Worthington Steel (NYSE:WS) Stock Rating Upgraded by Wall Street Zen

Worthington Steel (NYSE:WS) was upgraded by research analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a report released on Saturday.

Several other brokerages have also weighed in on WS. KeyCorp boosted their price objective on Worthington Steel from $36.00 to $39.00 and gave the company an “overweight” rating in a report on Tuesday, December 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of Worthington Steel in a research report on Wednesday, January 21st. Finally, Zacks Research raised Worthington Steel from a “strong sell” rating to a “hold” rating in a research report on Monday, February 16th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $39.00.

Worthington Steel Stock Performance

Shares of WS opened at $41.57 on Friday. The firm has a market cap of $2.11 billion, a price-to-earnings ratio of 23.35 and a beta of 1.68. The company has a quick ratio of 1.09, a current ratio of 1.80 and a debt-to-equity ratio of 0.04. The business’s 50 day moving average is $40.53 and its two-hundred day moving average is $35.29. Worthington Steel has a 52-week low of $21.30 and a 52-week high of $49.17.

Worthington Steel (NYSE:WS) last posted its quarterly earnings results on Friday, December 19th. The company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.01). The company had revenue of $871.90 million during the quarter, compared to analyst estimates of $797.25 million. Worthington Steel had a net margin of 3.83% and a return on equity of 10.70%. The company’s revenue was up 18.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.19 earnings per share. Analysts forecast that Worthington Steel will post 2.26 EPS for the current fiscal year.

Insider Activity

In other Worthington Steel news, Director Scott J. Kelly bought 7,000 shares of the business’s stock in a transaction on Tuesday, January 27th. The shares were purchased at an average price of $39.11 per share, with a total value of $273,770.00. Following the purchase, the director directly owned 16,157 shares of the company’s stock, valued at approximately $631,900.27. The trade was a 76.44% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Jon J. Bowsher purchased 2,500 shares of the firm’s stock in a transaction dated Friday, January 30th. The stock was acquired at an average cost of $40.15 per share, with a total value of $100,375.00. Following the purchase, the director owned 17,893 shares of the company’s stock, valued at approximately $718,403.95. This represents a 16.24% increase in their position. The SEC filing for this purchase provides additional information. 2.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Worthington Steel

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its stake in Worthington Steel by 31.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 204,091 shares of the company’s stock valued at $6,202,000 after buying an additional 49,121 shares in the last quarter. LSV Asset Management bought a new position in shares of Worthington Steel during the third quarter valued at $1,674,000. Midwest Trust Co acquired a new stake in shares of Worthington Steel in the 2nd quarter valued at $2,377,000. Deprince Race & Zollo Inc. boosted its stake in shares of Worthington Steel by 76.9% in the 3rd quarter. Deprince Race & Zollo Inc. now owns 170,995 shares of the company’s stock valued at $5,197,000 after purchasing an additional 74,349 shares in the last quarter. Finally, American Century Companies Inc. increased its position in shares of Worthington Steel by 49.7% during the 2nd quarter. American Century Companies Inc. now owns 403,032 shares of the company’s stock worth $12,022,000 after purchasing an additional 133,872 shares in the last quarter. 45.41% of the stock is currently owned by hedge funds and other institutional investors.

About Worthington Steel

Worthington Steel (NYSE: WS) is a leading North American steel processor specializing in the production of flat-rolled, coated and painted sheet and coil products. Operating as a wholly owned subsidiary of Worthington Industries, the company serves a broad range of industries, including construction, automotive, appliance, energy and agricultural equipment. Its core business activities encompass the processing, finishing and distribution of carbon and advanced high-strength steels, aluminum and stainless products to manufacturers across the continent.

The company’s product portfolio includes hot-dip galvanizing, galvannealed, aluminized and pre-painted steel products, as well as cold-rolled and hot-rolled coil.