Meros Investment Management LP Purchases Shares of 98,359 Worthington Steel, Inc. $WS

Key Points

• Meros Investment Management LP has invested approximately $2.49 million in Worthington Steel, acquiring 98,359 shares, representing about 0.19% of the company's stock.
• Worthington Steel recently reported earnings per share of $1.05, exceeding analysts' expectations, although revenue declined 8.6% year-over-year to $832.90 million.
• The company announced a $0.16 quarterly dividend with a yield of 2.0%, to be paid on September 26th to shareholders on record as of September 12th.

Meros Investment Management LP purchased a new position in shares of Worthington Steel, Inc. (NYSE:WS - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 98,359 shares of the company's stock, valued at approximately $2,491,000. Meros Investment Management LP owned approximately 0.19% of Worthington Steel at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. CWM LLC grew 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 worth $55,000 after buying an additional 1,281 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in shares of Worthington Steel by 82.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,160 shares of the company's stock worth $132,000 after acquiring an additional 1,883 shares during the last quarter. Voleon Capital Management LP acquired a new stake in shares of Worthington Steel in the fourth quarter worth approximately $213,000. Harbor Capital Advisors Inc. boosted its position in shares of Worthington Steel by 10,559.8% in the first 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 during the last quarter. Finally, Bank of Montreal Can boosted its position in shares of Worthington Steel by 6.0% in the fourth quarter. Bank of Montreal Can now owns 8,848 shares of the company's stock worth $282,000 after acquiring an additional 497 shares during the last quarter. 45.41% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Worthington Steel Stock Down 0.2%

Shares of WS traded down $0.05 during mid-day trading on Monday, hitting $31.60. The company had a trading volume of 156,616 shares, compared to its average volume of 211,132. The business's 50-day simple moving average is $29.96 and its 200-day simple moving average is $27.52. Worthington Steel, Inc. has a 1-year low of $21.30 and a 1-year high of $47.19. The stock has a market cap of $1.61 billion, a PE ratio of 14.50 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 for the quarter, beating analysts' consensus estimates of $0.83 by $0.22. The firm had revenue of $832.90 million for the quarter, compared to analysts' expectations of $800.45 million. Worthington Steel had a net margin of 3.58% and a return on equity of 9.43%. Worthington Steel's revenue was down 8.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.06 earnings per share. On average, sell-side analysts expect that Worthington Steel, Inc. will post 2.26 earnings per share for the current 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 given 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 payout ratio is 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.