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

Worthington Steel (NYSE:WS) posted its earnings results on Wednesday. The company reported $0.74 earnings per share for the quarter, beating 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 Price Performance

NYSE WS traded down $0.17 on Wednesday, hitting $39.59. 482,529 shares of the company were exchanged, compared to its average volume of 287,745. Worthington Steel has a 1-year low of $25.33 and a 1-year high of $49.17. The firm has a 50 day moving average of $39.43 and a two-hundred day moving average of $38.25. The company has a current ratio of 1.48, a quick ratio of 0.90 and a debt-to-equity ratio of 0.03. The company has a market cap of $2.01 billion, a P/E ratio of 23.29 and a beta of 2.22.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other news, COO Jeffrey R. Klingler sold 20,036 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $43.82, for a total transaction of $877,977.52. Following the transaction, the chief operating officer directly owned 93,212 shares in the company, valued at approximately $4,084,549.84. This represents a 17.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Clifford Larivey sold 11,105 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $40.09, for a total transaction of $445,199.45. Following the transaction, the insider owned 64,308 shares in the company, valued at $2,578,107.72. The trade was a 14.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 33,708 shares of company stock valued at $1,431,830. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Worthington Steel

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Kestra Advisory Services LLC acquired a new position in Worthington Steel during the fourth quarter valued at approximately $67,000. Tower Research Capital LLC TRC boosted its position in shares of Worthington Steel by 149.9% during the second quarter. Tower Research Capital LLC TRC now owns 2,354 shares of the company’s stock worth $70,000 after purchasing an additional 1,412 shares in the last quarter. BNP Paribas Financial Markets boosted its position in shares of Worthington Steel by 50.9% during the second quarter. BNP Paribas Financial Markets now owns 3,492 shares of the company’s stock worth $104,000 after purchasing an additional 1,178 shares in the last quarter. Schroder Investment Management Group acquired a new position in shares of Worthington Steel in the 4th quarter valued at $201,000. Finally, MML Investors Services LLC acquired a new position in shares of Worthington Steel in the 4th quarter valued at $208,000. 45.41% of the stock is owned by institutional investors and hedge funds.

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.