Worthington Steel (NYSE:WS) Releases Quarterly Earnings Results

Key Points

• EPS miss: Worthington Steel reported QEPS of $0.27, missing the $0.47 consensus by $0.20, even as revenue grew 12% year-over-year.
• Shares rose to $34.90 on higher-than-average volume; the stock has a market cap of $1.77B and a P/E of 19.6, with analysts holding a consensus "Hold" and a $46 target.
• Insider buying: Directors Scott J. Kelly and Jon J. Bowsher purchased 7,000 and 2,500 shares respectively in late January, bringing insider ownership to 2.60%.

Worthington Steel (NYSE:WS - Get Free Report) issued its quarterly earnings results on Wednesday. The company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.20), Briefing.com reports. Worthington Steel had a net margin of 3.83% and a return on equity of 10.70%. The business's revenue was up 12.0% on a year-over-year basis. During the same period last year, the company earned $0.35 earnings per share.

Worthington Steel Price Performance

Shares of NYSE:WS traded up $0.97 during trading on Wednesday, reaching $34.90. The company had a trading volume of 449,906 shares, compared to its average volume of 297,895. The firm's fifty day moving average is $40.24 and its 200 day moving average is $35.62. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.09 and a current ratio of 1.80. The firm has a market capitalization of $1.77 billion, a PE ratio of 19.61 and a beta of 1.62. Worthington Steel has a twelve month low of $21.30 and a twelve month high of $49.17.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on WS shares. Zacks Research upgraded shares of Worthington Steel from a "strong sell" rating to a "hold" rating in a research note on Monday, February 16th. Weiss Ratings restated a "hold (c)" rating on shares of Worthington Steel in a report on Wednesday, January 21st. KeyCorp assumed coverage on shares of Worthington Steel in a research report on Wednesday. They set an "overweight" rating and a $46.00 price target for the company. Finally, Wall Street Zen raised shares of Worthington Steel from a "buy" rating to a "strong-buy" rating in a report on Saturday, February 28th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Worthington Steel currently has a consensus rating of "Hold" and a consensus target price of $46.00.

Insider Buying and Selling at Worthington Steel

In other Worthington Steel news, Director Scott J. Kelly bought 7,000 shares of the business's stock in a transaction that occurred on Tuesday, January 27th. The stock was acquired at an average cost of $39.11 per share, with a total value of $273,770.00. Following the completion of the purchase, the director directly owned 16,157 shares in the company, valued at approximately $631,900.27. This trade represents a 76.44% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Jon J. Bowsher purchased 2,500 shares of the company's stock in a transaction on Friday, January 30th. The stock was bought at an average cost of $40.15 per share, for a total transaction of $100,375.00. Following the acquisition, the director directly owned 17,893 shares of the company's stock, valued at $718,403.95. This represents a 16.24% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 2.60% of the company's stock.

Institutional Trading of Worthington Steel

Several hedge funds and other institutional investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio lifted its stake in Worthington Steel by 1.5% in the third quarter. Public Employees Retirement System of Ohio now owns 28,143 shares of the company's stock valued at $855,000 after acquiring an additional 406 shares during the last quarter. LPL Financial LLC lifted its stake in shares of Worthington Steel by 3.6% in the 4th quarter. LPL Financial LLC now owns 21,841 shares of the company's stock valued at $756,000 after purchasing an additional 753 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted 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 during the last quarter. BNP Paribas Financial Markets boosted its holdings in Worthington Steel by 50.9% in the second quarter. BNP Paribas Financial Markets now owns 3,492 shares of the company's stock worth $104,000 after purchasing an additional 1,178 shares in the last quarter. Finally, Raymond James Financial Inc. increased its position in Worthington Steel by 15.8% during the third quarter. Raymond James Financial Inc. now owns 9,449 shares of the company's stock worth $287,000 after buying an additional 1,291 shares during the last quarter. Institutional investors and hedge funds own 45.41% of the company's stock.

About Worthington Steel

Worthington Steel NYSE: WS is a leading North American steel processor specializing in the production of flat-rolled, coated and painted sheet and coil products. Operating as a wholly owned subsidiary of Worthington Industries, the company serves a broad range of industries, including construction, automotive, appliance, energy and agricultural equipment. Its core business activities encompass the processing, finishing and distribution of carbon and advanced high-strength steels, aluminum and stainless products to manufacturers across the continent.

The company’s product portfolio includes hot-dip galvanizing, galvannealed, aluminized and pre-painted steel products, as well as cold-rolled and hot-rolled coil.

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