Algert Global LLC purchased a new stake in Olympic Steel, Inc. (NASDAQ:ZEUS) in the third quarter, according to its most recent filing with the SEC. The fund purchased 11,850 shares of the basic materials company’s stock, valued at approximately $261,000. Algert Global LLC owned about 0.11% of Olympic Steel at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Olympic Steel by 8.0% in the 2nd quarter. Vanguard Group Inc. now owns 526,191 shares of the basic materials company’s stock valued at $10,250,000 after acquiring an additional 38,979 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Olympic Steel by 86.1% in the 3rd quarter. Ameriprise Financial Inc. now owns 379,291 shares of the basic materials company’s stock valued at $8,344,000 after acquiring an additional 175,530 shares during the last quarter. Foundry Partners LLC increased its holdings in shares of Olympic Steel by 5.2% in the 3rd quarter. Foundry Partners LLC now owns 240,115 shares of the basic materials company’s stock valued at $5,283,000 after acquiring an additional 11,825 shares during the last quarter. State Street Corp increased its holdings in shares of Olympic Steel by 5.8% in the 2nd quarter. State Street Corp now owns 234,772 shares of the basic materials company’s stock valued at $4,574,000 after acquiring an additional 12,824 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Olympic Steel by 1.5% in the 2nd quarter. Northern Trust Corp now owns 171,983 shares of the basic materials company’s stock valued at $3,350,000 after acquiring an additional 2,529 shares during the last quarter. Institutional investors and hedge funds own 67.91% of the company’s stock.
A number of brokerages have recently weighed in on ZEUS. KeyCorp reiterated a “hold” rating on shares of Olympic Steel in a report on Sunday, October 22nd. Zacks Investment Research upgraded Olympic Steel from a “hold” rating to a “strong-buy” rating and set a $22.00 price target for the company in a report on Tuesday, November 14th.
Olympic Steel (NASDAQ:ZEUS) last issued its quarterly earnings data on Wednesday, November 8th. The basic materials company reported $0.20 EPS for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.05. The firm had revenue of $331.44 million during the quarter, compared to the consensus estimate of $323.05 million. Olympic Steel had a return on equity of 4.32% and a net margin of 0.99%. The firm’s revenue was up 23.5% on a year-over-year basis. During the same period in the prior year, the business earned ($0.16) EPS. analysts anticipate that Olympic Steel, Inc. will post 1.24 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Friday, December 1st were paid a dividend of $0.02 per share. The ex-dividend date was Thursday, November 30th. This represents a $0.08 dividend on an annualized basis and a yield of 0.37%. Olympic Steel’s payout ratio is currently 7.21%.
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About Olympic Steel
Olympic Steel, Inc is a metals service center. The Company provides metals processing and distribution services for a range of customers. The Company operates through three segments: carbon flat products, specialty metals flat products, and tubular and pipe products. The Company’s carbon flat products segment’s focus is on the direct sale and distribution of large volumes of processed carbon and coated flat-rolled sheet, coil and plate products and fabricated parts.
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