Posted by ABMN Staff on Feb 27th, 2024
Commonwealth of Pennsylvania Public School Empls Retrmt SYS trimmed its holdings in shares of Olympic Steel, Inc. (NASDAQ:ZEUS – Free Report) by 39.5% in the third quarter, HoldingsChannel reports. The firm owned 6,550 shares of the basic materials company’s stock after selling 4,273 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Olympic Steel were worth $368,000 at the end of the most recent reporting period. Cold Rolled Steel Coils
Other hedge funds have also modified their holdings of the company. Quantbot Technologies LP increased its stake in shares of Olympic Steel by 42.1% during the 1st quarter. Quantbot Technologies LP now owns 1,137 shares of the basic materials company’s stock worth $43,000 after purchasing an additional 337 shares in the last quarter. UBS Group AG increased its stake in shares of Olympic Steel by 52.4% during the 2nd quarter. UBS Group AG now owns 2,820 shares of the basic materials company’s stock worth $73,000 after purchasing an additional 970 shares in the last quarter. Victory Capital Management Inc. purchased a new position in shares of Olympic Steel during the 4th quarter worth approximately $81,000. Teachers Retirement System of The State of Kentucky purchased a new position in shares of Olympic Steel during the 3rd quarter worth approximately $95,000. Finally, Fortis Capital Advisors LLC purchased a new position in shares of Olympic Steel during the 1st quarter worth approximately $103,000. 83.60% of the stock is owned by hedge funds and other institutional investors.
Several analysts have commented on ZEUS shares. TheStreet raised shares of Olympic Steel from a “c+” rating to a “b” rating in a research note on Wednesday, November 1st. StockNews.com raised shares of Olympic Steel from a “buy” rating to a “strong-buy” rating in a research note on Friday.
Read Our Latest Research Report on Olympic Steel
ZEUS stock opened at $68.60 on Tuesday. The stock has a market capitalization of $763.52 million, a P/E ratio of 18.12 and a beta of 1.65. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.20 and a current ratio of 3.35. Olympic Steel, Inc. has a one year low of $40.85 and a one year high of $73.49. The company has a 50 day moving average price of $66.66 and a two-hundred day moving average price of $57.38.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 15th. Shareholders of record on Monday, March 4th will be paid a $0.15 dividend. This is a boost from Olympic Steel’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 0.87%. The ex-dividend date of this dividend is Friday, March 1st. Olympic Steel’s payout ratio is presently 12.99%.
Olympic Steel, Inc processes, distributes, and stores metal products in the United States and internationally. It operates in three segments: Carbon Flat Products; Specialty Metals Flat Products; and Tubular and Pipe Products. The company offers stainless steel and aluminum coil and sheet products, angles, rounds, and flat bars; alloy, heat treated, and abrasion resistant coils, sheets and plates; coated metals, including galvanized, galvannealed, electro galvanized, advanced high strength steels, aluminized, and automotive grades of steel; commercial quality, advanced high strength steel, drawing steel, and automotive grades cold rolled steel coil and sheet products; hot rolled carbon comprising hot rolled coil, pickled and oiled sheet and plate steel products, automotive grades, advanced high strength steels, and high strength low alloys; tube, pipe, and bar products, including round, square, and rectangular mechanical and structural tubing; hydraulic and stainless tubing; boiler tubing; carbon, stainless, and aluminum pipes; valves and fittings; and tin mill products, such as electrolytic tinplate, electrolytic chromium coated steel, and black plates.
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