Worthington Steel (NYSE:WS) Cut to Strong Sell at Zacks Research

Zacks Research cut shares of Worthington Steel (NYSE:WS) from a hold rating to a strong sell rating in a research note issued to investors on Monday,Zacks.com reports.

Other analysts have also issued research reports about the company. Weiss Ratings reissued a “hold (c)” rating on shares of Worthington Steel in a research report on Monday. Wall Street Zen lowered Worthington Steel from a “buy” rating to a “hold” rating in a research report on Saturday, April 11th. Finally, KeyCorp started coverage on Worthington Steel in a research report on Wednesday, March 25th. They issued an “overweight” rating and a $46.00 target price on the stock. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $46.00.

Worthington Steel Stock Up 0.5%

Shares of NYSE WS opened at $35.89 on Monday. The firm has a market cap of $1.82 billion, a price-to-earnings ratio of 21.11 and a beta of 2.06. The company has a quick ratio of 0.90, a current ratio of 1.48 and a debt-to-equity ratio of 0.03. Worthington Steel has a 52-week low of $24.23 and a 52-week high of $49.17. The business’s 50 day moving average is $36.20 and its two-hundred day moving average is $35.64.

Worthington Steel (NYSE:WS) last announced its earnings results on Thursday, March 26th. The company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.20). The firm had revenue of $769.80 million during the quarter, compared to analysts’ expectations of $882.95 million. Worthington Steel had a net margin of 3.64% and a return on equity of 10.12%. The firm’s revenue for the quarter was up 12.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.35 EPS. Research analysts predict that Worthington Steel will post 2.27 EPS for the current year.

Worthington Steel Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 12th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, June 12th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.8%. Worthington Steel’s dividend payout ratio is currently 37.65%.

Insiders Place Their Bets

In related news, Director Jon J. Bowsher acquired 2,500 shares of the business’s stock in a transaction dated Friday, January 30th. The shares were acquired at an average price of $40.15 per share, with a total value of $100,375.00. Following the completion of the transaction, the director owned 17,893 shares of the company’s stock, valued at $718,403.95. The trade was a 16.24% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Scott J. Kelly acquired 7,000 shares of the business’s stock in a transaction dated Tuesday, January 27th. The shares were bought at an average cost of $39.11 per share, for a total transaction of $273,770.00. Following the transaction, the director directly owned 16,157 shares of the company’s stock, valued at approximately $631,900.27. This trade represents a 76.44% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 2.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Worthington Steel

Large investors have recently modified their holdings of the stock. Rockefeller Capital Management L.P. increased its position in shares of Worthington Steel by 1,239.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 750 shares of the company’s stock worth $26,000 after acquiring an additional 694 shares during the period. Hantz Financial Services Inc. increased its position in shares of Worthington Steel by 56.4% during the fourth quarter. Hantz Financial Services Inc. now owns 910 shares of the company’s stock worth $32,000 after acquiring an additional 328 shares during the period. Torren Management LLC purchased a new stake in shares of Worthington Steel during the fourth quarter worth $48,000. MAI Capital Management increased its position in shares of 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 acquiring an additional 400 shares during the period. Finally, OP Asset Management Ltd purchased a new stake in shares of Worthington Steel during the first quarter worth $49,000. Hedge funds and other institutional investors own 45.41% of the company’s stock.

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.