Worthington Steel (NYSE:WS) Trading Up 6.2% Following Dividend Announcement

Shares of Worthington Steel, Inc. (NYSE:WS) shot up 6.2% during mid-day trading on Friday following a dividend announcement from the company. The stock traded as high as $34.06 and last traded at $33.99. 55,679 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 221,756 shares. The stock had previously closed at $32.01.

The newly announced dividend which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend is Friday, December 13th.

Worthington Steel Stock Performance

The business’s 50 day simple moving average is $34.43 and its 200 day simple moving average is $33.46.

Worthington Steel (NYSE:WS) last posted its quarterly earnings data on Wednesday, September 25th. The company reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.01. The firm had revenue of $834.00 million for the quarter, compared to analysts’ expectations of $748.40 million. The firm’s revenue was down 7.9% compared to the same quarter last year. As a group, equities research analysts predict that Worthington Steel, Inc. will post 2.95 EPS for the current fiscal year.

Hedge Funds Weigh In On Worthington Steel

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Worthington Steel by 30.1% in the 1st quarter. Vanguard Group Inc. now owns 5,246,781 shares of the company’s stock valued at $188,097,000 after purchasing an additional 1,215,248 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Worthington Steel by 0.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,393,483 shares of the company’s stock valued at $79,845,000 after purchasing an additional 17,783 shares during the period. Norges Bank acquired a new position in shares of Worthington Steel in the 4th quarter valued at about $9,313,000. Charles Schwab Investment Management Inc. acquired a new position in shares of Worthington Steel in the 4th quarter valued at about $8,339,000. Finally, Bank of New York Mellon Corp increased its holdings in Worthington Steel by 2.5% in the second quarter. Bank of New York Mellon Corp now owns 267,935 shares of the company’s stock worth $8,938,000 after buying an additional 6,433 shares during the last quarter. Institutional investors and hedge funds 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.