Worthington Steel (NYSE:WS) Shares Gap Down After Earnings Miss

Worthington Steel, Inc. (NYSE:WS)’s share price gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $37.92, but opened at $31.48. Worthington Steel shares last traded at $32.15, with a volume of 72,097 shares changing hands.

The company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.37). The company had revenue of $739.00 million for the quarter, compared to analysts’ expectations of $740.40 million. Worthington Steel had a return on equity of 12.14% and a net margin of 3.71%. The business’s quarterly revenue was down 8.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.11 EPS.

Worthington Steel Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be issued a $0.16 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.02%. Worthington Steel’s dividend payout ratio is presently 25.81%.

Institutional Trading of Worthington Steel

Institutional investors and hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its holdings in Worthington Steel by 0.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,393,483 shares of the company’s stock valued at $79,845,000 after acquiring an additional 17,783 shares during the last quarter. State Street Corp increased its stake in Worthington Steel by 2.2% in the third quarter. State Street Corp now owns 1,557,031 shares of the company’s stock valued at $52,955,000 after purchasing an additional 33,534 shares during the last quarter. Geode Capital Management LLC boosted its stake in Worthington Steel by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 771,371 shares of the company’s stock worth $26,240,000 after buying an additional 41,925 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Worthington Steel by 12.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 321,296 shares of the company’s stock valued at $10,927,000 after buying an additional 36,488 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Worthington Steel by 2.5% in the second quarter. Bank of New York Mellon Corp now owns 267,935 shares of the company’s stock valued at $8,938,000 after purchasing an additional 6,433 shares during the period. 45.41% of the stock is currently owned by hedge funds and other institutional investors.

Worthington Steel Price Performance

The stock has a 50-day moving average price of $40.97 and a 200-day moving average price of $36.18. The firm has a market capitalization of $1.61 billion and a PE ratio of 12.75.

Worthington Steel Company Profile

Worthington Steel, Inc operates as a steel processor in North America. It offers carbon flat-rolled steel and tailor welded blanks, as well as electrical steel laminations; and aluminum tailor welded blanks. The company serves various end-markets, including automotive, heavy truck, agriculture, construction, and energy.