Worthington Steel (NYSE:WS) Upgraded at Zacks Research

Zacks Research upgraded shares of Worthington Steel (NYSE:WS) from a strong sell rating to a hold rating in a report released on Monday morning,Zacks.com reports.

A number of other analysts have also issued reports on WS. Weiss Ratings reissued a “hold (c)” rating on shares of Worthington Steel in a research report on Wednesday, January 21st. KeyCorp boosted their target price on Worthington Steel from $36.00 to $39.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 16th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $39.00.

Worthington Steel Stock Down 2.8%

Shares of WS opened at $44.08 on Monday. 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 $2.24 billion, a P/E ratio of 24.76 and a beta of 1.68. The stock’s 50 day moving average is $39.50 and its two-hundred day moving average is $34.68. Worthington Steel has a 12 month low of $21.30 and a 12 month high of $49.17.

Worthington Steel (NYSE:WS) last posted its quarterly earnings data 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 firm had revenue of $871.90 million during the quarter, compared to analyst estimates of $797.25 million. Worthington Steel had a return on equity of 10.70% and a net margin of 3.83%.The company’s quarterly revenue was up 18.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.19 earnings per share. Analysts predict that Worthington Steel will post 2.26 earnings per share for the current fiscal year.

Worthington Steel Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be paid a dividend of $0.16 per share. The ex-dividend date is Friday, March 13th. This represents a $0.64 dividend on an annualized basis and a yield of 1.5%. Worthington Steel’s dividend payout ratio is currently 35.96%.

Insider Activity at Worthington Steel

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

Institutional Trading of Worthington Steel

A number of hedge funds have recently added to or reduced their stakes in WS. Hantz Financial Services Inc. boosted its position in Worthington Steel by 56.4% during the 4th 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 period. MAI Capital Management increased its position in Worthington Steel by 39.8% in the 3rd quarter. MAI Capital Management now owns 1,404 shares of the company’s stock valued at $43,000 after acquiring an additional 400 shares during the period. Public Employees Retirement System of Ohio raised its stake in Worthington Steel by 1.5% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 28,143 shares of the company’s stock valued at $855,000 after acquiring an additional 406 shares in the last quarter. Cardinal Capital Management boosted its position in Worthington Steel by 2.2% during the 4th quarter. Cardinal Capital Management now owns 20,297 shares of the company’s stock worth $703,000 after acquiring an additional 443 shares during the period. Finally, CWM LLC grew its stake in shares of Worthington Steel by 37.2% in the third quarter. CWM LLC now owns 1,917 shares of the company’s stock worth $58,000 after purchasing an additional 520 shares in the last quarter. 45.41% of the stock is owned by institutional investors and hedge funds.

Worthington Steel Company Profile

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.