Worthington Steel (NYSE:WS) Coverage Initiated by Analysts at KeyCorp

KeyCorp began coverage on shares of Worthington Steel (NYSE:WS) in a report issued on Wednesday morning, Marketbeat Ratings reports. The firm issued an overweight rating and a $46.00 price objective on the stock.

Other research analysts have also issued research reports about the stock. Wall Street Zen raised shares of Worthington Steel from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of Worthington Steel in a report on Wednesday, January 21st. Finally, Zacks Research raised shares of Worthington Steel from a “strong sell” rating to a “hold” rating in a research report on Monday, February 16th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $46.00.

Worthington Steel Price Performance

WS opened at $34.90 on Wednesday. The stock’s 50-day moving average price is $40.19 and its 200 day moving average price is $35.62. Worthington Steel has a 12-month low of $21.30 and a 12-month high of $49.17. The company has a current ratio of 1.80, a quick ratio of 1.09 and a debt-to-equity ratio of 0.04. The firm has a market cap of $1.77 billion, a price-to-earnings ratio of 19.61 and a beta of 1.62.

Worthington Steel (NYSE:WS) last released its earnings results on Wednesday, March 25th. The company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.20). The firm had revenue of $769.80 million during the quarter, compared to analyst estimates of $882.95 million. Worthington Steel had a net margin of 3.83% and a return on equity of 10.70%. The business’s revenue was up 12.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.35 earnings per share. As a group, sell-side analysts expect that Worthington Steel will post 2.26 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Jon J. Bowsher acquired 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 transaction, the director owned 17,893 shares in the company, valued at approximately $718,403.95. This trade represents a 16.24% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Scott J. Kelly acquired 7,000 shares of the firm’s stock in a transaction dated Tuesday, January 27th. The shares were purchased at an average cost of $39.11 per share, with a total value of $273,770.00. Following the completion of the transaction, the director owned 16,157 shares in the company, valued at approximately $631,900.27. The trade was a 76.44% increase in their position. The disclosure for this purchase is available in the SEC filing. 2.60% of the stock is owned by insiders.

Institutional Trading of Worthington Steel

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Rockefeller Capital Management L.P. raised its position in shares of Worthington Steel by 1,239.3% during the 4th quarter. Rockefeller Capital Management L.P. now owns 750 shares of the company’s stock worth $26,000 after acquiring an additional 694 shares in the last quarter. Hantz Financial Services Inc. increased its stake in Worthington Steel by 56.4% in the fourth quarter. Hantz Financial Services Inc. now owns 910 shares of the company’s stock valued at $32,000 after purchasing an additional 328 shares during the last quarter. Torren Management LLC acquired a new stake in Worthington Steel during the fourth quarter worth approximately $48,000. MAI Capital Management raised its holdings in Worthington Steel by 39.8% during the third quarter. MAI Capital Management now owns 1,404 shares of the company’s stock worth $43,000 after purchasing an additional 400 shares in the last quarter. Finally, Caldwell Trust Co purchased a new stake in shares of Worthington Steel during the 2nd quarter worth approximately $52,000. 45.41% of the stock is currently owned by institutional investors and hedge funds.

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.