Empowered Funds LLC Purchases Shares of 177,082 Worthington Steel, Inc. $WS

Key Points

• Empowered Funds LLC acquired 177,082 shares of Worthington Steel, Inc. valued at approximately $4.5 million, representing about 0.35% ownership of the company.
• Worthington Steel's stock was upgraded from a "hold" rating to a "buy" rating, with a consensus rating of "Buy" and an average price target of $34.00.
• The company recently announced a quarterly dividend of $0.16 per share, with a total annualized dividend yield of 1.9%.

Empowered Funds LLC bought a new position in Worthington Steel, Inc. (NYSE:WS - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 177,082 shares of the company's stock, valued at approximately $4,485,000. Empowered Funds LLC owned 0.35% of Worthington Steel at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Worthington Steel by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 4,529,470 shares of the company's stock worth $114,731,000 after purchasing an additional 62,042 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Worthington Steel by 37.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 455,942 shares of the company's stock worth $11,549,000 after purchasing an additional 125,062 shares during the period. Nuveen Asset Management LLC boosted its stake in Worthington Steel by 3.6% in the 4th quarter. Nuveen Asset Management LLC now owns 445,698 shares of the company's stock worth $14,182,000 after purchasing an additional 15,684 shares during the period. Northern Trust Corp boosted its stake in Worthington Steel by 9.6% in the 4th quarter. Northern Trust Corp now owns 378,686 shares of the company's stock worth $12,050,000 after purchasing an additional 33,272 shares during the period. Finally, Nuveen LLC acquired a new position in Worthington Steel in the 1st quarter worth $8,901,000. 45.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on WS shares. Wall Street Zen raised shares of Worthington Steel from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. KeyCorp boosted their price target on shares of Worthington Steel from $34.00 to $36.00 and gave the stock an "overweight" rating in a research report on Tuesday. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $36.00.

Worthington Steel Stock Up 0.8%

Shares of WS stock traded up $0.26 on Wednesday, reaching $33.81. The stock had a trading volume of 23,575 shares, compared to its average volume of 264,076. The firm's 50-day moving average is $31.94 and its two-hundred day moving average is $28.17. The firm has a market capitalization of $1.72 billion, a price-to-earnings ratio of 15.53 and a beta of 1.89. Worthington Steel, Inc. has a 12 month low of $21.30 and a 12 month high of $47.19.

Worthington Steel (NYSE:WS - Get Free Report) last issued its earnings results on Wednesday, June 25th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.83 by $0.22. The company had revenue of $832.90 million for the quarter, compared to analysts' expectations of $800.45 million. Worthington Steel had a net margin of 3.58% and a return on equity of 9.43%. Worthington Steel's quarterly revenue was down 8.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.06 EPS. On average, sell-side analysts forecast that Worthington Steel, Inc. will post 2.26 earnings per share for the current fiscal year.

Worthington Steel Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, September 12th. Worthington Steel's dividend payout ratio is currently 29.36%.

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.