Worthington Steel (NYSE:WS) Shares Up 4.7% After Dividend Announcement

Worthington Steel, Inc. (NYSE:WS - Get Free Report) shot up 4.7% during mid-day trading on Friday following a dividend announcement from the company. The company traded as high as $34.05 and last traded at $33.98. 56,866 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 217,181 shares. The stock had previously closed at $32.46.

The newly announced dividend which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be issued a $0.16 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.64 annualized dividend and a yield of 1.88%. Worthington Steel's payout ratio is 25.81%.

Worthington Steel Stock Performance

The firm's 50 day moving average price is $40.95 and its two-hundred day moving average price is $36.16. The firm has a market cap of $1.73 billion and a PE ratio of 13.75.

Worthington Steel (NYSE:WS - Get Free Report) last released its quarterly earnings data on Wednesday, December 18th. The company reported $0.19 EPS for the quarter, missing analysts' consensus estimates of $0.56 by ($0.37). The business had revenue of $739.00 million during the quarter, compared to analyst estimates of $740.40 million. Worthington Steel had a net margin of 3.71% and a return on equity of 12.14%. The company's revenue was down 8.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.11 earnings per share. On average, analysts forecast that Worthington Steel, Inc. will post 2.95 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Principal Financial Group Inc. raised its position in Worthington Steel by 7.9% in the third quarter. Principal Financial Group Inc. now owns 163,757 shares of the company's stock valued at $5,569,000 after purchasing an additional 11,976 shares during the period. Franklin Resources Inc. raised its holdings in shares of Worthington Steel by 4.2% in the 3rd quarter. Franklin Resources Inc. now owns 29,170 shares of the company's stock valued at $995,000 after buying an additional 1,178 shares during the period. Barclays PLC raised its holdings in shares of Worthington Steel by 317.9% in the 3rd quarter. Barclays PLC now owns 50,010 shares of the company's stock valued at $1,701,000 after buying an additional 38,043 shares during the period. Coldstream Capital Management Inc. lifted its stake in Worthington Steel by 3.9% during the 3rd quarter. Coldstream Capital Management Inc. now owns 21,935 shares of the company's stock worth $747,000 after acquiring an additional 833 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake 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 purchasing an additional 41,925 shares during the period. Institutional investors and hedge funds own 45.41% of the company's stock.

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.