Norges Bank Invests $2.23 Million in Worthington Steel, Inc. (NYSE:WS)

Norges Bank bought a new stake in Worthington Steel, Inc. (NYSE:WS) during the fourth quarter, HoldingsChannel reports. The firm bought 70,200 shares of the company’s stock, valued at approximately $2,234,000.

Several other large investors have also modified their holdings of WS. KLP Kapitalforvaltning AS acquired a new position in Worthington Steel in the fourth quarter worth $220,000. MML Investors Services LLC bought a new position in shares of Worthington Steel in the 3rd quarter worth about $239,000. Raymond James Financial Inc. acquired a new position in shares of Worthington Steel in the 4th quarter valued at about $290,000. Handelsbanken Fonder AB grew its position in shares of Worthington Steel by 23.7% during the 4th quarter. Handelsbanken Fonder AB now owns 9,916 shares of the company’s stock valued at $316,000 after buying an additional 1,900 shares during the last quarter. Finally, Park National Corp OH acquired a new stake in Worthington Steel during the fourth quarter worth about $410,000. Institutional investors own 45.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, KeyCorp lowered their target price on Worthington Steel from $41.00 to $34.00 and set an “overweight” rating for the company in a report on Friday, March 7th.

Worthington Steel Price Performance

Shares of NYSE WS opened at $23.92 on Friday. The firm has a market capitalization of $1.21 billion, a PE ratio of 8.39 and a beta of 2.03. Worthington Steel, Inc. has a 1-year low of $21.30 and a 1-year high of $47.19. The business’s fifty day moving average price is $26.47 and its two-hundred day moving average price is $32.97.

Worthington Steel (NYSE:WS) last issued its quarterly earnings data on Wednesday, March 19th. The company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.32). Worthington Steel had a net margin of 4.36% and a return on equity of 12.59%. The firm had revenue of $687.40 million during the quarter, compared to the consensus estimate of $732.00 million. During the same quarter in the prior year, the business earned $0.99 earnings per share. The company’s revenue for the quarter was down 14.7% compared to the same quarter last year. Equities research analysts expect that Worthington Steel, Inc. will post 2.26 earnings per share for the current fiscal year.

Worthington Steel Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 13th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date of this dividend is Friday, June 13th. Worthington Steel’s dividend payout ratio (DPR) is 29.91%.

Worthington Steel 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.