Worthington Steel (NYSE:WS) Trading Down 5.6% – Here’s Why

Worthington Steel, Inc. (NYSE:WS)’s stock price dropped 5.6% during mid-day trading on Monday . The company traded as low as $32.18 and last traded at $32.18. Approximately 292,174 shares were traded during mid-day trading, an increase of 28% from the average daily volume of 228,008 shares. The stock had previously closed at $34.10.

Worthington Steel Trading Up 3.4 %

The business has a 50-day moving average price of $40.89 and a 200 day moving average price of $36.24. The stock has a market capitalization of $1.66 billion and a P/E ratio of 13.20.

Worthington Steel (NYSE:WS) last announced its earnings results on Wednesday, December 18th. The company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.37). Worthington Steel had a net margin of 3.71% and a return on equity of 12.14%. The business had revenue of $739.00 million for the quarter, compared to analysts’ expectations of $740.40 million. During the same quarter in the prior year, the company posted $0.11 earnings per share. The firm’s quarterly revenue was down 8.5% compared to the same quarter last year. On average, sell-side analysts predict that Worthington Steel, Inc. will post 2.95 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, March 28th. Investors of record on Friday, March 14th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.95%. Worthington Steel’s dividend payout ratio is presently 22.46%.

Institutional Trading of Worthington Steel

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in shares of Worthington Steel by 153.0% during the 3rd quarter. GAMMA Investing LLC now owns 1,255 shares of the company’s stock worth $43,000 after acquiring an additional 759 shares during the last quarter. nVerses Capital LLC bought a new stake in shares of Worthington Steel during the third quarter worth $71,000. Eastern Bank bought a new position in shares of Worthington Steel in the third quarter worth about $99,000. Victory Capital Management Inc. bought a new position in shares of Worthington Steel in the second quarter worth about $208,000. Finally, Quadrature Capital Ltd purchased a new position in Worthington Steel in the 3rd quarter worth about $213,000. 45.41% of the stock is owned by hedge funds and other institutional investors.

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.