Olympic Steel, Inc. (NASDAQ:ZEUS) Short Interest Update

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Olympic Steel, Inc. (NASDAQ:ZEUS) was the target of a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 245,000 shares, a growth of 6.5% from the September 30th total of 230,100 shares. Currently, 2.7% of the shares of the stock are short sold. Based on an average daily volume of 77,700 shares, the short-interest ratio is currently 3.2 days.

ZEUS opened at $15.02 on Friday. The firm has a 50-day simple moving average of $14.79 and a two-hundred day simple moving average of $13.45. Olympic Steel has a 52 week low of $9.99 and a 52 week high of $20.24. The company has a market capitalization of $164.17 million, a PE ratio of 4.28 and a beta of 2.17. The company has a quick ratio of 1.55, a current ratio of 3.96 and a debt-to-equity ratio of 0.79.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Tower Research Capital LLC TRC raised its position in shares of Olympic Steel by 196.5% during the 3rd quarter. Tower Research Capital LLC TRC now owns 1,921 shares of the basic materials company’s stock valued at $28,000 after buying an additional 1,273 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Olympic Steel by 23.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 4,825 shares of the basic materials company’s stock valued at $65,000 after buying an additional 917 shares in the last quarter. State of Alaska Department of Revenue raised its position in shares of Olympic Steel by 125.7% during the 3rd quarter. State of Alaska Department of Revenue now owns 7,022 shares of the basic materials company’s stock valued at $101,000 after buying an additional 3,911 shares in the last quarter. Meeder Asset Management Inc. raised its position in shares of Olympic Steel by 4,179.5% during the 3rd quarter. Meeder Asset Management Inc. now owns 7,104 shares of the basic materials company’s stock valued at $102,000 after buying an additional 6,938 shares in the last quarter. Finally, Signaturefd LLC purchased a new stake in shares of Olympic Steel during the 3rd quarter valued at about $113,000. Hedge funds and other institutional investors own 66.01% of the company’s stock.

Several research analysts have commented on ZEUS shares. ValuEngine downgraded shares of Olympic Steel from a “buy” rating to a “hold” rating in a report on Saturday, October 19th. Zacks Investment Research raised shares of Olympic Steel from a “sell” rating to a “hold” rating in a report on Wednesday, September 18th.

Olympic Steel Company Profile

Olympic Steel, Inc processes and distributes 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 Carbon Flat Products segment sells and distributes processed carbon and coated flat-rolled sheets, coil and plate products, and fabricated parts.

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