Worthington Steel (NYSE:WS) Given New $36.00 Price Target at KeyCorp

Worthington Steel (NYSE:WS) had its price objective hoisted by KeyCorp from $34.00 to $36.00 in a research report report published on Tuesday, MarketBeat.com reports. They currently have an overweight rating on the stock.

Separately, Wall Street Zen upgraded Worthington Steel from a “hold” rating to a “buy” rating in a report on Saturday, July 5th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $36.00.

Worthington Steel Stock Performance

Worthington Steel stock opened at $33.63 on Tuesday. The stock’s 50 day moving average price is $31.94 and its two-hundred day moving average price is $28.17. The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of 15.43 and a beta of 1.89. Worthington Steel has a 52-week low of $21.30 and a 52-week high of $47.19.

Worthington Steel (NYSE:WS) last posted its quarterly 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 firm had revenue of $832.90 million during 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 was down 8.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.06 earnings per share. On average, equities research analysts forecast that Worthington Steel will post 2.26 EPS for the current year.

Worthington Steel Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be given a $0.16 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.64 annualized dividend and a yield of 1.9%. Worthington Steel’s payout ratio is currently 29.36%.

Hedge Funds Weigh In On Worthington Steel

Several institutional investors have recently bought and sold shares of the company. Cerity Partners LLC increased its position in Worthington Steel by 227.2% in the first quarter. Cerity Partners LLC now owns 24,333 shares of the company’s stock worth $616,000 after buying an additional 16,896 shares during the last quarter. Foundry Partners LLC grew its stake in shares of 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 acquiring an additional 114,851 shares during the period. GAMMA Investing LLC increased its holdings in Worthington Steel by 1,317.2% in the 1st quarter. GAMMA Investing LLC now owns 19,656 shares of the company’s stock worth $498,000 after acquiring an additional 18,269 shares during the last quarter. Russell Investments Group Ltd. raised its stake in Worthington Steel by 16.6% in the 1st quarter. Russell Investments Group Ltd. now owns 92,441 shares of the company’s stock valued at $2,342,000 after acquiring an additional 13,135 shares during the period. Finally, Nuveen LLC purchased a new stake in Worthington Steel during the first quarter valued at about $8,901,000. Hedge funds and other institutional investors own 45.41% of the company’s stock.

About Worthington Steel

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.