Worthington Steel (NYSE:WS) Price Target Raised to $39.00

Worthington Steel (NYSE:WS) had its target price boosted by KeyCorp from $31.00 to $39.00 in a research report released on Tuesday morning, Benzinga reports. KeyCorp currently has an overweight rating on the stock.

Separately, Seaport Res Ptn reiterated a neutral rating on shares of Worthington Steel in a report on Monday, March 11th.

Worthington Steel Price Performance

WS stock opened at $35.86 on Tuesday. The stock has a 50 day moving average of $31.11. Worthington Steel has a fifty-two week low of $21.00 and a fifty-two week high of $40.15.

Worthington Steel (NYSE:WS) last posted its quarterly earnings results on Thursday, March 21st. The company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.19. The firm had revenue of $805.80 million during the quarter, compared to the consensus estimate of $664.80 million. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Worthington Steel will post 2.92 EPS for the current fiscal year.

Worthington Steel Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a dividend of $0.16 per share. The ex-dividend date is Friday, June 14th. This represents a $0.64 annualized dividend and a yield of 1.78%.

Insiders Place Their Bets

In related news, Director Charles M. Chiappone purchased 1,850 shares of the business’s stock in a transaction on Friday, January 12th. The shares were purchased at an average price of $28.08 per share, with a total value of $51,948.00. Following the completion of the purchase, the director now owns 7,033 shares in the company, valued at approximately $197,486.64. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link.

Hedge Funds Weigh In On Worthington Steel

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. acquired a new stake in Worthington Steel during the 4th quarter worth approximately $113,286,000. Dimensional Fund Advisors LP acquired a new position in shares of Worthington Steel during the fourth quarter worth $68,769,000. Goldman Sachs Group Inc. bought a new position in Worthington Steel in the fourth quarter valued at about $11,187,000. Northern Trust Corp acquired a new stake in Worthington Steel during the 4th quarter worth approximately $9,429,000. Finally, Norges Bank bought a new stake in shares of Worthington Steel in the fourth quarter worth $9,313,000. 45.41% of the stock is currently owned by institutional investors and hedge funds.

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.