Worthington Steel (NYSE:WS) Reaches New 52-Week High – Here’s Why

Worthington Steel, Inc. (NYSE:WS) reached a new 52-week high during trading on Wednesday . The company traded as high as $42.92 and last traded at $42.92, with a volume of 3371 shares. The stock had previously closed at $39.37.

Worthington Steel Stock Performance

The stock has a market cap of $2.30 billion and a PE ratio of 18.00. The firm has a 50-day moving average price of $34.60 and a 200-day moving average price of $33.76.

Worthington Steel (NYSE:WS) last posted its quarterly earnings results on Wednesday, September 25th. The company reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.01. The firm had revenue of $834.00 million for the quarter, compared to analysts’ expectations of $748.40 million. Worthington Steel had a net margin of 3.71% and a return on equity of 12.14%. The business’s revenue was down 7.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Worthington Steel, Inc. will post 2.95 EPS for the current fiscal year.

Worthington Steel Announces Dividend

The firm 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 dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date of this dividend is Friday, December 13th. Worthington Steel’s payout ratio is currently 25.81%.

Hedge Funds Weigh In On Worthington Steel

Several hedge funds and other institutional investors have recently bought and sold shares of WS. Vanguard Group Inc. raised its holdings in shares of Worthington Steel by 30.1% during the first quarter. Vanguard Group Inc. now owns 5,246,781 shares of the company’s stock valued at $188,097,000 after purchasing an additional 1,215,248 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Worthington Steel by 0.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,393,483 shares of the company’s stock worth $79,845,000 after acquiring an additional 17,783 shares during the period. Bank of New York Mellon Corp increased its position in Worthington Steel by 2.5% during 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 acquiring an additional 6,433 shares during the last quarter. Private Wealth Strategies L.L.C. purchased a new stake in Worthington Steel during the second quarter valued at $6,955,000. Finally, Millennium Management LLC lifted its holdings in Worthington Steel by 135.3% in the second quarter. Millennium Management LLC now owns 189,968 shares of the company’s stock valued at $6,337,000 after acquiring an additional 109,224 shares during the period. Institutional investors own 45.41% of the company’s stock.

About Worthington Steel

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.