Worthington Steel, Inc. (NYSE:WS) Shares Sold by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in Worthington Steel by 46.7%, holding 14,124 shares valued at $358,000 after selling 12,383 shares.
• Several institutional investors, including Royce & Associates LP and Victory Capital Management Inc., significantly increased their investments in Worthington Steel during the first quarter, with ownership by institutional investors reaching 45.41%.
• Worthington Steel reported better-than-expected earnings with an EPS of $1.05 for the recent quarter, compared to estimates of $0.83, despite an 8.6% decline in revenue year-over-year.

Zurcher Kantonalbank Zurich Cantonalbank cut its stake in shares of Worthington Steel, Inc. (NYSE:WS - Free Report) by 46.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,124 shares of the company's stock after selling 12,383 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Worthington Steel were worth $358,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Anchor Investment Management LLC bought a new stake in Worthington Steel during the 4th quarter valued at $32,000. CWM LLC grew its stake in shares of Worthington Steel by 141.5% in the 1st quarter. CWM LLC now owns 2,186 shares of the company's stock worth $55,000 after acquiring an additional 1,281 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Worthington Steel by 82.7% in the 4th 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 position in shares of Worthington Steel in the 4th quarter worth about $213,000. Finally, Harbor Capital Advisors Inc. lifted 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 valued at $248,000 after purchasing an additional 9,715 shares during the last quarter. 45.41% of the stock is currently owned by institutional investors and hedge funds.

Worthington Steel Stock Performance

Shares of Worthington Steel stock traded up $0.77 on Wednesday, hitting $32.36. 30,930 shares of the company traded hands, compared to its average volume of 274,208. The stock has a market capitalization of $1.65 billion, a P/E ratio of 14.85 and a beta of 1.87. Worthington Steel, Inc. has a 52 week low of $21.30 and a 52 week high of $47.19. The business has a 50-day simple moving average of $29.47 and a 200 day simple moving average of $27.47.

Worthington Steel (NYSE:WS - Get Free Report) last issued its earnings results on Wednesday, June 25th. The company reported $1.05 EPS 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 analyst estimates of $800.45 million. Worthington Steel had a return on equity of 9.43% and a net margin of 3.58%. Worthington Steel'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 earned $1.06 earnings per share. Research 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. Stockholders of record on Friday, September 12th will be issued a dividend of $0.16 per share. The ex-dividend date is Friday, September 12th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.0%. Worthington Steel's dividend payout ratio is currently 29.36%.

Analyst Ratings Changes

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

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.