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

Other institutional investors have also recently bought and sold shares of the company. Cerity Partners LLC raised its stake in shares of Worthington Steel by 227.2% in the 1st quarter. Cerity Partners LLC now owns 24,333 shares of the company's stock valued at $616,000 after acquiring an additional 16,896 shares in the last quarter. GAMMA Investing LLC boosted its stake in Worthington Steel by 1,317.2% in the 1st quarter. GAMMA Investing LLC now owns 19,656 shares of the company's stock valued at $498,000 after buying an additional 18,269 shares in the last quarter. Foundry Partners LLC raised its position in Worthington Steel by 110.2% in the 1st quarter. Foundry Partners LLC now owns 219,079 shares of the company's stock valued at $5,549,000 after purchasing an additional 114,851 shares during the last quarter. Harbor Capital Advisors Inc. raised its position in Worthington Steel by 10,559.8% in the 1st quarter. Harbor Capital Advisors Inc. now owns 9,807 shares of the company's stock valued at $248,000 after purchasing an additional 9,715 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of Worthington Steel by 51.3% during the fourth quarter. JPMorgan Chase & Co. now owns 128,830 shares of the company's stock valued at $4,099,000 after acquiring an additional 43,689 shares during the period. 45.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Worthington Steel Trading Down 2.1%

Shares of WS stock traded down $0.63 on Friday, hitting $29.89. 317,619 shares of the stock were exchanged, compared to its average volume of 221,065. The firm has a market capitalization of $1.52 billion, a P/E ratio of 13.71 and a beta of 1.88. The business has a 50-day moving average of $28.84 and a 200 day moving average of $27.51. Worthington Steel, Inc. has a fifty-two week low of $21.30 and a fifty-two week high of $47.19.

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

Worthington Steel Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be paid a dividend of $0.16 per share. The ex-dividend date is Friday, September 12th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.1%. Worthington Steel's dividend payout ratio (DPR) is 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.