Worthington Steel (NYSE:WS) Stock Price Up 4.7% After Dividend Announcement

Shares of Worthington Steel, Inc. (NYSE:WS) shot up 4.7% during trading on Friday following a dividend announcement from the company. The stock traded as high as $34.05 and last traded at $33.98. Approximately 56,866 shares traded hands during trading, a decline of 74% from the average session volume of 217,181 shares. The stock had previously closed at $32.46.

The newly announced dividend which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.16 per share. The ex-dividend date is Friday, March 14th. This represents a $0.64 annualized dividend and a dividend yield of 1.87%. Worthington Steel’s dividend payout ratio (DPR) is presently 25.81%.

Worthington Steel Stock Performance

The company has a market cap of $1.73 billion and a price-to-earnings ratio of 13.77. The company has a fifty day moving average of $40.95 and a two-hundred day moving average of $36.16.

Worthington Steel (NYSE:WS) last announced its quarterly earnings results on Wednesday, December 18th. The company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.37). The firm had revenue of $739.00 million for the quarter, compared to analyst estimates of $740.40 million. Worthington Steel had a net margin of 3.71% and a return on equity of 12.14%. The business’s revenue for the quarter was down 8.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.11 earnings per share. Equities analysts expect that Worthington Steel, Inc. will post 2.95 EPS for the current fiscal year.

Hedge Funds Weigh In On Worthington Steel

Large investors have recently modified their holdings of the business. Principal Financial Group Inc. lifted its stake in shares of Worthington Steel by 7.9% in the third quarter. Principal Financial Group Inc. now owns 163,757 shares of the company’s stock worth $5,569,000 after acquiring an additional 11,976 shares during the period. Janus Henderson Group PLC raised its holdings in Worthington Steel by 546.5% during the 3rd quarter. Janus Henderson Group PLC now owns 93,480 shares of the company’s stock worth $3,179,000 after purchasing an additional 79,021 shares during the last quarter. WINTON GROUP Ltd lifted its position in shares of Worthington Steel by 54.5% in the 2nd quarter. WINTON GROUP Ltd now owns 141,024 shares of the company’s stock worth $4,705,000 after purchasing an additional 49,725 shares during the period. FMR LLC boosted its stake in shares of Worthington Steel by 14.4% in the 3rd quarter. FMR LLC now owns 88,973 shares of the company’s stock valued at $3,026,000 after purchasing an additional 11,226 shares during the last quarter. Finally, Walleye Capital LLC increased its position in shares of Worthington Steel by 56.4% during the third quarter. Walleye Capital LLC now owns 54,088 shares of the company’s stock worth $1,840,000 after buying an additional 19,499 shares during the period. Institutional investors own 45.41% of the company’s stock.

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.