Summit Global Investments Purchases New Position in Worthington Steel, Inc. $WS

Summit Global Investments purchased a new position in Worthington Steel, Inc. (NYSE:WS) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 17,358 shares of the company’s stock, valued at approximately $528,000.

Several other institutional investors have also modified their holdings of the stock. Ameritas Advisory Services LLC purchased a new stake in Worthington Steel during the 2nd quarter valued at $25,000. AlphaQuest LLC purchased a new stake in shares of Worthington Steel in the second quarter valued at $34,000. GAMMA Investing LLC lifted its holdings in shares of Worthington Steel by 57.1% in the 2nd quarter. GAMMA Investing LLC now owns 1,219 shares of the company’s stock worth $36,000 after acquiring an additional 443 shares during the last quarter. Caldwell Trust Co purchased a new position in shares of Worthington Steel during the 2nd quarter worth about $52,000. Finally, CWM LLC raised its position in Worthington Steel by 37.2% in the 3rd quarter. CWM LLC now owns 1,917 shares of the company’s stock worth $58,000 after purchasing an additional 520 shares during the period. 45.41% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on WS. Weiss Ratings restated a “hold (c)” rating on shares of Worthington Steel in a report on Wednesday, January 21st. Zacks Research lowered shares of Worthington Steel from a “hold” rating to a “strong sell” rating in a research report on Monday, December 22nd. Wall Street Zen upgraded Worthington Steel from a “hold” rating to a “buy” rating in a report on Saturday, October 18th. Finally, KeyCorp raised their price objective on Worthington Steel from $36.00 to $39.00 and gave the stock an “overweight” rating in a report on Tuesday, December 16th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $39.00.

Worthington Steel Stock Up 0.2%

NYSE:WS opened at $40.22 on Friday. The company’s 50-day simple moving average is $36.52 and its 200-day simple moving average is $33.33. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.09 and a current ratio of 1.80. Worthington Steel, Inc. has a fifty-two week low of $21.30 and a fifty-two week high of $44.00. The stock has a market capitalization of $2.04 billion, a P/E ratio of 22.60 and a beta of 1.69.

Worthington Steel (NYSE:WS) last posted its earnings results on Friday, December 19th. The company reported $0.38 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.01). Worthington Steel had a net margin of 3.83% and a return on equity of 10.70%. The firm had revenue of $871.90 million for the quarter, compared to analysts’ expectations of $797.25 million. During the same period in the previous year, the company earned $0.19 EPS. The company’s revenue was up 18.0% on a year-over-year basis. On average, equities analysts anticipate that Worthington Steel, Inc. will post 2.26 earnings per share for the current fiscal year.

Worthington Steel Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Friday, March 13th. Worthington Steel’s dividend payout ratio is currently 35.96%.

Insider Transactions at Worthington Steel

In other Worthington Steel news, Director Scott J. Kelly purchased 7,000 shares of the firm’s stock in a transaction on Tuesday, January 27th. The stock was bought at an average cost of $39.11 per share, for a total transaction of $273,770.00. Following the completion of the purchase, the director owned 16,157 shares in the company, valued at $631,900.27. This represents a 76.44% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.60% of the stock is owned by corporate insiders.

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.