Worthington Steel (NYSE:WS) Sets New 52-Week Low – Here’s What Happened

Worthington Steel, Inc. (NYSE:WS)’s stock price reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $24.22 and last traded at $24.69, with a volume of 324067 shares trading hands. The stock had previously closed at $26.15.

Wall Street Analyst Weigh In

Separately, KeyCorp dropped their price objective on Worthington Steel from $41.00 to $34.00 and set an “overweight” rating for the company in a research note on Friday, March 7th.

Worthington Steel Price Performance

The company has a 50 day simple moving average of $28.77 and a 200-day simple moving average of $34.41. The stock has a market cap of $1.32 billion, a P/E ratio of 9.11 and a beta of 2.62.

Worthington Steel (NYSE:WS) last issued its quarterly 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 return on equity of 12.59% and a net margin of 4.36%. The firm had revenue of $739.00 million for the quarter, compared to the consensus estimate of $740.40 million. During the same period last year, the firm earned $0.11 EPS. The company’s revenue for the quarter was down 8.5% on a year-over-year basis. As a group, research analysts expect that Worthington Steel, Inc. will post 2.26 earnings per share for the current year.

Worthington Steel Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.47%. The ex-dividend date of this dividend is Friday, March 14th. Worthington Steel’s dividend payout ratio (DPR) is currently 22.46%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Anchor Investment Management LLC purchased a new position in shares of Worthington Steel in the fourth quarter worth about $32,000. Tower Research Capital LLC TRC increased its holdings in shares of Worthington Steel by 82.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,160 shares of the company’s stock worth $132,000 after buying an additional 1,883 shares during the period. Quadrature Capital Ltd purchased a new position in shares of Worthington Steel in the third quarter worth about $213,000. Voleon Capital Management LP purchased a new position in Worthington Steel during the 4th quarter valued at about $213,000. Finally, KLP Kapitalforvaltning AS purchased a new position in Worthington Steel during the 4th quarter valued at about $220,000. Hedge funds and other institutional investors own 45.41% of the company’s stock.

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.