Worthington Steel (NYSE:WS) Rating Lowered to “Hold” at Zacks Research

Worthington Steel (NYSE:WS) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Thursday, Zacks reports.

Several other equities analysts have also commented on the company. Weiss Ratings lowered Worthington Steel from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, August 3rd. KeyCorp reiterated an “overweight” rating on shares of Worthington Steel in a research note on Monday, June 29th. Finally, Wall Street Zen cut shares of Worthington Steel from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Worthington Steel has an average rating of “Hold” and a consensus target price of $46.00.

Worthington Steel Stock Down 1.6%

WS stock opened at $33.23 on Thursday. Worthington Steel has a fifty-two week low of $27.22 and a fifty-two week high of $49.17. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of 23.91 and a beta of 2.27. The business’s 50 day moving average price is $35.50 and its two-hundred day moving average price is $36.30. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.92 and a current ratio of 1.46.

Worthington Steel (NYSE:WS) last released its quarterly earnings results on Thursday, June 25th. The company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.01. The company had revenue of $929.20 million for the quarter, compared to analyst estimates of $992.00 million. Worthington Steel had a return on equity of 8.87% and a net margin of 0.50%.The firm’s revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.05 earnings per share. As a group, analysts forecast that Worthington Steel will post 3.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Worthington Steel

A number of hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its holdings in shares of Worthington Steel by 2.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,520,318 shares of the company’s stock valued at $76,485,000 after acquiring an additional 68,775 shares during the last quarter. LSV Asset Management lifted its position in Worthington Steel by 563.7% during the fourth quarter. LSV Asset Management now owns 365,672 shares of the company’s stock valued at $12,660,000 after purchasing an additional 310,572 shares during the period. Bank of New York Mellon Corp bought a new position in Worthington Steel during the second quarter valued at approximately $11,617,000. Windsor Advisory Group LLC boosted its holdings in Worthington Steel by 32.9% in the first quarter. Windsor Advisory Group LLC now owns 275,885 shares of the company’s stock worth $8,373,000 after purchasing an additional 68,330 shares during the last quarter. Finally, Fisher Asset Management LLC grew its position in Worthington Steel by 24.3% in the 4th quarter. Fisher Asset Management LLC now owns 238,338 shares of the company’s stock worth $8,251,000 after purchasing an additional 46,665 shares during the period. 45.41% of the stock is currently owned by hedge funds and other institutional investors.

Worthington Steel Company Profile

Worthington Steel, Inc is a steel processing company that produces value-added flat-rolled steel products for manufacturers and industrial customers. Its operations include steel slitting, cold rolling, coating, electrical steel processing and other specialized treatments designed to meet customers’ product and performance requirements.

The company supplies products and services to a range of end markets, including automotive, electrical infrastructure, construction, energy, industrial equipment and consumer products.