Federated Hermes Inc. Sells 13,164 Shares of Worthington Steel, Inc. (NYSE:WS)

Key Points

• Federated Hermes Inc. has significantly cut its stake in Worthington Steel, reducing its holdings by 89.2% to just 1,602 shares after selling 13,164 shares during the first quarter.
• Several hedge funds have increased their positions in Worthington Steel, with Lido Advisors LLC acquiring a stake valued at approximately $5.76 million and First Trust Advisors LP with a stake of about $3.71 million.
• Worthington Steel recently declared a quarterly dividend of $0.16 per share, representing an annualized yield of 2.1%, and has a dividend payout ratio of 29.36%.

Federated Hermes Inc. reduced its holdings in shares of Worthington Steel, Inc. (NYSE:WS - Free Report) by 89.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,602 shares of the company's stock after selling 13,164 shares during the quarter. Federated Hermes Inc.'s holdings in Worthington Steel were worth $41,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Lido Advisors LLC acquired a new stake in shares of Worthington Steel in the 4th quarter valued at approximately $5,755,000. First Trust Advisors LP acquired a new stake in shares of Worthington Steel in the 4th quarter valued at approximately $3,706,000. Foundry Partners LLC boosted its holdings in shares of Worthington Steel by 110.2% in the 1st 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. Royce & Associates LP acquired a new stake in shares of Worthington Steel in the 1st quarter valued at approximately $2,863,000. Finally, D. E. Shaw & Co. Inc. boosted its holdings in shares of Worthington Steel by 959.6% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 66,725 shares of the company's stock valued at $2,123,000 after buying an additional 60,428 shares during the last quarter. 45.41% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Worthington Steel Price Performance

Shares of Worthington Steel stock opened at $29.85 on Tuesday. The business has a fifty day simple moving average of $29.36 and a two-hundred day simple moving average of $27.45. Worthington Steel, Inc. has a 1 year low of $21.30 and a 1 year high of $47.19. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of 13.69 and a beta of 1.87.

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

Worthington Steel Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be issued 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 2.1%. Worthington Steel's dividend payout ratio (DPR) is currently 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.

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