Worthington Steel (NYSE:WS) Trading Down 7.4% – What’s Next?

Worthington Steel, Inc. (NYSE:WS) fell 7.4% during mid-day trading on Monday . The stock traded as low as $35.98 and last traded at $35.70. 27,330 shares were traded during trading, a decline of 91% from the average session volume of 296,723 shares. The stock had previously closed at $38.57.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. KeyCorp reiterated an “overweight” rating on shares of Worthington Steel in a report on Monday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Worthington Steel in a report on Monday, April 20th. Zacks Research upgraded shares of Worthington Steel from a “strong sell” rating to a “hold” rating in a report on Monday, May 25th. Finally, Wall Street Zen lowered Worthington Steel from a “buy” rating to a “hold” rating in a research note on Saturday, April 11th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $46.00.

Worthington Steel Stock Down 4.6%

The company has a debt-to-equity ratio of 0.04, a current ratio of 1.46 and a quick ratio of 0.92. The company has a market cap of $1.70 billion, a P/E ratio of 19.73 and a beta of 2.22. The company has a 50 day moving average of $39.75 and a 200-day moving average of $38.28.

Worthington Steel (NYSE:WS) last announced its earnings results on Thursday, June 25th. The company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.01. Worthington Steel had a net margin of 0.50% and a return on equity of 8.85%. The company had revenue of $929.20 million during the quarter, compared to analyst estimates of $992.00 million. During the same period in the previous year, the business earned $1.05 earnings per share. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. On average, equities analysts predict that Worthington Steel, Inc. will post 2.5 earnings per share for the current year.

Worthington Steel Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.64 annualized dividend and a dividend yield of 1.9%. Worthington Steel’s payout ratio is 37.65%.

Insider Buying and Selling

In other news, insider Clifford Larivey sold 11,105 shares of the firm’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $40.09, for a total value of $445,199.45. Following the completion of the sale, the insider directly owned 64,308 shares of the company’s stock, valued at approximately $2,578,107.72. This trade represents a 14.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Jeffrey R. Klingler sold 20,036 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $43.82, for a total transaction of $877,977.52. Following the completion of the sale, the chief operating officer owned 93,212 shares of the company’s stock, valued at $4,084,549.84. This trade represents a 17.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 33,708 shares of company stock valued at $1,431,830 over the last quarter. 2.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Worthington Steel

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. lifted its position in Worthington Steel by 1,239.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 750 shares of the company’s stock valued at $26,000 after buying an additional 694 shares during the period. Hantz Financial Services Inc. grew its position in shares of Worthington Steel by 56.4% in the 4th quarter. Hantz Financial Services Inc. now owns 910 shares of the company’s stock worth $32,000 after buying an additional 328 shares during the period. MAI Capital Management grew its position in shares of Worthington Steel by 39.8% in the 3rd quarter. MAI Capital Management now owns 1,404 shares of the company’s stock worth $43,000 after buying an additional 400 shares during the period. Torren Management LLC purchased a new stake in shares of Worthington Steel in the 4th quarter worth about $48,000. Finally, OP Asset Management Ltd bought a new position in shares of Worthington Steel in the 1st quarter worth about $49,000. 45.41% of the stock is owned by hedge funds and other institutional investors.

Worthington Steel Company Profile

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.