Dimensional Fund Advisors LP Buys 68,775 Shares of Worthington Steel, Inc. $WS

Key Points

• Dimensional Fund Advisors increased its Worthington Steel stake by 2.8%, adding 68,775 shares to own 2.52 million shares, or approximately 4.96% of the company. Institutional investors and hedge funds collectively own 45.41% of the stock.
• Worthington Steel reported quarterly EPS of $0.74, slightly above estimates, while revenue of $929.2 million fell short of expectations but rose 11.6% year over year. Insiders have sold 33,708 shares worth $1.43 million over the past 90 days.
• The company declared a quarterly dividend of $0.16 per share, equivalent to an annualized $0.64 payout and a 1.8% yield. Analysts maintain a consensus “Buy” rating with a target price of $46, compared with the stock’s recent $36.01 price.

Dimensional Fund Advisors LP grew its stake in Worthington Steel, Inc. (NYSE:WS - Free Report) by 2.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,520,318 shares of the company's stock after purchasing an additional 68,775 shares during the period. Dimensional Fund Advisors LP owned about 4.96% of Worthington Steel worth $76,485,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Worthington Steel by 5.3% in the fourth quarter. Vanguard Group Inc. now owns 4,287,641 shares of the company's stock valued at $148,438,000 after buying an additional 217,090 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Worthington Steel by 695.6% during the 3rd quarter. Alliancebernstein L.P. now owns 969,887 shares of the company's stock valued at $29,475,000 after acquiring an additional 847,981 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Worthington Steel by 14.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 811,832 shares of the company's stock worth $28,106,000 after acquiring an additional 102,188 shares during the last quarter. Teacher Retirement System of Texas increased its holdings in Worthington Steel by 3.2% in the 4th quarter. Teacher Retirement System of Texas now owns 530,069 shares of the company's stock worth $18,351,000 after purchasing an additional 16,653 shares in the last quarter. Finally, LSV Asset Management increased its holdings in Worthington Steel by 563.7% in the 4th quarter. LSV Asset Management now owns 365,672 shares of the company's stock worth $12,660,000 after purchasing an additional 310,572 shares in the last quarter. 45.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Worthington Steel

In other news, insider Clifford Larivey sold 11,105 shares of the business's stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $40.09, for a total value of $445,199.45. Following the transaction, the insider owned 64,308 shares in the company, valued at approximately $2,578,107.72. The trade was a 14.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Timothy A. Adams sold 2,367 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $42.27, for a total transaction of $100,053.09. Following the sale, the chief financial officer owned 44,098 shares of the company's stock, valued at approximately $1,864,022.46. This trade represents a 5.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 33,708 shares of company stock valued at $1,431,830. 2.60% of the stock is currently owned by company insiders.

Worthington Steel Stock Performance

NYSE WS opened at $36.01 on Friday. The company has a market capitalization of $1.83 billion, a price-to-earnings ratio of 25.91 and a beta of 2.34. Worthington Steel, Inc. has a twelve month low of $27.22 and a twelve month high of $49.17. The stock has a fifty day simple moving average of $37.79 and a 200 day simple moving average of $38.03. The company has a quick ratio of 0.92, a current ratio of 1.46 and a debt-to-equity ratio of 0.04.

Worthington Steel (NYSE:WS - Get Free Report) last announced its earnings results on Thursday, June 25th. The company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.01. Worthington Steel had a return on equity of 8.85% and a net margin of 0.50%.The business had revenue of $929.20 million during the quarter, compared to analyst estimates of $992.00 million. During the same period last year, the company earned $1.05 EPS. Worthington Steel's revenue for the quarter was up 11.6% compared to the same quarter last year. Sell-side analysts expect that Worthington Steel, Inc. will post 3.39 EPS for the current year.

Worthington Steel Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Worthington Steel's dividend payout ratio is currently 46.04%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Weiss Ratings reissued a "hold (c)" rating on shares of Worthington Steel in a research note on Friday, July 17th. Wall Street Zen downgraded Worthington Steel from a "buy" rating to a "hold" rating in a research note on Sunday, July 12th. Zacks Research upgraded shares of Worthington Steel from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 21st. Finally, KeyCorp reiterated an "overweight" rating on shares of Worthington Steel in a research report on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Worthington Steel has a consensus rating of "Buy" and a consensus target price of $46.00.

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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