Worthington Steel (NYSE:WS) Shares Gap Down on Disappointing Earnings

Worthington Steel, Inc. (NYSE:WS - Get Free Report) shares gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $26.88, but opened at $25.56. Worthington Steel shares last traded at $28.33, with a volume of 57,638 shares trading hands.

The company reported $0.35 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 firm had revenue of $687.40 million during the quarter, compared to the consensus estimate of $732.00 million. During the same period in the previous year, the firm earned $0.99 earnings per share. The business's quarterly revenue was down 14.7% on a year-over-year basis.

Worthington Steel Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 13th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend is Friday, June 13th. Worthington Steel's payout ratio is 29.91%.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Worthington Steel

A number of institutional investors and hedge funds have recently made changes to their positions in WS. Anchor Investment Management LLC bought a new stake in Worthington Steel during the 4th quarter worth approximately $32,000. Tower Research Capital LLC TRC grew its holdings in Worthington Steel by 82.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,160 shares of the company's stock worth $132,000 after buying an additional 1,883 shares in the last quarter. Quadrature Capital Ltd bought a new stake in Worthington Steel during the third quarter worth $213,000. Voleon Capital Management LP purchased a new stake in Worthington Steel in the 4th quarter valued at $213,000. Finally, KLP Kapitalforvaltning AS bought a new position in Worthington Steel during the 4th quarter valued at $220,000. Institutional investors and hedge funds own 45.41% of the company's stock.

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Worthington Steel Trading Up 2.3 %

The stock has a market capitalization of $1.36 billion, a PE ratio of 9.40 and a beta of 2.62. The stock's fifty day simple moving average is $28.18 and its 200-day simple moving average is $34.00.

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.