Raymond James Financial Inc. Invests $290,000 in Worthington Steel, Inc. (NYSE:WS)

Raymond James Financial Inc. acquired a new stake in shares of Worthington Steel, Inc. (NYSE:WS) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 9,105 shares of the company’s stock, valued at approximately $290,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in WS. Coldstream Capital Management Inc. raised its position in Worthington Steel by 3.9% during the 3rd quarter. Coldstream Capital Management Inc. now owns 21,935 shares of the company’s stock worth $747,000 after buying an additional 833 shares during the last quarter. Illinois Municipal Retirement Fund increased its stake in shares of Worthington Steel by 5.0% in the fourth quarter. Illinois Municipal Retirement Fund now owns 18,939 shares of the company’s stock worth $603,000 after acquiring an additional 904 shares during the period. Franklin Resources Inc. raised its holdings in shares of Worthington Steel by 4.2% during the third quarter. Franklin Resources Inc. now owns 29,170 shares of the company’s stock worth $995,000 after purchasing an additional 1,178 shares during the last quarter. Cardinal Capital Management lifted its position in Worthington Steel by 10.5% during the fourth quarter. Cardinal Capital Management now owns 14,852 shares of the company’s stock valued at $473,000 after purchasing an additional 1,410 shares during the period. Finally, New York State Teachers Retirement System boosted its holdings in Worthington Steel by 2.3% in the fourth quarter. New York State Teachers Retirement System now owns 65,974 shares of the company’s stock valued at $2,099,000 after purchasing an additional 1,487 shares during the last quarter. Hedge funds and other institutional investors own 45.41% of the company’s stock.

Worthington Steel Price Performance

Shares of Worthington Steel stock opened at $23.46 on Friday. The stock has a market capitalization of $1.19 billion, a P/E ratio of 8.23 and a beta of 2.03. The business has a 50 day simple moving average of $26.56 and a two-hundred day simple moving average of $33.06. Worthington Steel, Inc. has a 12 month low of $21.30 and a 12 month high of $47.19.

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

Worthington Steel Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 13th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.73%. The ex-dividend date is Friday, June 13th. Worthington Steel’s payout ratio is currently 29.91%.

Analyst Ratings Changes

Separately, KeyCorp cut their target price on shares of Worthington Steel from $41.00 to $34.00 and set an “overweight” rating for the company in a report on Friday, March 7th.

Worthington Steel Profile

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.