Worthington Steel, Inc. $WS Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its holdings in Worthington Steel, Inc. (NYSE:WS) by 28.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 145,248 shares of the company’s stock after selling 56,725 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Worthington Steel were worth $4,514,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in WS. Rockefeller Capital Management L.P. grew its holdings in Worthington Steel by 1,239.3% in the fourth quarter. Rockefeller Capital Management L.P. now owns 750 shares of the company’s stock valued at $26,000 after purchasing an additional 694 shares during the period. Hantz Financial Services Inc. grew its stake in shares of Worthington Steel by 56.4% during the 4th quarter. Hantz Financial Services Inc. now owns 910 shares of the company’s stock valued at $32,000 after buying an additional 328 shares during the period. Torren Management LLC acquired a new stake in shares of Worthington Steel during the 4th quarter worth $48,000. OP Asset Management Ltd acquired a new stake in shares of Worthington Steel during the 1st quarter worth $49,000. Finally, Kestra Advisory Services LLC purchased a new position in shares of Worthington Steel in the 4th quarter worth $67,000. 45.41% of the stock is currently owned by institutional investors and hedge funds.

Worthington Steel Trading Down 0.1%

Worthington Steel stock opened at $35.93 on Friday. The company has a quick ratio of 0.92, a current ratio of 1.46 and a debt-to-equity ratio of 0.04. The firm has a 50-day moving average price of $38.04 and a two-hundred day moving average price of $38.01. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of 25.85 and a beta of 2.34. Worthington Steel, Inc. has a 52-week low of $27.22 and a 52-week high of $49.17.

Worthington Steel (NYSE:WS) last posted its quarterly earnings data on Thursday, June 25th. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.01. Worthington Steel had a net margin of 0.50% and a return on equity of 8.85%. The business had revenue of $929.20 million during the quarter, compared to the consensus estimate of $992.00 million. During the same quarter in the prior year, the company posted $1.05 earnings per share. The company’s quarterly revenue was up 11.6% compared to the same quarter last year. Sell-side analysts expect that Worthington Steel, Inc. will post 3.39 earnings per share for the current year.

Worthington Steel Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Worthington Steel’s payout ratio is presently 46.04%.

Analysts Set New Price Targets

Several equities research analysts have commented on WS shares. Weiss Ratings restated a “hold (c)” rating on shares of Worthington Steel in a research note on Friday, July 17th. KeyCorp reissued an “overweight” rating on shares of Worthington Steel in a research note on Monday, June 29th. Wall Street Zen lowered shares of Worthington Steel from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Finally, Zacks Research raised shares of Worthington Steel from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, Worthington Steel currently has a consensus rating of “Buy” and a consensus price target of $46.00.

Insider Buying and Selling

In other Worthington Steel news, insider Clifford Larivey sold 11,105 shares of the company’s stock in a transaction that occurred 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Timothy A. Adams sold 2,367 shares of the business’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $42.27, for a total value of $100,053.09. Following the completion of the transaction, the chief financial officer owned 44,098 shares in the company, valued at $1,864,022.46. This trade represents a 5.09% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 33,708 shares of company stock valued at $1,431,830. Corporate insiders own 2.60% of the company’s stock.

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.