Shares of Worthington Steel, Inc. (NYSE:WS - Get Free Report) gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $37.92, but opened at $31.48. Worthington Steel shares last traded at $32.15, with a volume of 72,097 shares traded.
The company reported $0.19 earnings per share for the quarter, missing analysts' consensus estimates of $0.56 by ($0.37). Worthington Steel had a return on equity of 12.14% and a net margin of 3.71%. The company had revenue of $739.00 million during the quarter, compared to analysts' expectations of $740.40 million. During the same period in the prior year, the business posted $0.11 EPS. The company's revenue for the quarter was down 8.5% compared to the same quarter last year.
Worthington Steel Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.16 per share. The ex-dividend date is Friday, March 14th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.97%. Worthington Steel's dividend payout ratio is 25.81%.
Hedge Funds Weigh In On Worthington Steel
A number of hedge funds have recently modified their holdings of WS. CWM LLC increased its holdings in Worthington Steel by 845.4% in the second quarter. CWM LLC now owns 1,021 shares of the company's stock worth $34,000 after buying an additional 913 shares during the last quarter. GAMMA Investing LLC grew its position in Worthington Steel by 153.0% in the third quarter. GAMMA Investing LLC now owns 1,255 shares of the company's stock worth $43,000 after acquiring an additional 759 shares in the last quarter. nVerses Capital LLC acquired a new position in shares of Worthington Steel during the 3rd quarter worth $71,000. Eastern Bank bought a new position in shares of Worthington Steel during the 3rd quarter valued at $99,000. Finally, Victory Capital Management Inc. bought a new position in shares of Worthington Steel during the 2nd quarter valued at $208,000. 45.41% of the stock is owned by institutional investors and hedge funds.
Worthington Steel Stock Performance
The firm has a market cap of $1.65 billion and a price-to-earnings ratio of 13.09. The firm's 50 day moving average is $40.95 and its 200-day moving average is $36.16.
About Worthington Steel
(
Get Free Report)
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.
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