Worthington Steel (NYSE:WS) Hits New 52-Week High on Insider Buying Activity

Worthington Steel, Inc. (NYSE:WS)’s share price reached a new 52-week high during mid-day trading on Tuesday following insider buying activity. The company traded as high as $44.35 and last traded at $44.3690, with a volume of 193374 shares traded. The stock had previously closed at $42.24.

Specifically, Director Jon J. Bowsher bought 2,500 shares of the company’s stock in a transaction on Friday, January 30th. The stock was acquired at an average cost of $40.15 per share, for a total transaction of $100,375.00. Following the completion of the transaction, the director directly owned 17,893 shares in the company, valued at $718,403.95. This trade represents a 16.24% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Scott J. Kelly acquired 7,000 shares of the company’s stock in a transaction dated Tuesday, January 27th. The shares were bought at an average cost of $39.11 per share, with a total value of $273,770.00. Following the completion of the acquisition, the director directly owned 16,157 shares in the company, valued at $631,900.27. The trade was a 76.44% increase in their position. The disclosure for this purchase is available in the SEC filing.

Analyst Ratings Changes

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

Worthington Steel Stock Performance

The company’s 50 day moving average is $36.72 and its 200-day moving average is $33.41. The company has a market capitalization of $2.25 billion, a P/E ratio of 24.93 and a beta of 1.69. The company has a current ratio of 1.80, a quick ratio of 1.09 and a debt-to-equity ratio of 0.04.

Worthington Steel (NYSE:WS) last released 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 return on equity of 10.70% and a net margin of 3.83%.The company had revenue of $871.90 million during the quarter, compared to analysts’ expectations of $797.25 million. During the same period in the prior year, the company posted $0.19 earnings per share. The company’s revenue was up 18.0% on a year-over-year basis. Equities analysts anticipate that Worthington Steel, Inc. will post 2.26 EPS for the current fiscal year.

Worthington Steel Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, March 13th. Worthington Steel’s dividend payout ratio (DPR) is 35.96%.

Institutional Trading of Worthington Steel

Large investors have recently added to or reduced their stakes in the business. Denali Advisors LLC purchased a new position in Worthington Steel during the fourth quarter valued at $2,344,000. Jennison Associates LLC lifted its holdings in shares of Worthington Steel by 70.6% in the 4th quarter. Jennison Associates LLC now owns 41,277 shares of the company’s stock valued at $1,429,000 after acquiring an additional 17,082 shares during the last quarter. Cardinal Capital Management lifted its stake in shares of Worthington Steel by 2.2% in the 4th quarter. Cardinal Capital Management now owns 20,297 shares of the company’s stock valued at $703,000 after purchasing an additional 443 shares during the last quarter. Keybank National Association OH bought a new stake in Worthington Steel in the fourth quarter worth $7,163,000. Finally, Torren Management LLC bought a new stake in shares of Worthington Steel in the 4th quarter worth about $48,000. 45.41% of the stock is currently owned by institutional investors.

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.