Comerica Bank Reduces Stock Holdings in Worthington Steel, Inc. $WS

Comerica Bank reduced its stake in shares of Worthington Steel, Inc. (NYSE:WS) by 17.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 21,232 shares of the company’s stock after selling 4,386 shares during the quarter. Comerica Bank’s holdings in Worthington Steel were worth $538,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Nuveen LLC purchased a new stake in Worthington Steel during the 1st quarter worth approximately $8,901,000. American Century Companies Inc. increased its holdings in Worthington Steel by 966.1% during the 1st quarter. American Century Companies Inc. now owns 269,160 shares of the company’s stock worth $6,818,000 after purchasing an additional 243,912 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Worthington Steel by 37.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 455,942 shares of the company’s stock worth $11,549,000 after purchasing an additional 125,062 shares during the last quarter. Foundry Partners LLC increased its holdings in Worthington Steel by 110.2% during the 1st quarter. Foundry Partners LLC now owns 219,079 shares of the company’s stock worth $5,549,000 after purchasing an additional 114,851 shares during the last quarter. Finally, Royce & Associates LP purchased a new stake in Worthington Steel during the 1st quarter worth approximately $2,863,000. 45.41% of the stock is currently owned by hedge funds and other institutional investors.

Worthington Steel Trading Up 0.9%

Shares of NYSE WS opened at $32.96 on Monday. Worthington Steel, Inc. has a twelve month low of $21.30 and a twelve month high of $47.19. The company has a market capitalization of $1.68 billion, a price-to-earnings ratio of 15.12 and a beta of 1.88. The business has a 50 day simple moving average of $31.77 and a 200-day simple moving average of $27.93.

Worthington Steel (NYSE:WS) last issued its quarterly earnings results on Wednesday, June 25th. 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 return on equity of 9.43% and a net margin of 3.58%.The business had revenue of $832.90 million during the quarter, compared to the consensus estimate of $800.45 million. During the same period in the previous year, the business earned $1.06 EPS. The business’s quarterly revenue was down 8.6% on a year-over-year basis. As a group, equities analysts predict that Worthington Steel, Inc. will post 2.26 earnings per share for the current year.

Worthington Steel Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, September 12th. Worthington Steel’s payout ratio is 29.36%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded Worthington Steel from a “hold” rating to a “buy” rating in a report on Saturday, July 5th. One analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $34.00.

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.