Empowered Funds LLC raised its stake in shares of Worthington Steel, Inc. (NYSE:WS – Free Report) by 13.6% during the 1st quarter, HoldingsChannel reports. The firm owned 240,916 shares of the company’s stock after purchasing an additional 28,780 shares during the quarter. Empowered Funds LLC’s holdings in Worthington Steel were worth $7,312,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently modified their holdings of the company. Teacher Retirement System of Texas boosted its holdings in shares of Worthington Steel by 3.2% during the 4th quarter. Teacher Retirement System of Texas now owns 530,069 shares of the company’s stock worth $18,351,000 after buying an additional 16,653 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in Worthington Steel in the 4th quarter valued at $1,351,000. Principal Financial Group Inc. raised its holdings in Worthington Steel by 29.9% in the 1st quarter. Principal Financial Group Inc. now owns 201,425 shares of the company’s stock worth $6,113,000 after acquiring an additional 46,358 shares during the period. Keybank National Association OH bought a new position in Worthington Steel in the 4th quarter worth $7,163,000. Finally, Fisher Asset Management LLC raised its holdings in Worthington Steel by 24.3% in the 4th quarter. Fisher Asset Management LLC now owns 238,338 shares of the company’s stock worth $8,251,000 after acquiring an additional 46,665 shares during the period. Institutional investors own 45.41% of the company’s stock.
Insiders Place Their Bets
In other news, insider Clifford Larivey sold 11,105 shares of the company’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $40.09, for a total transaction of $445,199.45. Following the completion of the transaction, the insider owned 64,308 shares of the company’s stock, valued at approximately $2,578,107.72. This represents a 14.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Timothy A. Adams sold 2,367 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $42.27, for a total transaction of $100,053.09. Following the completion of the sale, the chief financial officer owned 44,098 shares of the company’s stock, valued at approximately $1,864,022.46. The trade was a 5.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 33,708 shares of company stock worth $1,431,830 in the last ninety days. Insiders own 2.60% of the company’s stock.
Worthington Steel Stock Up 2.5%
Worthington Steel (NYSE:WS – Get Free Report) last announced its earnings results on Thursday, June 25th. The company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.01. The business had revenue of $929.20 million for the quarter, compared to analyst estimates of $992.00 million. Worthington Steel had a net margin of 0.50% and a return on equity of 8.85%. Worthington Steel’s revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.05 earnings per share. As a group, sell-side analysts anticipate that Worthington Steel, Inc. will post 3.39 earnings per share for the current year.
Worthington Steel Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 1.8%. The ex-dividend date is Tuesday, September 15th. Worthington Steel’s dividend payout ratio (DPR) is currently 46.04%.
Wall Street Analysts Forecast Growth
WS has been the subject of a number of recent analyst reports. Wall Street Zen cut shares of Worthington Steel from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. KeyCorp reaffirmed an “overweight” rating on shares of Worthington Steel in a research report on Monday, June 29th. Zacks Research raised Worthington Steel from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Worthington Steel in a research report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $46.00.
View Our Latest Stock Analysis on WS
Worthington Steel Profile
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.
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