Bank of New York Mellon Corp Decreases Holdings in Worthington Steel, Inc. (NYSE:WS)

Bank of New York Mellon Corp cut its holdings in shares of Worthington Steel, Inc. (NYSE:WS - Free Report) by 6.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 337,419 shares of the company's stock after selling 21,616 shares during the period. Bank of New York Mellon Corp owned about 0.66% of Worthington Steel worth $8,547,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Anchor Investment Management LLC acquired a new stake in shares of Worthington Steel in the 4th quarter valued at about $32,000. Tower Research Capital LLC TRC boosted its holdings in Worthington Steel by 82.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,160 shares of the company's stock valued at $132,000 after purchasing an additional 1,883 shares during the period. Voleon Capital Management LP acquired a new position in shares of Worthington Steel in the 4th quarter valued at $213,000. KLP Kapitalforvaltning AS acquired a new position in shares of Worthington Steel in the 4th quarter valued at $220,000. Finally, Harbor Capital Advisors Inc. grew its holdings in Worthington Steel by 10,559.8% during the 1st quarter. Harbor Capital Advisors Inc. now owns 9,807 shares of the company's stock worth $248,000 after acquiring an additional 9,715 shares during the last quarter. Institutional investors and hedge funds own 45.41% of the company's stock.

Analyst Ratings Changes

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

Worthington Steel Stock Up 0.5%

Shares of WS traded up $0.17 during mid-day trading on Tuesday, hitting $31.88. 277,155 shares of the company's stock traded hands, compared to its average volume of 260,160. The business's 50-day moving average price is $27.96 and its 200-day moving average price is $27.38. Worthington Steel, Inc. has a 1 year low of $21.30 and a 1 year high of $47.19. The firm has a market capitalization of $1.62 billion, a P/E ratio of 14.62 and a beta of 1.87.

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 the consensus estimate of $0.83 by $0.22. The company had revenue of $832.90 million for the quarter, compared to the consensus estimate of $800.45 million. Worthington Steel had a return on equity of 9.43% and a net margin of 3.58%. The firm's quarterly revenue was down 8.6% on a year-over-year basis. During the same quarter last year, the company earned $1.06 EPS. Sell-side analysts anticipate that Worthington Steel, Inc. will post 2.26 earnings per share for the current fiscal year.

Worthington Steel Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.64 annualized dividend and a yield of 2.01%. Worthington Steel's payout ratio is presently 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.