Norges Bank Acquires New Position in Worthington Steel, Inc. (NYSE:WS)

Norges Bank purchased a new position in Worthington Steel, Inc. (NYSE:WS - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 70,200 shares of the company's stock, valued at approximately $2,234,000. Norges Bank owned 0.14% of Worthington Steel as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the company. Jane Street Group LLC lifted its stake in Worthington Steel by 44.5% in the third quarter. Jane Street Group LLC now owns 68,744 shares of the company's stock valued at $2,338,000 after buying an additional 21,172 shares during the period. Geode Capital Management LLC boosted its holdings in Worthington Steel by 5.7% during the third quarter. Geode Capital Management LLC now owns 771,371 shares of the company's stock worth $26,240,000 after purchasing an additional 41,925 shares during the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Worthington Steel during the fourth quarter valued at approximately $649,000. JPMorgan Chase & Co. raised its stake in shares of Worthington Steel by 46.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 85,141 shares of the company's stock worth $2,896,000 after purchasing an additional 26,809 shares during the period. Finally, Handelsbanken Fonder AB boosted its stake in Worthington Steel by 23.7% in the fourth quarter. Handelsbanken Fonder AB now owns 9,916 shares of the company's stock valued at $316,000 after acquiring an additional 1,900 shares during the last quarter. 45.41% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, KeyCorp reduced their price target on Worthington Steel from $41.00 to $34.00 and set an "overweight" rating for the company in a research report on Friday, March 7th.

Worthington Steel Trading Down 0.6 %

Shares of NYSE:WS traded down $0.14 on Thursday, reaching $23.93. 33,864 shares of the company traded hands, compared to its average volume of 249,177. Worthington Steel, Inc. has a 52 week low of $21.30 and a 52 week high of $47.19. The business's 50-day simple moving average is $26.23 and its 200 day simple moving average is $32.79. The stock has a market capitalization of $1.21 billion, a P/E ratio of 8.40 and a beta of 2.03.

Worthington Steel (NYSE:WS - Get Free Report) last issued its quarterly earnings results on Wednesday, March 19th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.32). The business had revenue of $687.40 million during the quarter, compared to the consensus estimate of $732.00 million. Worthington Steel had a return on equity of 12.59% and a net margin of 4.36%. The firm's revenue was down 14.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.99 earnings per share. Sell-side analysts expect that Worthington Steel, Inc. will post 2.26 EPS for the current fiscal year.

Worthington Steel Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 13th will be given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date of this dividend is Friday, June 13th. Worthington Steel's payout ratio is 29.91%.

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.