Worthington Steel (NYSE:WS) Posts Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Key Points

• Worthington Steel reported earnings per share of $0.77 for the quarter, exceeding expectations of $0.72 by $0.05.
• Following the earnings report, Worthington Steel's stock price increased to $34.02, with over 499,000 shares traded, significantly above its average volume.
• Wall Street analysts are optimistic, with a consensus rating of "Buy" and an average price target of $36.00 for the stock.

Worthington Steel (NYSE:WS - Get Free Report) issued its quarterly earnings results on Wednesday. The company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.05, Zacks reports. Worthington Steel had a net margin of 3.58% and a return on equity of 9.43%.

Worthington Steel Price Performance

WS stock traded up $0.97 during midday trading on Wednesday, reaching $34.02. 499,046 shares of the company's stock traded hands, compared to its average volume of 273,684. The company has a market capitalization of $1.73 billion, a P/E ratio of 15.61 and a beta of 1.89. The business has a 50-day moving average price of $32.06 and a two-hundred day moving average price of $28.42. Worthington Steel has a fifty-two week low of $21.30 and a fifty-two week high of $47.19.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on WS. Wall Street Zen raised Worthington Steel from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. KeyCorp lifted their target price on shares of Worthington Steel from $34.00 to $36.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 16th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $36.00.

Hedge Funds Weigh In On Worthington Steel

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its stake in shares of Worthington Steel by 14.8% in the first quarter. Royal Bank of Canada now owns 15,771 shares of the company's stock worth $399,000 after buying an additional 2,038 shares during the last quarter. AQR Capital Management LLC increased its position 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 purchasing an additional 23,899 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of 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 valued at $490,000 after purchasing an additional 841 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of Worthington Steel during the second quarter worth about $670,000. Finally, First Trust Advisors LP grew its stake in Worthington Steel by 3.9% in the second quarter. First Trust Advisors LP now owns 127,877 shares of the company's stock worth $3,815,000 after purchasing an additional 4,756 shares in the last quarter. 45.41% of the stock is owned by hedge funds and other institutional investors.

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.

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