Dynamic Technology Lab Private Ltd Makes New Investment in Worthington Steel, Inc. $WS

Dynamic Technology Lab Private Ltd purchased a new position in Worthington Steel, Inc. (NYSE:WS) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 23,950 shares of the company’s stock, valued at approximately $607,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. increased its position in Worthington Steel by 1.4% in the first quarter. Vanguard Group Inc. now owns 4,529,470 shares of the company’s stock worth $114,731,000 after buying an additional 62,042 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Worthington Steel by 37.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 455,942 shares of the company’s stock worth $11,549,000 after purchasing an additional 125,062 shares in the last quarter. Nuveen Asset Management LLC grew its position in shares of Worthington Steel by 3.6% during the fourth quarter. Nuveen Asset Management LLC now owns 445,698 shares of the company’s stock worth $14,182,000 after purchasing an additional 15,684 shares in the last quarter. Northern Trust Corp grew its position in shares of Worthington Steel by 9.6% during the fourth quarter. Northern Trust Corp now owns 378,686 shares of the company’s stock worth $12,050,000 after purchasing an additional 33,272 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Worthington Steel during the first quarter worth about $8,901,000. Hedge funds and other institutional investors own 45.41% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded Worthington Steel from a “hold” rating to a “buy” rating in a research 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 an average price target of $34.00.

Worthington Steel Trading Down 3.2%

Shares of Worthington Steel stock opened at $30.93 on Wednesday. The stock has a 50 day moving average of $31.82 and a 200 day moving average of $27.97. Worthington Steel, Inc. has a 12 month low of $21.30 and a 12 month high of $47.19. The firm has a market cap of $1.57 billion, a PE ratio of 14.19 and a beta of 1.88.

Worthington Steel (NYSE:WS) last announced its quarterly earnings results on Wednesday, June 25th. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.22. Worthington Steel had a return on equity of 9.43% and a net margin of 3.58%.The company had revenue of $832.90 million during the quarter, compared to analyst estimates of $800.45 million. During the same period in the prior year, the company earned $1.06 earnings per share. The firm’s revenue was down 8.6% on a year-over-year basis. As a group, equities research analysts forecast that Worthington Steel, Inc. will post 2.26 earnings per share for the current fiscal year.

Worthington Steel Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.64 dividend on an annualized basis and a yield of 2.1%. Worthington Steel’s dividend payout ratio is presently 29.36%.

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.