39,040 Shares in Worthington Steel, Inc. $WS Purchased by Dynamic Technology Lab Private Ltd

Key Points

• Dynamic Technology Lab Private Ltd opened a new position in Worthington Steel, buying 39,040 shares valued at about $1.35 million in the fourth quarter.
• Several other institutional investors also increased their stakes, and 45.41% of Worthington Steel is now owned by hedge funds and other institutions. Meanwhile, company insiders have been selling shares recently.
• Analysts currently have a mostly cautious view on WS, with an average rating of Hold and a target price of $46.00. The stock also pays a quarterly dividend of $0.16, yielding about 1.5%.

Dynamic Technology Lab Private Ltd bought a new position in Worthington Steel, Inc. (NYSE:WS - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 39,040 shares of the company's stock, valued at approximately $1,351,000. Dynamic Technology Lab Private Ltd owned approximately 0.08% of Worthington Steel at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in WS. Alliancebernstein L.P. lifted its position in shares of Worthington Steel by 695.6% in the third quarter. Alliancebernstein L.P. now owns 969,887 shares of the company's stock worth $29,475,000 after buying an additional 847,981 shares in the last quarter. LSV Asset Management lifted its position in shares of Worthington Steel by 563.7% in the fourth quarter. LSV Asset Management now owns 365,672 shares of the company's stock worth $12,660,000 after buying an additional 310,572 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Worthington Steel by 5.3% in the fourth quarter. Vanguard Group Inc. now owns 4,287,641 shares of the company's stock worth $148,438,000 after buying an additional 217,090 shares in the last quarter. Keybank National Association OH purchased a new stake in Worthington Steel during the fourth quarter valued at approximately $7,163,000. Finally, American Century Companies Inc. raised its position in Worthington Steel by 51.3% during the third quarter. American Century Companies Inc. now owns 609,810 shares of the company's stock valued at $18,532,000 after purchasing an additional 206,778 shares during the period. 45.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Worthington Steel

In other news, CFO Timothy A. Adams sold 2,367 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $42.27, for a total value of $100,053.09. Following the sale, the chief financial officer directly owned 44,098 shares in the company, valued at approximately $1,864,022.46. This represents a 5.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Clifford Larivey sold 11,105 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $40.09, for a total value of $445,199.45. Following the completion of the transaction, the insider directly owned 64,308 shares in the company, valued at approximately $2,578,107.72. This trade represents a 14.73% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 33,708 shares of company stock worth $1,431,830. 2.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

WS has been the topic of a number of recent research reports. KeyCorp upped their price objective on Worthington Steel from $38.00 to $46.00 and gave the company an "overweight" rating in a research report on Tuesday, June 2nd. Weiss Ratings restated a "hold (c)" rating on shares of Worthington Steel in a research report on Monday, April 20th. Zacks Research upgraded Worthington Steel from a "strong sell" rating to a "hold" rating in a research report on Monday, May 25th. Finally, Wall Street Zen downgraded Worthington Steel from a "buy" rating to a "hold" rating in a research report on Saturday, April 11th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $46.00.

Worthington Steel Trading Up 0.0%

Shares of NYSE WS opened at $43.50 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.90 and a current ratio of 1.48. The business's 50 day moving average price is $38.26 and its 200-day moving average price is $37.91. Worthington Steel, Inc. has a fifty-two week low of $24.23 and a fifty-two week high of $49.17. The company has a market cap of $2.21 billion, a price-to-earnings ratio of 25.59 and a beta of 2.22.

Worthington Steel (NYSE:WS - Get Free Report) last issued its quarterly earnings results on Thursday, March 26th. The company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.20). Worthington Steel had a return on equity of 10.12% and a net margin of 3.64%.The business had revenue of $769.80 million during the quarter, compared to analysts' expectations of $882.95 million. During the same quarter in the previous year, the company posted $0.35 earnings per share. The company's quarterly revenue was up 12.0% compared to the same quarter last year. On average, sell-side analysts expect that Worthington Steel, Inc. will post 2.15 earnings per share for the current year.

Worthington Steel Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 12th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Friday, June 12th. Worthington Steel's dividend payout ratio is presently 37.65%.

About Worthington Steel

Worthington Steel NYSE: WS is a leading North American steel processor specializing in the production of flat-rolled, coated and painted sheet and coil products. Operating as a wholly owned subsidiary of Worthington Industries, the company serves a broad range of industries, including construction, automotive, appliance, energy and agricultural equipment. Its core business activities encompass the processing, finishing and distribution of carbon and advanced high-strength steels, aluminum and stainless products to manufacturers across the continent.

The company’s product portfolio includes hot-dip galvanizing, galvannealed, aluminized and pre-painted steel products, as well as cold-rolled and hot-rolled coil.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.