Allianz Asset Management GmbH Sells 8,348 Shares of Worthington Steel, Inc. (NYSE:WS)

Allianz Asset Management GmbH reduced its stake in Worthington Steel, Inc. (NYSE:WS) by 9.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 84,557 shares of the company’s stock after selling 8,348 shares during the period. Allianz Asset Management GmbH owned approximately 0.17% of Worthington Steel worth $2,142,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Raymond James Financial Inc. bought a new stake in Worthington Steel in the 4th quarter worth approximately $290,000. American Century Companies Inc. boosted its position in shares of Worthington Steel by 4.6% during the 4th quarter. American Century Companies Inc. now owns 25,248 shares of the company’s stock valued at $803,000 after acquiring an additional 1,104 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Worthington Steel in the fourth quarter valued at $220,000. LPL Financial LLC increased its position in Worthington Steel by 6.9% in the fourth quarter. LPL Financial LLC now owns 16,632 shares of the company’s stock worth $529,000 after purchasing an additional 1,078 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in Worthington Steel by 14.0% during the fourth quarter. Vanguard Group Inc. now owns 4,467,428 shares of the company’s stock valued at $142,154,000 after purchasing an additional 550,181 shares in the last quarter. 45.41% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Wall Street Zen raised shares of Worthington Steel from a “hold” rating to a “buy” rating in a research note on Saturday, July 5th.

Worthington Steel Trading Up 0.3%

WS opened at $30.67 on Thursday. The stock has a 50-day moving average of $28.67 and a 200 day moving average of $27.50. 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 $1.56 billion, a P/E ratio of 14.07 and a beta of 1.87.

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

Worthington Steel Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.09%. The ex-dividend date of this dividend is Friday, September 12th. Worthington Steel’s payout ratio is 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.