The Manufacturers Life Insurance Company Trims Holdings in Worthington Steel, Inc. (NYSE:WS)

The Manufacturers Life Insurance Company reduced its stake in Worthington Steel, Inc. (NYSE:WS) by 2.0% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 17,020 shares of the company’s stock after selling 342 shares during the period. The Manufacturers Life Insurance Company’s holdings in Worthington Steel were worth $579,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Coldstream Capital Management Inc. lifted its holdings in Worthington Steel by 1.5% in the second quarter. Coldstream Capital Management Inc. now owns 21,102 shares of the company’s stock valued at $704,000 after acquiring an additional 304 shares during the last quarter. New York State Teachers Retirement System lifted its stake in shares of Worthington Steel by 0.5% in the 3rd quarter. New York State Teachers Retirement System now owns 64,487 shares of the company’s stock valued at $2,193,000 after purchasing an additional 305 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Worthington Steel by 1.3% during the 3rd quarter. PNC Financial Services Group Inc. now owns 28,304 shares of the company’s stock worth $963,000 after purchasing an additional 350 shares during the period. Louisiana State Employees Retirement System increased its position in shares of Worthington Steel by 2.6% during the 2nd quarter. Louisiana State Employees Retirement System now owns 15,500 shares of the company’s stock worth $517,000 after purchasing an additional 400 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Worthington Steel by 153.0% during the 3rd quarter. GAMMA Investing LLC now owns 1,255 shares of the company’s stock worth $43,000 after purchasing an additional 759 shares during the last quarter. 45.41% of the stock is currently owned by hedge funds and other institutional investors.

Worthington Steel Price Performance

NYSE WS opened at $42.12 on Friday. The stock has a market capitalization of $2.14 billion and a P/E ratio of 16.98. The firm’s 50-day moving average is $40.62 and its two-hundred day moving average is $36.05. Worthington Steel, Inc. has a 12 month low of $23.82 and a 12 month high of $47.19.

Worthington Steel (NYSE:WS) last released its quarterly earnings results on Wednesday, September 25th. The company reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.01. Worthington Steel had a net margin of 3.71% and a return on equity of 12.14%. The business had revenue of $834.00 million for the quarter, compared to the consensus estimate of $748.40 million. Worthington Steel’s revenue for the quarter was down 7.9% compared to the same quarter last year. As a group, analysts anticipate that Worthington Steel, Inc. will post 2.95 EPS for the current year.

Worthington Steel Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date is Friday, December 13th. Worthington Steel’s dividend payout ratio (DPR) is 25.81%.

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.