Federated Hermes Inc. Decreases Holdings in 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 position in Worthington Steel, Inc. (NYSE:WS - Free Report) by 89.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nuveen Asset Management LLC grew its stake in Worthington Steel by 3.6% in the 4th quarter. Nuveen Asset Management LLC now owns 445,698 shares of the company's stock worth $14,182,000 after acquiring an additional 15,684 shares in the last quarter. Northern Trust Corp grew its stake in Worthington Steel by 9.6% in the 4th quarter. Northern Trust Corp now owns 378,686 shares of the company's stock worth $12,050,000 after acquiring an additional 33,272 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its stake in Worthington Steel by 0.6% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 264,787 shares of the company's stock worth $8,426,000 after acquiring an additional 1,700 shares in the last quarter. Foundry Partners LLC grew its stake in Worthington Steel by 110.2% in the 1st quarter. Foundry Partners LLC now owns 219,079 shares of the company's stock worth $5,549,000 after acquiring an additional 114,851 shares in the last quarter. Finally, Lido Advisors LLC bought a new position in Worthington Steel in the 4th quarter worth about $5,755,000. 45.41% of the stock is owned by hedge funds and other institutional investors.

Worthington Steel Stock Down 2.0%

Shares of NYSE WS traded down $0.63 during midday trading on Friday, reaching $31.66. 188,976 shares of the company's stock traded hands, compared to its average volume of 214,048. The stock's 50 day simple moving average is $29.85 and its 200-day simple moving average is $27.52. Worthington Steel, Inc. has a one year low of $21.30 and a one year high of $47.19. The company has a market cap of $1.61 billion, a price-to-earnings ratio of 14.52 and a beta of 1.87.

Worthington Steel (NYSE:WS - Get Free Report) last released its quarterly earnings data on Wednesday, June 25th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.83 by $0.22. Worthington Steel had a net margin of 3.58% and a return on equity of 9.43%. The firm had revenue of $832.90 million for the quarter, compared to the consensus estimate of $800.45 million. During the same period last year, the firm earned $1.06 earnings per share. The company's quarterly revenue was down 8.6% on a year-over-year basis. Equities analysts predict that Worthington Steel, Inc. will post 2.26 EPS for the current fiscal year.

Worthington Steel Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be paid a dividend of $0.16 per share. The ex-dividend date is Friday, September 12th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.0%. Worthington Steel's dividend payout ratio (DPR) is currently 29.36%.

Wall Street Analyst Weigh In

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

About Worthington Steel

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.