Geode Capital Management LLC Sells 2,997 Shares of Worthington Steel, Inc. (NYSE:WS)

Geode Capital Management LLC lessened its position in Worthington Steel, Inc. (NYSE:WS) by 0.4% in the 4th quarter, Holdings Channel reports. The firm owned 768,374 shares of the company’s stock after selling 2,997 shares during the period. Geode Capital Management LLC’s holdings in Worthington Steel were worth $24,456,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Franklin Resources Inc. boosted its holdings in shares of Worthington Steel by 10.1% in the fourth quarter. Franklin Resources Inc. now owns 32,118 shares of the company’s stock valued at $1,022,000 after buying an additional 2,948 shares during the period. Wellington Management Group LLP boosted its stake in Worthington Steel by 0.6% in the 4th quarter. Wellington Management Group LLP now owns 69,920 shares of the company’s stock worth $2,225,000 after purchasing an additional 434 shares during the period. Norges Bank bought a new position in Worthington Steel during the 4th quarter worth about $2,234,000. JPMorgan Chase & Co. raised its stake in shares of Worthington Steel by 51.3% in the 4th quarter. JPMorgan Chase & Co. now owns 128,830 shares of the company’s stock valued at $4,099,000 after purchasing an additional 43,689 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of Worthington Steel by 14.0% in the fourth quarter. Vanguard Group Inc. now owns 4,467,428 shares of the company’s stock valued at $142,154,000 after purchasing an additional 550,181 shares in the last quarter. Institutional investors own 45.41% of the company’s stock.

Wall Street Analyst Weigh In

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

Worthington Steel Stock Up 0.6 %

Shares of WS stock opened at $24.22 on Friday. The firm has a market cap of $1.23 billion, a PE ratio of 8.50 and a beta of 2.03. Worthington Steel, Inc. has a 12 month low of $21.30 and a 12 month high of $47.19. The company’s fifty day simple moving average is $26.02 and its 200-day simple moving average is $32.66.

Worthington Steel (NYSE:WS) last posted its quarterly earnings results 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 return on equity of 12.59% and a net margin of 4.36%. The company had revenue of $687.40 million for the quarter, compared to analyst estimates of $732.00 million. During the same period last year, the firm earned $0.99 EPS. The firm’s revenue for the quarter was down 14.7% compared to the same quarter last year. On average, equities analysts predict 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. Shareholders of record on Friday, June 13th will be paid a $0.16 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.64 annualized dividend and a yield of 2.64%. Worthington Steel’s dividend payout ratio 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.