Worthington Steel (NYSE:WS) Shares Gap Up on Better-Than-Expected Earnings

Worthington Steel, Inc. (NYSE:WS - Get Free Report) shares gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $26.26, but opened at $31.66. Worthington Steel shares last traded at $29.62, with a volume of 230,319 shares traded.

The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.22. Worthington Steel had a return on equity of 9.43% and a net margin of 3.58%. The business had revenue of $832.90 million during the quarter, compared to analyst estimates of $800.45 million. During the same period in the previous year, the firm earned $1.06 EPS. Worthington Steel's quarterly revenue was down 8.6% compared to the same quarter last year.

Worthington Steel Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.99%. The ex-dividend date of this dividend is Friday, September 12th. Worthington Steel's dividend payout ratio (DPR) is presently 29.91%.

Analyst Upgrades and Downgrades

Separately, KeyCorp cut their price objective on shares of Worthington Steel from $41.00 to $34.00 and set an "overweight" rating on the stock in a research report on Friday, March 7th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Strs Ohio acquired a new position in Worthington Steel during the 1st quarter worth approximately $585,000. Empowered Funds LLC acquired a new position in Worthington Steel during the 1st quarter worth approximately $4,485,000. Dynamic Technology Lab Private Ltd acquired a new position in Worthington Steel during the 1st quarter worth approximately $607,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Worthington Steel by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,346 shares of the company's stock worth $490,000 after acquiring an additional 841 shares during the last quarter. Finally, Bridgeway Capital Management LLC acquired a new position in Worthington Steel during the 1st quarter worth approximately $3,394,000. 45.41% of the stock is owned by institutional investors and hedge funds.

Worthington Steel Stock Performance

The business has a 50-day simple moving average of $26.10 and a two-hundred day simple moving average of $27.65. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of 14.75 and a beta of 1.65.

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.