Worthington Steel (NYSE:WS) Shares Gap Up - What's Next?

Worthington Steel, Inc. (NYSE:WS - Get Free Report) shares gapped up prior to trading on Monday . The stock had previously closed at $24.90, but opened at $26.60. Worthington Steel shares last traded at $25.85, with a volume of 73,168 shares trading hands.

Analysts Set New Price Targets

Separately, KeyCorp reduced their target price 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 Price Performance

The stock has a 50 day moving average price of $25.37 and a 200-day moving average price of $30.00. The stock has a market capitalization of $1.33 billion, a P/E ratio of 9.21 and a beta of 1.65.

Worthington Steel (NYSE:WS - Get Free Report) last announced its quarterly earnings data on Wednesday, March 19th. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.67 by ($0.32). Worthington Steel had a net margin of 4.36% and a return on equity of 12.59%. The company had revenue of $687.40 million for the quarter, compared to the consensus estimate of $732.00 million. During the same period last year, the business posted $0.99 earnings per share. The firm's quarterly revenue was down 14.7% compared to the same quarter last year. Research analysts predict that Worthington Steel, Inc. will post 2.26 earnings per share for the current fiscal year.

Worthington Steel Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 13th will be paid a dividend of $0.16 per share. The ex-dividend date is Friday, June 13th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.44%. Worthington Steel's dividend payout ratio (DPR) is currently 29.91%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of WS. Proficio Capital Partners LLC purchased a new stake in shares of Worthington Steel during the fourth quarter worth about $649,000. Handelsbanken Fonder AB boosted its holdings in shares of 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 purchasing an additional 1,900 shares during the period. New York State Teachers Retirement System boosted its holdings in shares of Worthington Steel by 2.3% during the fourth quarter. New York State Teachers Retirement System now owns 65,974 shares of the company's stock worth $2,099,000 after purchasing an additional 1,487 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Worthington Steel by 3.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 330,880 shares of the company's stock worth $10,529,000 after purchasing an additional 9,584 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Worthington Steel by 51.3% during the fourth quarter. JPMorgan Chase & Co. now owns 128,830 shares of the company's stock worth $4,099,000 after purchasing an additional 43,689 shares during the period. 45.41% of the stock is owned by institutional investors.

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.