Worthington Steel (NYSE:WS) Stock Price Breaks Below 200-Day Moving Average – Here’s Why

Worthington Steel, Inc. (NYSE:WS)’s share price passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $37.67 and traded as low as $35.86. Worthington Steel shares last traded at $35.9250, with a volume of 495,783 shares traded.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Weiss Ratings downgraded shares of Worthington Steel from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, October 14th. KeyCorp restated an “overweight” rating on shares of Worthington Steel in a research report on Tuesday, October 6th. Zacks Research cut Worthington Steel from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 17th. Finally, Wall Street Zen cut Worthington Steel from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. One equities 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 company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $46.00.

Worthington Steel Trading Down 11.3%

The stock has a market capitalization of $1.84 billion, a P/E ratio of -58.89 and a beta of 2.12. The stock’s fifty day moving average price is $37.15 and its 200 day moving average price is $37.67. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.81 and a quick ratio of 1.00.

Worthington Steel (NYSE:WS) last announced its quarterly earnings data on Wednesday, October 7th. The company reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.59). The company had revenue of $2.73 billion for the quarter, compared to the consensus estimate of $3.14 billion. Worthington Steel had a negative net margin of 0.56% and a positive return on equity of 7.49%. The company’s quarterly revenue was up 212.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.77 EPS. Research analysts forecast that Worthington Steel, Inc. will post 4.07 earnings per share for the current year.

Worthington Steel Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 28th. Stockholders of record on Monday, December 14th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Monday, December 14th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.8%. Worthington Steel’s dividend payout ratio (DPR) is -104.92%.

Insider Activity at Worthington Steel

In other news, insider Clifford Larivey sold 18,370 shares of Worthington Steel stock in a transaction that occurred on Friday, October 16th. The shares were sold at an average price of $40.31, for a total transaction of $740,494.70. Following the completion of the sale, the insider owned 33,519 shares of the company’s stock, valued at approximately $1,351,150.89. The trade was a 35.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold 26,838 shares of company stock worth $1,080,549 over the last 90 days. Company insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of WS. Bank of New York Mellon Corp purchased a new position in Worthington Steel during the 2nd quarter worth $11,617,000. Lido Advisors LLC bought a new stake in Worthington Steel during the 3rd quarter valued at $5,629,000. Dimensional Fund Advisors LP raised its position in Worthington Steel by 2.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,520,318 shares of the company’s stock valued at $76,485,000 after purchasing an additional 68,775 shares in the last quarter. Windsor Advisory Group LLC raised its position in Worthington Steel by 32.9% during the 1st quarter. Windsor Advisory Group LLC now owns 275,885 shares of the company’s stock valued at $8,373,000 after purchasing an additional 68,330 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of Worthington Steel by 29.9% in the 1st quarter. Principal Financial Group Inc. now owns 201,425 shares of the company’s stock worth $6,113,000 after buying an additional 46,358 shares during the period. Institutional investors own 45.41% of the company’s stock.

About Worthington Steel

Worthington Steel, Inc (NYSE: WS) is a steel processing company that produces value-added flat-rolled steel products for manufacturers and industrial customers. The company processes carbon steel, electrical steel and other specialty steel products, with offerings that include coated and treated steel, electrical steel laminations and tailor-welded blanks.

Its products are used in a range of applications, including automotive components, electrical equipment, motors and transformers, construction products, appliances, energy systems, agriculture and general industrial manufacturing.