Meros Investment Management LP Invests $2.49 Million in 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 stake in shares of Worthington Steel, Inc. (NYSE:WS - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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.

A number of other large investors also recently made changes to their positions in WS. CWM LLC increased its holdings in 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 during the last quarter. Tower Research Capital LLC TRC increased its holdings in Worthington Steel by 82.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,160 shares of the company's stock worth $132,000 after buying an additional 1,883 shares during the last quarter. Voleon Capital Management LP purchased a new stake in Worthington Steel during the fourth quarter worth about $213,000. Harbor Capital Advisors Inc. increased its holdings in Worthington Steel by 10,559.8% during the first quarter. Harbor Capital Advisors Inc. now owns 9,807 shares of the company's stock worth $248,000 after buying an additional 9,715 shares during the last quarter. Finally, Bank of Montreal Can increased its holdings in Worthington Steel by 6.0% during the fourth quarter. Bank of Montreal Can now owns 8,848 shares of the company's stock worth $282,000 after buying an additional 497 shares during the last quarter. 45.41% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of Worthington Steel from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $34.00.

Worthington Steel Price Performance

Shares of WS traded down $0.2340 during trading hours on Thursday, hitting $31.3960. The company's stock had a trading volume of 61,319 shares, compared to its average volume of 270,794. The company has a market cap of $1.60 billion, a price-to-earnings ratio of 14.36 and a beta of 1.87. The business has a 50 day simple moving average of $30.20 and a two-hundred day simple moving average of $27.58. Worthington Steel, Inc. has a 52-week low of $21.30 and a 52-week 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 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.22. The firm had revenue of $832.90 million during the quarter, compared to the consensus estimate of $800.45 million. Worthington Steel had a net margin of 3.58% and a return on equity of 9.43%. The company's revenue was down 8.6% on a year-over-year basis. During the same quarter last year, the company earned $1.06 earnings per share. Research analysts predict that Worthington Steel, Inc. will post 2.26 earnings per share for the current year.

Worthington Steel Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be paid 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 2.0%. Worthington Steel's payout ratio is currently 29.36%.

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.