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

Shares of Worthington Steel, Inc. (NYSE:WS) gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. 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.

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

Worthington Steel Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 1.88%. The ex-dividend date is Friday, March 14th. Worthington Steel’s dividend payout ratio (DPR) is presently 25.81%.

Institutional Inflows and Outflows

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

Worthington Steel Price Performance

The company has a market capitalization of $1.73 billion and a P/E ratio of 13.75. The company has a 50 day moving average of $40.95 and a 200-day moving average of $36.16.

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.