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

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

Specifically, Director Jon J. Bowsher acquired 2,500 shares of the stock in a transaction dated Friday, January 30th. The stock was purchased at an average cost of $40.15 per share, with a total value of $100,375.00. Following the completion of the purchase, 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Scott J. Kelly bought 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 27th. The shares were bought at an average cost of $39.11 per share, for a total transaction of $273,770.00. Following the transaction, the director owned 16,157 shares of the company’s stock, valued at $631,900.27. The trade was a 76.44% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure.

Analysts Set New Price Targets

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

Worthington Steel Stock Performance

The company’s 50-day moving average is $37.18 and its two-hundred day moving average is $33.59. The company has a quick ratio of 1.09, a current ratio of 1.80 and a debt-to-equity ratio of 0.04. The company has a market cap of $2.36 billion, a P/E ratio of 26.09 and a beta of 1.68.

Worthington Steel (NYSE:WS) last released its earnings results on Friday, December 19th. The company reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.01). Worthington Steel had a net margin of 3.83% and a return on equity of 10.70%. The company had revenue of $871.90 million during the quarter, compared to analysts’ expectations of $797.25 million. During the same quarter in the previous year, the firm earned $0.19 earnings per share. The firm’s revenue was up 18.0% compared to the same quarter last year. Equities analysts predict that Worthington Steel, Inc. will post 2.26 EPS for the current year.

Worthington Steel Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Friday, March 13th. Worthington Steel’s dividend payout ratio is 35.96%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. MAI Capital Management raised its holdings in shares of Worthington Steel by 39.8% in the 3rd quarter. MAI Capital Management now owns 1,404 shares of the company’s stock valued at $43,000 after acquiring an additional 400 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in shares of Worthington Steel by 1.5% during the third quarter. Public Employees Retirement System of Ohio now owns 28,143 shares of the company’s stock worth $855,000 after purchasing an additional 406 shares in the last quarter. Cardinal Capital Management increased its position in shares of Worthington Steel by 2.2% in the fourth quarter. Cardinal Capital Management now owns 20,297 shares of the company’s stock worth $703,000 after purchasing an additional 443 shares during the last quarter. CWM LLC raised its stake in Worthington Steel by 37.2% in the third quarter. CWM LLC now owns 1,917 shares of the company’s stock valued at $58,000 after purchasing an additional 520 shares in the last quarter. Finally, Illinois Municipal Retirement Fund lifted its position in Worthington Steel by 2.8% during the third quarter. Illinois Municipal Retirement Fund now owns 19,055 shares of the company’s stock valued at $579,000 after purchasing an additional 525 shares during the last quarter. Hedge funds and other institutional investors own 45.41% of the company’s stock.

Worthington Steel Company Profile

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.