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

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 - Free Report) had its target price hoisted by KeyCorp from $34.00 to $36.00 in a report released on Tuesday, MarketBeat Ratings reports. The firm currently has an overweight rating on the stock.

Separately, Wall Street Zen upgraded Worthington Steel from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $36.00.

Worthington Steel Price Performance

WS traded down $0.06 during trading hours on Tuesday, reaching $33.58. The company's stock had a trading volume of 1,391,185 shares, compared to its average volume of 206,683. The business's 50-day moving average is $32.00 and its 200-day moving average is $28.31. Worthington Steel has a fifty-two week low of $21.30 and a fifty-two week high of $47.19. The stock has a market cap of $1.71 billion, a PE ratio of 15.40 and a beta of 1.89.

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

Worthington Steel Dividend Announcement

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 given a $0.16 dividend. The ex-dividend date is Friday, September 12th. This represents a $0.64 dividend on an annualized basis and a yield of 1.9%. Worthington Steel's dividend payout ratio (DPR) is presently 29.36%.

Institutional Investors Weigh In On Worthington Steel

A number of hedge funds have recently added to or reduced their stakes in WS. Ameritas Advisory Services LLC acquired a new stake in Worthington Steel in the second quarter valued at about $25,000. AlphaQuest LLC purchased a new position in Worthington Steel in the second quarter valued at about $34,000. GAMMA Investing LLC increased its holdings in Worthington Steel by 57.1% in the second quarter. GAMMA Investing LLC now owns 1,219 shares of the company's stock valued at $36,000 after buying an additional 443 shares in the last quarter. CWM LLC increased its holdings in Worthington Steel by 141.5% in the first quarter. CWM LLC now owns 2,186 shares of the company's stock valued at $55,000 after buying an additional 1,281 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in Worthington Steel by 149.9% in the second quarter. Tower Research Capital LLC TRC now owns 2,354 shares of the company's stock valued at $70,000 after buying an additional 1,412 shares in the last quarter. Institutional investors and hedge funds own 45.41% of the company's stock.

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.