Worthington Steel (NYSE:WS - Get Free Report) announced its earnings results on Wednesday. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.22, Zacks reports. The business had revenue of $832.90 million during the quarter, compared to analyst estimates of $800.45 million. Worthington Steel had a net margin of 3.58% and a return on equity of 9.54%. Worthington Steel's revenue for the quarter was down 8.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.06 earnings per share.
Worthington Steel Stock Performance
NYSE:WS traded up $0.51 during mid-day trading on Friday, reaching $32.15. The stock had a trading volume of 899,227 shares, compared to its average volume of 254,086. The stock has a market capitalization of $1.63 billion, a P/E ratio of 14.75 and a beta of 1.64. The firm has a 50 day moving average price of $26.10 and a two-hundred day moving average price of $27.76. Worthington Steel has a one year low of $21.30 and a one year high of $47.19.
Worthington Steel Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be issued a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.99%. Worthington Steel's dividend payout ratio is 29.91%.
Institutional Inflows and Outflows
Large investors have recently made changes to their positions in the business. AQR Capital Management LLC lifted its holdings in shares of Worthington Steel by 89.4% in the 1st quarter. AQR Capital Management LLC now owns 50,634 shares of the company's stock worth $1,269,000 after acquiring an additional 23,899 shares during the last quarter. Royal Bank of Canada grew its holdings in shares of Worthington Steel by 14.8% during the 1st quarter. Royal Bank of Canada now owns 15,771 shares of the company's stock valued at $399,000 after purchasing an additional 2,038 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Worthington Steel by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,346 shares of the company's stock worth $490,000 after purchasing an additional 841 shares during the period. 45.41% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Separately, KeyCorp reduced their target price on Worthington Steel from $41.00 to $34.00 and set an "overweight" rating on the stock in a research note on Friday, March 7th.
Check Out Our Latest Stock Report on WS
About Worthington Steel
(
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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.
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