Worthington Steel (NYSE:WS) Lowered to Hold Rating by Wall Street Zen

Worthington Steel (NYSE:WS) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Sunday.

WS has been the topic of several other reports. Weiss Ratings reissued a “hold (c)” rating on shares of Worthington Steel in a research note on Monday, April 20th. Zacks Research raised shares of Worthington Steel from a “strong sell” rating to a “hold” rating in a research report on Monday, May 25th. Finally, KeyCorp reissued an “overweight” rating on shares of Worthington Steel in a research report on Monday, June 29th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Worthington Steel has an average rating of “Hold” and a consensus price target of $46.00.

Worthington Steel Stock Performance

Shares of NYSE WS traded up $1.13 during midday trading on Friday, hitting $33.16. 234,921 shares of the company’s stock traded hands, compared to its average volume of 393,171. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.92 and a current ratio of 1.46. The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of 23.86 and a beta of 2.34. The firm has a fifty day moving average of $39.06 and a 200 day moving average of $38.06. Worthington Steel has a 1 year low of $27.22 and a 1 year high of $49.17.

Worthington Steel (NYSE:WS) last announced its quarterly earnings data on Thursday, June 25th. The company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.01. Worthington Steel had a return on equity of 8.85% and a net margin of 0.50%.The company had revenue of $929.20 million during the quarter, compared to the consensus estimate of $992.00 million. During the same period in the previous year, the company posted $1.05 EPS. The firm’s revenue was up 11.6% on a year-over-year basis. On average, analysts forecast that Worthington Steel will post 2.5 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Timothy A. Adams sold 2,367 shares of Worthington Steel stock in a transaction on Monday, June 1st. The shares were sold at an average price of $42.27, for a total value of $100,053.09. Following the sale, the chief financial officer owned 44,098 shares of the company’s stock, valued at approximately $1,864,022.46. This trade represents a 5.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Clifford Larivey sold 11,105 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $40.09, for a total transaction of $445,199.45. Following the completion of the transaction, the insider directly owned 64,308 shares in the company, valued at $2,578,107.72. This trade represents a 14.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 33,708 shares of company stock worth $1,431,830. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Worthington Steel

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Worthington Steel by 5.3% in the 4th quarter. Vanguard Group Inc. now owns 4,287,641 shares of the company’s stock valued at $148,438,000 after purchasing an additional 217,090 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Worthington Steel by 2.8% during the first quarter. Dimensional Fund Advisors LP now owns 2,520,318 shares of the company’s stock worth $76,485,000 after buying an additional 68,775 shares during the period. Alliancebernstein L.P. lifted its position in Worthington Steel by 695.6% during the 3rd quarter. Alliancebernstein L.P. now owns 969,887 shares of the company’s stock worth $29,475,000 after acquiring an additional 847,981 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Worthington Steel by 14.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 811,832 shares of the company’s stock worth $28,106,000 after purchasing an additional 102,188 shares during the last quarter. Finally, Teacher Retirement System of Texas raised its position in Worthington Steel by 3.2% during the 4th quarter. Teacher Retirement System of Texas now owns 530,069 shares of the company’s stock worth $18,351,000 after buying an additional 16,653 shares during the last quarter. 45.41% of the stock is 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.