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

Worthington Steel, Inc. (NYSE:WS) 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.

The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.22. Worthington Steel had a net margin of 3.58% and a return on equity of 9.54%. The company had revenue of $832.90 million during the quarter, compared to analyst estimates of $800.45 million. During the same period last year, the business 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 given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 2.03%. The ex-dividend date is Friday, September 12th. Worthington Steel’s dividend payout ratio is presently 29.91%.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Anchor Investment Management LLC purchased a new stake in shares of Worthington Steel in the 4th quarter worth $32,000. CWM LLC increased its holdings in Worthington Steel by 141.5% in the 1st quarter. CWM LLC now owns 2,186 shares of the company’s stock worth $55,000 after acquiring an additional 1,281 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in Worthington Steel in the 1st quarter worth approximately $118,000. Tower Research Capital LLC TRC raised its stake in Worthington Steel by 82.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,160 shares of the company’s stock worth $132,000 after acquiring an additional 1,883 shares during the period. Finally, Voleon Capital Management LP purchased a new position in Worthington Steel during the fourth quarter valued at approximately $213,000. 45.41% of the stock is owned by hedge funds and other institutional investors.

Worthington Steel Stock Up 19.9%

The firm has a market cap of $1.60 billion, a PE ratio of 14.44 and a beta of 1.64. The firm’s fifty day simple moving average is $25.94 and its two-hundred day simple moving average is $27.95.

Worthington Steel Company 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.