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

Worthington Steel, Inc. (NYSE:WS - Get Free Report)'s share price gapped up before the market opened 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 for the quarter, beating analysts' consensus estimates of $0.83 by $0.22. Worthington Steel had a net margin of 3.41% and a return on equity of 9.58%. The firm had revenue of $832.90 million for the quarter, compared to analyst estimates of $800.45 million. During the same period last year, the firm earned $1.06 earnings per share. The business's quarterly revenue was down 8.6% compared to the same quarter last year.

Wall Street Analyst Weigh In

Separately, KeyCorp lowered their price target 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 Trading of Worthington Steel

A number of hedge funds and other institutional investors have recently bought and sold shares of WS. Proficio Capital Partners LLC purchased a new position in shares of Worthington Steel during the 4th quarter valued at $649,000. GAMMA Investing LLC boosted its stake in Worthington Steel by 1,317.2% during the first quarter. GAMMA Investing LLC now owns 19,656 shares of the company's stock valued at $498,000 after buying an additional 18,269 shares during the period. Handelsbanken Fonder AB grew its position in Worthington Steel by 23.7% during the fourth quarter. Handelsbanken Fonder AB now owns 9,916 shares of the company's stock worth $316,000 after buying an additional 1,900 shares in the last quarter. Harbor Capital Advisors Inc. increased its stake in Worthington Steel by 10,559.8% in the 1st quarter. Harbor Capital Advisors Inc. now owns 9,807 shares of the company's stock worth $248,000 after acquiring an additional 9,715 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Worthington Steel by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 330,880 shares of the company's stock valued at $10,529,000 after acquiring an additional 9,584 shares in the last quarter. Institutional investors own 45.41% of the company's stock.

Worthington Steel Price Performance

The firm has a market capitalization of $1.50 billion, a PE ratio of 13.79 and a beta of 1.64. The business's 50 day moving average is $25.80 and its two-hundred day moving average is $28.04.

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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