PDT Partners LLC Invests $845,000 in Worthington Steel, Inc. $WS

Key Points

• PDT Partners LLC acquired 33,349 shares of Worthington Steel, valued at approximately $845,000, marking its first stake in the company.
• Worthington Steel reported $1.05 EPS for the last quarter, surpassing the consensus estimate by $0.22, though revenue was down 8.6% year-over-year.
• The firm announced a quarterly dividend of $0.16, indicative of a 2.0% dividend yield, with a payout ratio of 29.36%.

PDT Partners LLC bought a new stake in shares of Worthington Steel, Inc. (NYSE:WS - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 33,349 shares of the company's stock, valued at approximately $845,000. PDT Partners LLC owned about 0.07% of Worthington Steel as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Cerity Partners LLC boosted its position in shares of Worthington Steel by 227.2% during the first quarter. Cerity Partners LLC now owns 24,333 shares of the company's stock valued at $616,000 after buying an additional 16,896 shares during the last quarter. Foundry Partners LLC lifted its holdings in 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 period. GAMMA Investing LLC lifted its holdings in Worthington Steel by 1,317.2% during the first quarter. GAMMA Investing LLC now owns 19,656 shares of the company's stock worth $498,000 after acquiring an additional 18,269 shares during the period. Russell Investments Group Ltd. lifted its holdings in Worthington Steel by 16.6% during the first quarter. Russell Investments Group Ltd. now owns 92,441 shares of the company's stock worth $2,342,000 after acquiring an additional 13,135 shares during the period. Finally, Nuveen LLC bought a new stake in Worthington Steel during the first quarter worth $8,901,000. Hedge funds and other institutional investors own 45.41% of the company's stock.

Worthington Steel Price Performance

Shares of WS traded down $0.90 during mid-day trading on Tuesday, hitting $31.08. The stock had a trading volume of 79,699 shares, compared to its average volume of 265,738. The firm has a market cap of $1.58 billion, a P/E ratio of 14.25 and a beta of 1.88. The business has a fifty day moving average price of $31.82 and a 200-day moving average price of $27.95. 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 released its quarterly earnings data on Wednesday, June 25th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 previous year, the company posted $1.06 EPS. The firm's revenue for the quarter was down 8.6% compared to the same quarter last year. As a group, research analysts expect that Worthington Steel, Inc. will post 2.26 earnings per share for the current fiscal year.

Worthington Steel Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, September 12th. Worthington Steel's payout ratio is presently 29.36%.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded 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, According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $34.00.

Worthington Steel 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.