Worthington Steel (NYSE:WS) Shares Gap Down After Earnings Miss

Worthington Steel, Inc. (NYSE:WS)’s stock price gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. 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 traded.

The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.32). Worthington Steel had a return on equity of 12.59% and a net margin of 4.36%. The business had revenue of $687.40 million during the quarter, compared to analysts’ expectations of $732.00 million. During the same period in the prior year, the firm posted $0.99 earnings per share. The firm’s revenue for the quarter was down 14.7% on a year-over-year basis.

Worthington Steel Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 13th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.64 dividend on an annualized basis and a yield of 2.29%. Worthington Steel’s dividend payout ratio is presently 22.46%.

Wall Street Analysts Forecast Growth

Separately, KeyCorp lowered their price target on Worthington Steel from $41.00 to $34.00 and set an “overweight” rating on the stock in a report on Friday, March 7th.

Institutional Trading of Worthington Steel

Several hedge funds have recently modified their holdings of the company. PNC Financial Services Group Inc. raised 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 acquiring an additional 350 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Worthington Steel by 0.6% during the 4th quarter. Wellington Management Group LLP now owns 69,920 shares of the company’s stock worth $2,225,000 after acquiring an additional 434 shares in the last quarter. Bank of Montreal Can increased its position in shares of Worthington Steel by 6.0% during the 4th quarter. Bank of Montreal Can now owns 8,848 shares of the company’s stock valued at $282,000 after purchasing an additional 497 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Worthington Steel by 3.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,505 shares of the company’s stock valued at $589,000 after purchasing an additional 634 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Worthington Steel by 4.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 17,848 shares of the company’s stock valued at $568,000 after purchasing an additional 828 shares during the last quarter. 45.41% of the stock is owned by hedge funds and other institutional investors.

Worthington Steel Trading Up 3.9 %

The stock has a market cap of $1.42 billion, a P/E ratio of 9.80 and a beta of 2.62. The company has a 50-day moving average price of $28.29 and a two-hundred day moving average price of $34.07.

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.