Charles Schwab Investment Management Inc. Purchases 125,062 Shares of Worthington Steel, Inc. $WS

Key Points

• Charles Schwab Investment Management Inc. increased its holdings in Worthington Steel by 37.8%, owning 455,942 shares worth approximately $11.55 million.
• Worthington Steel has received a rating upgrade from "hold" to "buy" by Wall Street Zen, with a consensus target price of $34.00.
• The company recently announced a quarterly dividend of $0.16 per share, reflecting an annual yield of 1.9%.

Charles Schwab Investment Management Inc. raised its stake in shares of Worthington Steel, Inc. (NYSE:WS - Free Report) by 37.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 455,942 shares of the company's stock after purchasing an additional 125,062 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.90% of Worthington Steel worth $11,549,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Worthington Steel by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 4,529,470 shares of the company's stock valued at $114,731,000 after buying an additional 62,042 shares in the last quarter. Royce & Associates LP purchased a new stake in Worthington Steel during the first quarter valued at approximately $2,863,000. Foundry Partners LLC grew its stake in shares of Worthington Steel by 110.2% during the first quarter. Foundry Partners LLC now owns 219,079 shares of the company's stock valued at $5,549,000 after buying an additional 114,851 shares during the last quarter. Victory Capital Management Inc. raised its stake in Worthington Steel by 241.3% in the first quarter. Victory Capital Management Inc. now owns 52,636 shares of the company's stock worth $1,333,000 after buying an additional 37,216 shares in the last quarter. Finally, CWM LLC lifted its stake in shares of Worthington Steel by 141.5% during the first quarter. CWM LLC now owns 2,186 shares of the company's stock worth $55,000 after buying an additional 1,281 shares during the period. 45.41% of the stock is currently owned by institutional investors.

Worthington Steel Trading Down 0.3%

Shares of NYSE WS traded down $0.10 during trading on Friday, reaching $33.28. The company had a trading volume of 151,253 shares, compared to its average volume of 195,735. Worthington Steel, Inc. has a twelve month low of $21.30 and a twelve month high of $47.19. The stock has a market capitalization of $1.69 billion, a PE ratio of 15.27 and a beta of 1.87. The stock has a 50-day moving average price of $31.32 and a two-hundred day moving average price of $27.80.

Worthington Steel (NYSE:WS - Get Free Report) last announced its quarterly earnings results on Wednesday, June 25th. The company reported $1.05 earnings per share for the quarter, topping analysts' consensus estimates of $0.83 by $0.22. The firm had revenue of $832.90 million during 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 revenue was down 8.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.06 EPS. On average, sell-side analysts predict that Worthington Steel, Inc. will post 2.26 EPS for the current year.

Worthington Steel Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be given a $0.16 dividend. The ex-dividend date is Friday, September 12th. This represents a $0.64 annualized dividend and a yield of 1.9%. Worthington Steel's dividend payout ratio (DPR) is currently 29.36%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised shares of Worthington Steel from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, Worthington Steel has an average rating of "Buy" and an average price target of $34.00.

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.