Bank of New York Mellon Corp increased its position in Olympic Steel Inc. (NASDAQ:ZEUS) by 1.0% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 121,884 shares of the company’s stock after buying an additional 1,252 shares during the period. Bank of New York Mellon Corp owned approximately 1.11% of Olympic Steel worth $3,328,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in ZEUS. Acadian Asset Management LLC boosted its stake in shares of Olympic Steel by 201.4% in the second quarter. Acadian Asset Management LLC now owns 431,720 shares of the company’s stock worth $11,790,000 after buying an additional 288,483 shares in the last quarter. Chicago Equity Partners LLC acquired a new stake in Olympic Steel during the second quarter worth $1,831,000. Royce & Associates LP boosted its stake in Olympic Steel by 19.1% in the first quarter. Royce & Associates LP now owns 294,180 shares of the company’s stock worth $5,092,000 after buying an additional 47,100 shares during the period. Lucus Advisors LLC acquired a new stake in Olympic Steel during the second quarter worth $352,000. Finally, State Street Corp boosted its stake in Olympic Steel by 6.6% in the first quarter. State Street Corp now owns 192,263 shares of the company’s stock worth $3,328,000 after buying an additional 11,846 shares during the period. Institutional investors own 73.08% of the company’s stock.
Olympic Steel Inc. (NASDAQ:ZEUS) traded up 2.74% during mid-day trading on Friday, reaching $22.10. The company had a trading volume of 121,215 shares. Olympic Steel Inc. has a 12-month low of $7.98 and a 12-month high of $31.19. The stock’s market capitalization is $242.19 million. The stock has a 50 day moving average price of $20.97 and a 200-day moving average price of $22.50.
Olympic Steel (NASDAQ:ZEUS) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $0.32 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by $0.07. Olympic Steel had a negative return on equity of 0.82% and a negative net margin of 0.27%. The business earned $273.60 million during the quarter, compared to analysts’ expectations of $305.66 million. During the same period in the prior year, the firm posted ($0.08) EPS. The firm’s revenue for the quarter was down 13.2% on a year-over-year basis. Equities analysts anticipate that Olympic Steel Inc. will post $0.74 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st were paid a $0.02 dividend. The ex-dividend date was Tuesday, August 30th. This represents a $0.08 annualized dividend and a dividend yield of 0.36%. Olympic Steel’s payout ratio is presently -32.00%.
A number of equities research analysts recently weighed in on ZEUS shares. Jefferies Group restated a “hold” rating on shares of Olympic Steel in a research note on Wednesday, August 3rd. TheStreet upgraded Olympic Steel from a “sell” rating to a “hold” rating in a research report on Tuesday, June 28th. KeyCorp cut Olympic Steel from a “sector weight” rating to an “underweight” rating and set a $21.00 price objective on the stock. in a research report on Friday, August 19th. Finally, Zacks Investment Research cut Olympic Steel from a “buy” rating to a “hold” rating in a research report on Wednesday, August 24th.
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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