Allianz Asset Management GmbH Sells 8,348 Shares of Worthington Steel, Inc. (NYSE:WS)

Key Points

• Allianz Asset Management GmbH has reduced its stake in Worthington Steel, Inc. by 9% during the first quarter, owning 84,557 shares worth approximately $2.14 million after selling 8,348 shares.
• Institutional investors currently hold 45.41% of Worthington Steel's shares, with notable increases from Vanguard Group and LPL Financial in the fourth quarter.
• Analysts upgraded Worthington Steel from a "hold" to a "buy" rating, following a reported earnings per share of $1.05 for the last quarter, surpassing expectations.

Allianz Asset Management GmbH lowered its holdings in Worthington Steel, Inc. (NYSE:WS - Free Report) by 9.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 84,557 shares of the company's stock after selling 8,348 shares during the period. Allianz Asset Management GmbH owned approximately 0.17% of Worthington Steel worth $2,142,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of WS. Raymond James Financial Inc. bought a new stake in Worthington Steel in the 4th quarter valued at about $290,000. American Century Companies Inc. increased its position in Worthington Steel by 4.6% during the 4th quarter. American Century Companies Inc. now owns 25,248 shares of the company's stock worth $803,000 after purchasing an additional 1,104 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in Worthington Steel during the 4th quarter worth approximately $220,000. LPL Financial LLC increased its position in Worthington Steel by 6.9% during the 4th quarter. LPL Financial LLC now owns 16,632 shares of the company's stock worth $529,000 after purchasing an additional 1,078 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in Worthington Steel by 14.0% during the 4th quarter. Vanguard Group Inc. now owns 4,467,428 shares of the company's stock worth $142,154,000 after purchasing an additional 550,181 shares in the last quarter. Institutional investors own 45.41% of the company's stock.

Worthington Steel Stock Up 0.4%

Shares of WS stock traded up $0.11 during trading hours on Monday, hitting $29.93. 74,030 shares of the company's stock traded hands, compared to its average volume of 279,398. The stock's 50 day simple moving average is $28.84 and its 200 day simple moving average is $27.46. The stock has a market cap of $1.52 billion, a PE ratio of 13.73 and a beta of 1.88. 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 released its quarterly earnings results on Wednesday, June 25th. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.22. The firm had revenue of $832.90 million during the quarter, compared to the consensus estimate of $800.45 million. Worthington Steel had a net margin of 3.58% and a return on equity of 9.43%. The company's revenue for the quarter was down 8.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.06 earnings per share. As a group, equities research analysts expect that Worthington Steel, Inc. will post 2.26 EPS 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 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, September 12th. Worthington Steel's dividend payout ratio (DPR) is presently 29.36%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of Worthington Steel from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th.

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.