Nuveen LLC Makes New Investment in Worthington Steel, Inc. $WS

Key Points

• Nuveen LLC has acquired a new position in Worthington Steel, purchasing 351,388 shares valued at approximately $8.9 million, which accounts for 0.69% of the company's stock.
• Worthington Steel reported a quarterly earnings per share of $1.05, exceeding analysts' expectations and revealing a revenue of $832.90 million, even though it reflects an 8.6% year-over-year decline.
• The company announced a quarterly dividend of $0.16 per share, representing an annualized yield of 1.9%, with the ex-dividend date set for September 12th.

Nuveen LLC purchased a new position in Worthington Steel, Inc. (NYSE:WS - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 351,388 shares of the company's stock, valued at approximately $8,901,000. Nuveen LLC owned 0.69% of Worthington Steel at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Lido Advisors LLC bought a new position in shares of Worthington Steel during the fourth quarter worth $5,755,000. Charles Schwab Investment Management Inc. boosted its position 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 acquiring an additional 125,062 shares during the last quarter. First Trust Advisors LP bought a new position in shares of Worthington Steel during the fourth quarter worth $3,706,000. Foundry Partners LLC boosted its position in shares of Worthington Steel by 110.2% during the first 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 during the last quarter. Finally, Royce & Associates LP bought a new position in shares of Worthington Steel during the first quarter worth $2,863,000. 45.41% of the stock is currently owned by institutional investors.

Worthington Steel Price Performance

Shares of WS traded down $0.12 during midday trading on Wednesday, hitting $33.47. The stock had a trading volume of 210,203 shares, compared to its average volume of 270,504. Worthington Steel, Inc. has a 1 year low of $21.30 and a 1 year high of $47.19. The firm has a market cap of $1.70 billion, a PE ratio of 15.35 and a beta of 1.87. The stock's 50 day moving average is $30.82 and its 200 day moving average is $27.71.

Worthington Steel (NYSE:WS - Get Free Report) last announced its earnings results on Wednesday, June 25th. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.22. The business had revenue of $832.90 million for 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 business's revenue for the quarter was down 8.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.06 earnings per share. As a group, equities research analysts expect that Worthington Steel, Inc. will post 2.26 earnings per share for the current fiscal year.

Worthington Steel Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be paid 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 (DPR) is currently 29.36%.

Wall Street Analysts Forecast Growth

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