Worthington Steel (NYSE:WS) Releases Earnings Results, Beats Expectations By $0.01 EPS

Worthington Steel (NYSE:WS) issued its quarterly earnings data on Wednesday. The company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.01, Zacks reports. Worthington Steel had a net margin of 3.64% and a return on equity of 10.12%.

Worthington Steel Stock Performance

Worthington Steel stock traded down $0.17 during mid-day trading on Wednesday, reaching $39.59. 482,330 shares of the company traded hands, compared to its average volume of 287,745. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.48 and a quick ratio of 0.90. Worthington Steel has a fifty-two week low of $25.33 and a fifty-two week high of $49.17. The company has a market capitalization of $2.01 billion, a price-to-earnings ratio of 23.29 and a beta of 2.22. The firm’s fifty day moving average is $39.43 and its two-hundred day moving average is $38.25.

Analysts Set New Price Targets

Several brokerages have weighed in on WS. Zacks Research upgraded shares of Worthington Steel from a “strong sell” rating to a “hold” rating in a research note on Monday, May 25th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Worthington Steel in a research report on Monday, April 20th. Wall Street Zen lowered Worthington Steel from a “buy” rating to a “hold” rating in a report on Saturday, April 11th. Finally, KeyCorp raised their price objective on Worthington Steel from $38.00 to $46.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 2nd. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $46.00.

Insiders Place Their Bets

In related news, COO Jeffrey R. Klingler sold 20,036 shares of the company’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $43.82, for a total value of $877,977.52. Following the transaction, the chief operating officer directly owned 93,212 shares of the company’s stock, valued at $4,084,549.84. This represents a 17.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Timothy A. Adams sold 2,367 shares of Worthington Steel stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $42.27, for a total value of $100,053.09. Following the sale, the chief financial officer directly owned 44,098 shares of the company’s stock, valued at approximately $1,864,022.46. This represents a 5.09% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 33,708 shares of company stock valued at $1,431,830. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its position in Worthington Steel by 1.3% in the third quarter. Dimensional Fund Advisors LP now owns 2,462,097 shares of the company’s stock valued at $74,823,000 after buying an additional 32,717 shares during the last quarter. Alliancebernstein L.P. raised its holdings in shares of Worthington Steel by 695.6% during the third quarter. Alliancebernstein L.P. now owns 969,887 shares of the company’s stock worth $29,475,000 after purchasing an additional 847,981 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Worthington Steel by 14.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 811,832 shares of the company’s stock valued at $28,106,000 after purchasing an additional 102,188 shares during the period. Bridgeway Capital Management LLC lifted its position in Worthington Steel by 6.4% during the third quarter. Bridgeway Capital Management LLC now owns 362,446 shares of the company’s stock valued at $11,015,000 after purchasing an additional 21,694 shares during the period. Finally, CSM Advisors LLC boosted its holdings in Worthington Steel by 4.9% in the fourth quarter. CSM Advisors LLC now owns 212,688 shares of the company’s stock valued at $7,366,000 after purchasing an additional 9,939 shares during the last quarter. 45.41% of the stock is currently owned by hedge funds and other institutional investors.

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.