445,698 shares of the company's stock valued at $14,182,000 after acquiring an additional 15,684 shares during the last quarter. 45.41% of the stock is currently owned by institutional investors.

Worthington Steel Company 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.