Rhumbline Advisers Decreases Stock Holdings in Worthington Steel, Inc. $WS

Rhumbline Advisers trimmed its stake in shares of Worthington Steel, Inc. (NYSE:WS) by 2.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 110,258 shares of the company’s stock after selling 3,230 shares during the period. Rhumbline Advisers owned approximately 0.22% of Worthington Steel worth $2,793,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Cerity Partners LLC raised its holdings in shares of Worthington Steel by 227.2% during the first quarter. Cerity Partners LLC now owns 24,333 shares of the company’s stock valued at $616,000 after purchasing an additional 16,896 shares during the last quarter. Foundry Partners LLC grew its position in Worthington Steel by 110.2% during the first quarter. Foundry Partners LLC now owns 219,079 shares of the company’s stock valued at $5,549,000 after buying an additional 114,851 shares during the period. GAMMA Investing LLC grew its position in Worthington Steel by 1,317.2% during the first quarter. GAMMA Investing LLC now owns 19,656 shares of the company’s stock valued at $498,000 after buying an additional 18,269 shares during the period. Russell Investments Group Ltd. grew its position in Worthington Steel by 16.6% during the first quarter. Russell Investments Group Ltd. now owns 92,441 shares of the company’s stock valued at $2,342,000 after buying an additional 13,135 shares during the period. Finally, Nuveen LLC bought a new stake in Worthington Steel during the first quarter valued at approximately $8,901,000. 45.41% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on WS. Wall Street Zen upgraded shares of Worthington Steel from a “hold” rating to a “buy” rating in a research report on Saturday, July 5th. KeyCorp boosted their target price on shares of Worthington Steel from $34.00 to $36.00 and gave the company an “overweight” rating in a research report on Tuesday. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Worthington Steel currently has an average rating of “Buy” and an average target price of $36.00.

Worthington Steel Trading Up 0.7%

Shares of WS opened at $33.63 on Wednesday. Worthington Steel, Inc. has a twelve month low of $21.30 and a twelve month high of $47.19. The company has a market cap of $1.71 billion, a P/E ratio of 15.43 and a beta of 1.89. The company’s fifty day simple moving average is $31.94 and its 200-day simple moving average is $28.17.

Worthington Steel (NYSE:WS) last announced its earnings results on Wednesday, June 25th. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.22. The business had revenue of $832.90 million for the quarter, compared to the consensus estimate of $800.45 million. Worthington Steel had a net margin of 3.58% and a return on equity of 9.43%. The business’s revenue for the quarter was down 8.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.06 earnings per share. Analysts predict that Worthington Steel, Inc. will post 2.26 earnings per share for the current fiscal year.

Worthington Steel Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.9%. The ex-dividend date is Friday, September 12th. Worthington Steel’s dividend payout ratio is presently 29.36%.

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.