Bank of New York Mellon Corp Sells 21,616 Shares of Worthington Steel, Inc. (NYSE:WS)

Bank of New York Mellon Corp trimmed its holdings in Worthington Steel, Inc. (NYSE:WS - Free Report) by 6.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 337,419 shares of the company's stock after selling 21,616 shares during the period. Bank of New York Mellon Corp owned approximately 0.66% of Worthington Steel worth $8,547,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the company. Proficio Capital Partners LLC purchased a new position in shares of Worthington Steel in the 4th quarter worth about $649,000. Raymond James Financial Inc. bought a new position in shares of Worthington Steel during the fourth quarter valued at about $290,000. HighTower Advisors LLC raised its stake in shares of Worthington Steel by 67.3% during the fourth quarter. HighTower Advisors LLC now owns 30,194 shares of the company's stock valued at $961,000 after acquiring an additional 12,149 shares during the last quarter. Swiss National Bank raised its stake in Worthington Steel by 2.9% in the fourth quarter. Swiss National Bank now owns 64,400 shares of the company's stock worth $2,049,000 after buying an additional 1,800 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in Worthington Steel by 4.6% in the fourth quarter. American Century Companies Inc. now owns 25,248 shares of the company's stock worth $803,000 after buying an additional 1,104 shares in the last quarter. 45.41% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Worthington Steel Stock Performance

Shares of WS traded up $0.20 on Friday, hitting $31.82. 213,305 shares of the stock traded hands, compared to its average volume of 298,287. The company has a market capitalization of $1.61 billion, a PE ratio of 14.60 and a beta of 1.87. The business has a 50 day simple moving average of $28.34 and a 200 day simple moving average of $27.47. Worthington Steel, Inc. has a one year low of $21.30 and a one year high of $47.19.

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

Worthington Steel Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be given 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 dividend yield of 2.01%. Worthington Steel's payout ratio is 29.36%.

Worthington Steel 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.