Worthington Steel (NYSE:WS) Shares Gap Down Following Weak Earnings

Worthington Steel, Inc. (NYSE:WS) shares gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $26.88, but opened at $25.56. Worthington Steel shares last traded at $28.33, with a volume of 57,638 shares traded.

The company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.32). The firm had revenue of $687.40 million for the quarter, compared to analyst estimates of $732.00 million. Worthington Steel had a return on equity of 12.59% and a net margin of 4.36%. Worthington Steel’s revenue for the quarter was down 14.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.99 EPS.

Wall Street Analyst Weigh In

Separately, KeyCorp decreased their price target on Worthington Steel from $41.00 to $34.00 and set an “overweight” rating on the stock in a research report on Friday, March 7th.

Hedge Funds Weigh In On Worthington Steel

Several large investors have recently bought and sold shares of the business. Anchor Investment Management LLC bought a new position in Worthington Steel during the fourth quarter worth about $32,000. Tower Research Capital LLC TRC increased its stake in Worthington Steel by 82.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,160 shares of the company’s stock valued at $132,000 after purchasing an additional 1,883 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in Worthington Steel in the third quarter worth $213,000. Voleon Capital Management LP bought a new stake in shares of Worthington Steel in the 4th quarter valued at $213,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in Worthington Steel during the 4th quarter worth $220,000. 45.41% of the stock is currently owned by institutional investors and hedge funds.

Worthington Steel Stock Up 4.6 %

The stock has a market capitalization of $1.43 billion, a P/E ratio of 9.84 and a beta of 2.62. The company has a fifty day simple moving average of $28.34 and a two-hundred day simple moving average of $34.12.

Worthington Steel Company Profile

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.