Wedge Capital Management L L P NC Buys 10,428 Shares of Worthington Steel, Inc. (NYSE:WS)

Wedge Capital Management L L P NC grew its stake in shares of Worthington Steel, Inc. (NYSE:WS) by 25.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 51,214 shares of the company’s stock after buying an additional 10,428 shares during the period. Wedge Capital Management L L P NC’s holdings in Worthington Steel were worth $1,297,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Anchor Investment Management LLC bought a new position in Worthington Steel during the fourth quarter worth $32,000. Tower Research Capital LLC TRC increased its stake 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 valued at $132,000 after buying an additional 1,883 shares during the period. Voleon Capital Management LP bought a new stake in Worthington Steel in the fourth quarter valued at approximately $213,000. KLP Kapitalforvaltning AS bought a new stake in Worthington Steel in the fourth quarter valued at approximately $220,000. Finally, Bank of Montreal Can boosted its holdings in shares of Worthington Steel by 6.0% during the 4th quarter. Bank of Montreal Can now owns 8,848 shares of the company’s stock worth $282,000 after buying an additional 497 shares in the last quarter. Institutional investors own 45.41% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, KeyCorp lowered their target price 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.

Worthington Steel Trading Up 0.4%

NYSE WS opened at $26.27 on Wednesday. The firm has a market capitalization of $1.33 billion, a P/E ratio of 9.22 and a beta of 1.64. The business has a fifty day simple moving average of $25.44 and a 200 day simple moving average of $29.40. Worthington Steel, Inc. has a 12 month low of $21.30 and a 12 month high of $47.19.

Worthington Steel (NYSE:WS) last released its earnings results on Wednesday, March 19th. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.32). The business had revenue of $687.40 million for the quarter, compared to the consensus estimate of $732.00 million. Worthington Steel had a return on equity of 12.59% and a net margin of 4.36%. The company’s revenue for the quarter was down 14.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.99 earnings per share. As a group, sell-side analysts predict that Worthington Steel, Inc. will post 2.26 EPS for the current fiscal year.

Worthington Steel Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 13th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend is Friday, June 13th. Worthington Steel’s dividend payout ratio (DPR) is currently 29.91%.

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.