Zacks Research Upgrades Worthington Steel (NYSE:WS) to “Hold”

Worthington Steel (NYSE:WS) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Several other brokerages have also issued reports on WS. Wall Street Zen lowered shares of Worthington Steel from a “buy” rating to a “hold” rating in a report on Saturday, April 11th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Worthington Steel in a report on Monday, April 20th. Finally, KeyCorp assumed coverage on shares of Worthington Steel in a report on Wednesday, March 25th. They set an “overweight” rating and a $46.00 price target on the stock. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $46.00.

Worthington Steel Trading Up 2.7%

Shares of Worthington Steel stock opened at $41.18 on Monday. The company has a market capitalization of $2.09 billion, a price-to-earnings ratio of 24.22 and a beta of 2.23. The company has a quick ratio of 0.90, a current ratio of 1.48 and a debt-to-equity ratio of 0.03. Worthington Steel has a 12-month low of $24.23 and a 12-month high of $49.17. The firm’s 50-day moving average price is $35.42 and its two-hundred day moving average price is $36.95.

Worthington Steel (NYSE:WS) last announced its quarterly earnings data on Thursday, March 26th. The company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.20). The firm had revenue of $769.80 million for the quarter, compared to analyst estimates of $882.95 million. Worthington Steel had a return on equity of 10.12% and a net margin of 3.64%.The company’s quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.35 earnings per share. On average, analysts forecast that Worthington Steel will post 2.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Worthington Steel

Several hedge funds have recently added to or reduced their stakes in the business. Hantz Financial Services Inc. boosted its position in Worthington Steel by 56.4% during the 4th quarter. Hantz Financial Services Inc. now owns 910 shares of the company’s stock worth $32,000 after buying an additional 328 shares during the period. MAI Capital Management boosted its position in Worthington Steel by 39.8% during the 3rd quarter. MAI Capital Management now owns 1,404 shares of the company’s stock worth $43,000 after buying an additional 400 shares during the period. Public Employees Retirement System of Ohio boosted its position in Worthington Steel by 1.5% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 28,143 shares of the company’s stock worth $855,000 after buying an additional 406 shares during the period. Cardinal Capital Management boosted its position in Worthington Steel by 2.2% during the 4th quarter. Cardinal Capital Management now owns 20,297 shares of the company’s stock worth $703,000 after buying an additional 443 shares during the period. Finally, Illinois Municipal Retirement Fund boosted its position in Worthington Steel by 2.8% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 19,055 shares of the company’s stock worth $579,000 after buying an additional 525 shares during the period. 45.41% of the stock is currently owned by institutional investors and hedge funds.

About Worthington Steel

Worthington Steel (NYSE: WS) is a leading North American steel processor specializing in the production of flat-rolled, coated and painted sheet and coil products. Operating as a wholly owned subsidiary of Worthington Industries, the company serves a broad range of industries, including construction, automotive, appliance, energy and agricultural equipment. Its core business activities encompass the processing, finishing and distribution of carbon and advanced high-strength steels, aluminum and stainless products to manufacturers across the continent.

The company’s product portfolio includes hot-dip galvanizing, galvannealed, aluminized and pre-painted steel products, as well as cold-rolled and hot-rolled coil.