Zurcher Kantonalbank Zurich Cantonalbank Sells 12,383 Shares of Worthington Steel, Inc. (NYSE:WS)

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 decreased its position in shares of Worthington Steel, Inc. (NYSE:WS - Free Report) by 46.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm 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 SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Lido Advisors LLC bought a new stake in Worthington Steel in the fourth quarter worth about $5,755,000. First Trust Advisors LP bought a new stake in Worthington Steel in the fourth quarter worth about $3,706,000. Foundry Partners LLC raised its position in Worthington Steel by 110.2% in 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 in the last quarter. Royce & Associates LP bought a new stake in Worthington Steel in the first quarter worth about $2,863,000. Finally, Norges Bank bought a new stake in Worthington Steel in the fourth quarter worth about $2,234,000. Institutional investors and hedge funds own 45.41% of the company's stock.

Wall Street Analyst Weigh In

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

Worthington Steel Price Performance

NYSE WS traded down $0.09 on Monday, hitting $29.85. 153,713 shares of the company were exchanged, compared to its average volume of 276,345. The company's 50 day moving average price is $29.28 and its 200-day moving average price is $27.45. The firm has a market capitalization of $1.52 billion, a P/E ratio of 13.69 and a beta of 1.87. Worthington Steel, Inc. has a twelve month low of $21.30 and a twelve month high of $47.19.

Worthington Steel (NYSE:WS - Get Free Report) last issued its earnings results on Wednesday, June 25th. The company reported $1.05 earnings per share for the quarter, beating analysts' consensus estimates of $0.83 by $0.22. The company had revenue of $832.90 million for the quarter, compared to the consensus estimate of $800.45 million. Worthington Steel had a return on equity of 9.43% and a net margin of 3.58%. The firm's quarterly revenue was down 8.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.06 EPS. As a group, equities analysts expect that Worthington Steel, Inc. will post 2.26 EPS for the current year.

Worthington Steel Announces Dividend

The company 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. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.64 annualized dividend and a dividend yield of 2.1%. Worthington Steel's payout ratio is presently 29.36%.

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.