Invesco Ltd. Has $5.28 Million Stake in Worthington Steel, Inc. $WS

Key Points

• Invesco Ltd. increased its stake in Worthington Steel, Inc. by 33.0%, acquiring an additional 51,700 shares, bringing its total ownership to 208,333 shares valued at approximately $5.3 million.
• Worthington Steel recently reported earnings of $1.05 per share, surpassing estimates, but its quarterly revenue of $832.9 million represents an 8.6% decline year-over-year.
• The company announced a quarterly dividend of $0.16 per share, reflecting an annualized yield of 1.9% and a payout ratio of 29.36%.

Invesco Ltd. grew its stake in shares of Worthington Steel, Inc. (NYSE:WS - Free Report) by 33.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 208,333 shares of the company's stock after purchasing an additional 51,700 shares during the period. Invesco Ltd. owned about 0.41% of Worthington Steel worth $5,277,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. CWM LLC lifted its holdings in shares of Worthington Steel by 141.5% during the first quarter. CWM LLC now owns 2,186 shares of the company's stock valued at $55,000 after purchasing an additional 1,281 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Worthington Steel by 82.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,160 shares of the company's stock valued at $132,000 after purchasing an additional 1,883 shares during the last quarter. Voleon Capital Management LP purchased a new stake in shares of Worthington Steel during the fourth quarter valued at $213,000. Harbor Capital Advisors Inc. lifted its stake in Worthington Steel by 10,559.8% in the 1st quarter. Harbor Capital Advisors Inc. now owns 9,807 shares of the company's stock worth $248,000 after acquiring an additional 9,715 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Worthington Steel in the 4th quarter worth about $290,000. 45.41% of the stock is owned by hedge funds and other institutional investors.

Worthington Steel Trading Down 0.3%

WS stock traded down $0.10 during mid-day trading on Monday, hitting $33.28. The stock had a trading volume of 151,253 shares, compared to its average volume of 187,416. Worthington Steel, Inc. has a 1-year low of $21.30 and a 1-year high of $47.19. The company has a fifty day moving average of $31.32 and a 200 day moving average of $27.80. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of 15.27 and a beta of 1.88.

Worthington Steel (NYSE:WS - Get Free Report) last issued its earnings results on Wednesday, June 25th. The company reported $1.05 earnings per share for the quarter, topping 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 company had revenue of $832.90 million for the quarter, compared to analyst estimates of $800.45 million. During the same period in the prior year, the firm posted $1.06 EPS. The business's revenue was down 8.6% compared to the same quarter last year. As a group, sell-side analysts expect that Worthington Steel, Inc. will post 2.26 earnings per share for the current fiscal year.

Worthington Steel Dividend Announcement

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

Analysts Set New Price Targets

Separately, Wall Street Zen raised Worthington Steel from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, Worthington Steel has a consensus rating of "Buy" and a consensus target price of $34.00.

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.