Worthington Steel (NYSE:WS) Stock Price Down 5.3% - Here's What Happened

Worthington Steel, Inc. (NYSE:WS - Get Free Report) shares were down 5.3% during trading on Monday . The company traded as low as $30.18 and last traded at $30.32. Approximately 38,785 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 253,277 shares. The stock had previously closed at $32.03.

Wall Street Analysts Forecast Growth

Separately, KeyCorp reduced their price target 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.

Worthington Steel Trading Up 1.4%

The company has a market capitalization of $1.64 billion, a P/E ratio of 14.87 and a beta of 1.87. The company's 50 day moving average is $26.62 and its 200-day moving average is $27.55.

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

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 given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.97%. The ex-dividend date is Friday, September 12th. Worthington Steel's dividend payout ratio (DPR) is 29.36%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Anchor Investment Management LLC bought a new stake in shares of Worthington Steel in the 4th quarter worth $32,000. CWM LLC boosted its holdings in shares of Worthington Steel by 141.5% during the 1st quarter. CWM LLC now owns 2,186 shares of the company's stock valued at $55,000 after acquiring an additional 1,281 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Worthington Steel during the 1st quarter valued at about $118,000. Tower Research Capital LLC TRC raised its holdings in shares of Worthington Steel by 82.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,160 shares of the company's stock valued at $132,000 after purchasing an additional 1,883 shares during the last quarter. Finally, Voleon Capital Management LP purchased a new position in shares of Worthington Steel during the fourth quarter valued at approximately $213,000. Institutional investors 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.