Bank of New York Mellon Corp Purchases Shares of 345,942 Worthington Steel, Inc. $WS

Key Points

• Bank of New York Mellon purchased 345,942 shares of Worthington Steel, valued at approximately $11.6 million, giving it a 0.68% stake. Institutional investors and hedge funds collectively own 45.41% of the company.
• Analyst sentiment remains generally positive, with Worthington Steel carrying a consensus “Buy” rating and a $46 price target, despite mixed recent rating changes.
• Worthington Steel exceeded quarterly EPS expectations with $0.74 versus $0.73 estimated, while revenue reached $929.2 million. The company also declared a quarterly dividend of $0.16 per share, representing a 1.9% annualized yield.

Bank of New York Mellon Corp bought a new stake in Worthington Steel, Inc. (NYSE:WS - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 345,942 shares of the company's stock, valued at approximately $11,617,000. Bank of New York Mellon Corp owned 0.68% of Worthington Steel as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in WS. Rockefeller Capital Management L.P. grew its stake in shares of Worthington Steel by 1,239.3% in the fourth quarter. Rockefeller Capital Management L.P. now owns 750 shares of the company's stock valued at $26,000 after buying an additional 694 shares in the last quarter. Hantz Financial Services Inc. lifted its stake in Worthington Steel by 56.4% during the 4th quarter. Hantz Financial Services Inc. now owns 910 shares of the company's stock worth $32,000 after acquiring an additional 328 shares in the last quarter. OP Asset Management Ltd acquired a new position in Worthington Steel during the 1st quarter worth about $49,000. Kestra Advisory Services LLC purchased a new position in Worthington Steel during the 4th quarter valued at about $67,000. Finally, Tower Research Capital LLC TRC boosted its holdings in Worthington Steel by 149.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,354 shares of the company's stock valued at $70,000 after acquiring an additional 1,412 shares during the period. 45.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have issued reports on WS shares. Wall Street Zen lowered shares of Worthington Steel from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. KeyCorp restated an "overweight" rating on shares of Worthington Steel in a research note on Monday, June 29th. Zacks Research raised shares of Worthington Steel from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 21st. Finally, Weiss Ratings lowered shares of Worthington Steel from a "hold (c)" rating to a "hold (c-)" rating in a report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $46.00.

Worthington Steel Price Performance

Shares of NYSE:WS opened at $33.91 on Wednesday. Worthington Steel, Inc. has a 12 month low of $27.22 and a 12 month high of $49.17. The firm has a market capitalization of $1.73 billion, a P/E ratio of 24.40 and a beta of 2.28. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.46 and a quick ratio of 0.92. The company's fifty day moving average price is $35.39 and its 200 day moving average price is $37.16.

Worthington Steel (NYSE:WS - Get Free Report) last posted its earnings results on Thursday, June 25th. The company reported $0.74 EPS for the quarter, topping analysts' consensus estimates of $0.73 by $0.01. The business had revenue of $929.20 million for the quarter, compared to analysts' expectations of $992.00 million. Worthington Steel had a return on equity of 8.87% and a net margin of 0.50%.The business's revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.05 earnings per share. As a group, sell-side analysts predict that Worthington Steel, Inc. will post 3.39 earnings per share for the current fiscal year.

Worthington Steel Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Tuesday, September 15th. Worthington Steel's payout ratio is presently 46.04%.

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.

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