Worthington Steel (NYSE:WS) Price Target Raised to $36.00 at KeyCorp

Key Points

• KeyCorp has raised its price target for Worthington Steel from $34.00 to $36.00, indicating a potential upside of 7.67% from the current stock price.
• Wall Street Zen has upgraded the stock from a "hold" rating to a "buy," contributing to an average rating of "buy" for Worthington Steel.
• Worthington Steel reported earnings of $1.05 per share for the last quarter, exceeding analyst expectations and reflecting a 3.58% net margin, though quarterly revenue decreased 8.6% year-over-year.

Worthington Steel (NYSE:WS - Get Free Report) had its price target increased by analysts at KeyCorp from $34.00 to $36.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. KeyCorp's price objective would indicate a potential upside of 7.67% from the stock's current price.

Separately, Wall Street Zen upgraded shares of Worthington Steel from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. One analyst has rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $36.00.

Worthington Steel Trading Up 0.3%

NYSE:WS opened at $33.44 on Tuesday. The company has a 50-day moving average price of $31.90 and a 200-day moving average price of $28.13. Worthington Steel has a 12 month low of $21.30 and a 12 month high of $47.19. The stock has a market cap of $1.70 billion, a price-to-earnings ratio of 15.34 and a beta of 1.89.

Worthington Steel (NYSE:WS - Get Free Report) last posted its earnings results on Wednesday, June 25th. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.83 by $0.22. Worthington Steel had a net margin of 3.58% and a return on equity of 9.43%. The firm had revenue of $832.90 million during the quarter, compared to analysts' expectations of $800.45 million. During the same period last year, the company posted $1.06 EPS. The company's quarterly revenue was down 8.6% compared to the same quarter last year. Equities analysts forecast that Worthington Steel will post 2.26 EPS for the current fiscal year.

Hedge Funds Weigh In On Worthington Steel

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Nuveen LLC acquired a new stake in shares of Worthington Steel during the 1st quarter worth approximately $8,901,000. American Century Companies Inc. grew its stake in shares of Worthington Steel by 966.1% during the 1st quarter. American Century Companies Inc. now owns 269,160 shares of the company's stock worth $6,818,000 after purchasing an additional 243,912 shares during the period. Bridgeway Capital Management LLC grew its stake in shares of Worthington Steel by 154.3% during the 2nd quarter. Bridgeway Capital Management LLC now owns 340,752 shares of the company's stock worth $10,165,000 after purchasing an additional 206,752 shares during the period. CSM Advisors LLC acquired a new stake in shares of Worthington Steel during the 2nd quarter worth approximately $5,416,000. Finally, Empowered Funds LLC acquired a new stake in shares of Worthington Steel during the 1st quarter worth approximately $4,485,000. 45.41% of the stock is owned by hedge funds and other institutional investors.

About Worthington Steel

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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