Victory Capital Management Inc. Has $1.33 Million Stock Holdings in Worthington Steel, Inc. (NYSE:WS)

Key Points

• Victory Capital Management Inc. increased its stake in Worthington Steel by 241.3%, owning a total of 52,636 shares valued at $1.33 million as of its latest SEC filing.
• Worthington Steel announced a quarterly dividend of $0.16 per share, representing an annualized yield of 2.09%, with the dividend set to be paid on September 26.
• The company reported quarterly earnings of $1.05 per share, surpassing estimates, yet its revenue decreased by 8.6% compared to the same period last year.

Victory Capital Management Inc. boosted its stake in Worthington Steel, Inc. (NYSE:WS - Free Report) by 241.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 52,636 shares of the company's stock after purchasing an additional 37,216 shares during the quarter. Victory Capital Management Inc. owned about 0.10% of Worthington Steel worth $1,333,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Wellington Management Group LLP raised its stake in Worthington Steel by 0.6% in the fourth quarter. Wellington Management Group LLP now owns 69,920 shares of the company's stock valued at $2,225,000 after buying an additional 434 shares during the period. Bank of Montreal Can increased its stake in shares of 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 purchasing an additional 497 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Worthington Steel by 3.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,505 shares of the company's stock worth $589,000 after purchasing an additional 634 shares during the period. PDS Planning Inc increased its stake in shares of Worthington Steel by 6.4% during the first quarter. PDS Planning Inc now owns 12,133 shares of the company's stock worth $307,000 after purchasing an additional 729 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Worthington Steel by 4.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 17,848 shares of the company's stock worth $568,000 after purchasing an additional 828 shares during the period. Institutional investors own 45.41% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded Worthington Steel from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th.

Worthington Steel Price Performance

Worthington Steel stock traded up $0.11 during mid-day trading on Monday, reaching $29.93. 74,030 shares of the company were exchanged, compared to its average volume of 279,398. Worthington Steel, Inc. has a 12 month low of $21.30 and a 12 month high of $47.19. The company has a fifty day simple moving average of $28.84 and a 200-day simple moving average of $27.46. The firm has a market cap of $1.52 billion, a PE ratio of 13.73 and a beta of 1.88.

Worthington Steel (NYSE:WS - Get Free Report) last issued its quarterly earnings data on Wednesday, June 25th. The company reported $1.05 earnings per share for the quarter, topping 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 business had revenue of $832.90 million for the quarter, compared to analyst estimates of $800.45 million. During the same quarter in the previous year, the company posted $1.06 EPS. Worthington Steel's quarterly revenue was down 8.6% compared to the same quarter last year. Sell-side analysts anticipate that Worthington Steel, Inc. will post 2.26 earnings per share for the current year.

Worthington Steel Dividend Announcement

The business 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 $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date 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.