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

Worthington Steel (NYSE:WS) posted its quarterly earnings data on Wednesday. The company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.01, Zacks reports. Worthington Steel had a return on equity of 10.12% and a net margin of 3.64%.

Worthington Steel Trading Down 0.4%

WS traded down $0.17 during trading on Wednesday, hitting $39.59. 482,330 shares of the stock were exchanged, compared to its average volume of 287,745. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.90 and a current ratio of 1.48. The firm has a 50 day simple moving average of $39.43 and a 200 day simple moving average of $38.25. The firm has a market cap of $2.01 billion, a price-to-earnings ratio of 23.29 and a beta of 2.22. Worthington Steel has a 1 year low of $25.33 and a 1 year high of $49.17.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Worthington Steel

Several hedge funds have recently modified their holdings of WS. Royal Bank of Canada increased its holdings in shares of Worthington Steel by 14.8% in the 1st quarter. Royal Bank of Canada now owns 15,771 shares of the company’s stock valued at $399,000 after acquiring an additional 2,038 shares during the period. AQR Capital Management LLC lifted its stake in shares of Worthington Steel by 89.4% during the 1st quarter. AQR Capital Management LLC now owns 50,634 shares of the company’s stock worth $1,269,000 after purchasing an additional 23,899 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Worthington Steel by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,346 shares of the company’s stock worth $490,000 after purchasing an additional 841 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in Worthington Steel during the second quarter valued at about $670,000. Finally, First Trust Advisors LP grew its stake in Worthington Steel by 3.9% in the second quarter. First Trust Advisors LP now owns 127,877 shares of the company’s stock valued at $3,815,000 after purchasing an additional 4,756 shares during the last quarter. Hedge funds and other institutional investors own 45.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have 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. Wall Street Zen cut shares of Worthington Steel from a “buy” rating to a “hold” rating in a report on Saturday, April 11th. KeyCorp raised their price target on shares of Worthington Steel from $38.00 to $46.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 2nd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Worthington Steel in a research report on Monday, April 20th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Worthington Steel currently has a consensus rating of “Hold” and a consensus price target of $46.00.

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.