Worthington Steel (NYSE:WS) Raised to “Buy” at Wall Street Zen

Worthington Steel (NYSE:WS) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Saturday.

Separately, KeyCorp decreased their price objective on shares of 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 Trading Up 1.4%

WS stock opened at $32.42 on Friday. The firm’s 50-day moving average price is $26.76 and its two-hundred day moving average price is $27.51. Worthington Steel has a 12-month low of $21.30 and a 12-month high of $47.19. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of 14.87 and a beta of 1.87.

Worthington Steel (NYSE:WS) last released its quarterly earnings data on Wednesday, June 25th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.22. Worthington Steel had a net margin of 3.58% and a return on equity of 9.43%. The firm had revenue of $832.90 million for the quarter, compared to analysts’ expectations of $800.45 million. During the same quarter in the previous year, the company earned $1.06 earnings per share. The company’s revenue for the quarter was down 8.6% compared to the same quarter last year. Equities analysts predict that Worthington Steel will post 2.26 EPS for the current year.

Hedge Funds Weigh In On Worthington Steel

Hedge funds and other institutional investors have recently modified their holdings of the stock. Anchor Investment Management LLC purchased a new position in shares of Worthington Steel during the fourth quarter valued at about $32,000. CWM LLC increased its position in shares of Worthington Steel by 141.5% during the first quarter. CWM LLC now owns 2,186 shares of the company’s stock valued at $55,000 after buying an additional 1,281 shares during the period. Tower Research Capital LLC TRC increased its position in shares of Worthington Steel by 82.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,160 shares of the company’s stock valued at $132,000 after buying an additional 1,883 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Worthington Steel during the first quarter valued at about $118,000. Finally, Voleon Capital Management LP purchased a new position in shares of Worthington Steel during the fourth quarter valued at about $213,000. Hedge funds and other institutional investors own 45.41% of the company’s stock.

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.