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 its most recent Form 13F filing with the SEC. The institutional investor owned 208,333 shares of the company's stock after buying an additional 51,700 shares during the period. Invesco Ltd. owned 0.41% of Worthington Steel worth $5,277,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Charles Schwab Investment Management Inc. boosted its holdings in shares of Worthington Steel by 37.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 455,942 shares of the company's stock worth $11,549,000 after purchasing an additional 125,062 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Worthington Steel by 1.4% in the first quarter. Vanguard Group Inc. now owns 4,529,470 shares of the company's stock valued at $114,731,000 after acquiring an additional 62,042 shares during the last quarter. Royce & Associates LP purchased a new position in Worthington Steel in the first quarter valued at about $2,863,000. Foundry Partners LLC raised its position in Worthington Steel by 110.2% in the first quarter. Foundry Partners LLC now owns 219,079 shares of the company's stock valued at $5,549,000 after purchasing an additional 114,851 shares during the period. Finally, Victory Capital Management Inc. raised its position in Worthington Steel by 241.3% in the first quarter. Victory Capital Management Inc. now owns 52,636 shares of the company's stock valued at $1,333,000 after purchasing an additional 37,216 shares during the period. Institutional investors and hedge funds own 45.41% of the company's stock.

Analyst Upgrades and Downgrades

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

Worthington Steel Stock Down 2.9%

Shares of NYSE:WS traded down $0.96 during trading on Tuesday, hitting $32.34. 159,890 shares of the company traded hands, compared to its average volume of 178,540. The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of 14.83 and a beta of 1.89. The business's fifty day moving average is $31.62 and its 200-day moving average is $27.86. Worthington Steel, Inc. has a one year low of $21.30 and a one year high of $47.19.

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

Worthington Steel Dividend Announcement

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