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

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

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

Worthington Steel Price Performance

Shares of NYSE:WS opened at $35.85 on Tuesday. Worthington Steel has a 12-month low of $21.00 and a 12-month high of $40.15. The firm has a 50 day moving average of $31.27.

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

Worthington Steel Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.64 annualized dividend and a yield of 1.79%.

Insider Activity at Worthington Steel

In other Worthington Steel news, Director Charles M. Chiappone bought 1,850 shares of the company’s stock in a transaction that occurred on Friday, January 12th. The stock was purchased at an average cost of $28.08 per share, for a total transaction of $51,948.00. Following the completion of the purchase, the director now owns 7,033 shares of the company’s stock, valued at approximately $197,486.64. The purchase was disclosed in a filing with the SEC, which is available through the SEC website.

Hedge Funds Weigh In On Worthington Steel

Several institutional investors have recently added to or reduced their stakes in WS. Vanguard Group Inc. acquired a new position in Worthington Steel in the fourth quarter valued at $113,286,000. Dimensional Fund Advisors LP acquired a new position in Worthington Steel in the fourth quarter valued at $68,769,000. Goldman Sachs Group Inc. acquired a new position in Worthington Steel in the fourth quarter valued at $11,187,000. Northern Trust Corp acquired a new position in Worthington Steel in the fourth quarter valued at $9,429,000. Finally, Norges Bank purchased a new stake in Worthington Steel during the fourth quarter valued at about $9,313,000. 45.41% of the stock is currently owned by institutional investors and hedge funds.

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.