Worthington Steel (NYSE:WS) Announces Quarterly Earnings Results, Beats Expectations By $0.22 EPS

Worthington Steel (NYSE:WS) posted its quarterly earnings data on Wednesday. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.22, Zacks reports. The business had revenue of $832.90 million during the quarter, compared to the consensus estimate of $800.45 million. Worthington Steel had a net margin of 3.58% and a return on equity of 9.54%. The company’s quarterly revenue was down 8.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.06 earnings per share.

Worthington Steel Stock Performance

WS opened at $31.49 on Friday. The company has a market capitalization of $1.60 billion, a PE ratio of 14.44 and a beta of 1.64. The stock’s fifty day moving average is $25.94 and its 200-day moving average is $27.95. Worthington Steel has a one year low of $21.30 and a one year high of $47.19.

Worthington Steel Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 2.03%. The ex-dividend date is Friday, September 12th. Worthington Steel’s dividend payout ratio (DPR) is presently 29.91%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. AQR Capital Management LLC raised its position in Worthington Steel by 89.4% in the first quarter. AQR Capital Management LLC now owns 50,634 shares of the company’s stock worth $1,269,000 after acquiring an additional 23,899 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Worthington Steel by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,346 shares of the company’s stock worth $490,000 after purchasing an additional 841 shares during the last quarter. Finally, Royal Bank of Canada grew its stake in shares of Worthington Steel by 14.8% in the 1st quarter. Royal Bank of Canada now owns 15,771 shares of the company’s stock worth $399,000 after purchasing an additional 2,038 shares during the last quarter. Institutional investors own 45.41% of the company’s stock.

Analysts Set New Price Targets

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

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.