ClariVest Asset Management LLC reduced its stake in Olympic Steel Inc. (NASDAQ:ZEUS) by 2.5% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 141,511 shares of the company’s stock after selling 3,612 shares during the period. ClariVest Asset Management LLC’s holdings in Olympic Steel were worth $3,864,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in ZEUS. Acadian Asset Management LLC boosted its position 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 valued at $11,790,000 after buying an additional 288,483 shares during the last quarter. Royce & Associates LP boosted its position in shares of Olympic Steel by 19.1% in the first quarter. Royce & Associates LP now owns 294,180 shares of the company’s stock valued at $5,092,000 after buying an additional 47,100 shares during the last quarter. State Street Corp boosted its position in shares of Olympic Steel by 6.6% in the first quarter. State Street Corp now owns 192,263 shares of the company’s stock valued at $3,328,000 after buying an additional 11,846 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Olympic Steel by 4.3% in the first quarter. Geode Capital Management LLC now owns 65,338 shares of the company’s stock valued at $1,130,000 after buying an additional 2,680 shares during the last quarter. Finally, Royal Bank of Canada boosted its position in shares of Olympic Steel by 1.4% in the first quarter. Royal Bank of Canada now owns 18,423 shares of the company’s stock valued at $318,000 after buying an additional 258 shares during the last quarter. 73.08% of the stock is currently owned by institutional investors and hedge funds.
Olympic Steel Inc. (NASDAQ:ZEUS) traded up 1.47% during trading on Friday, hitting $21.40. The stock had a trading volume of 189,591 shares. The company’s 50 day moving average is $20.42 and its 200-day moving average is $22.70. The company’s market cap is $234.52 million. Olympic Steel Inc. has a 12 month low of $7.98 and a 12 month high of $31.19.
Olympic Steel (NASDAQ:ZEUS) last issued its earnings results on Tuesday, August 2nd. The company reported $0.32 EPS for the quarter, missing analysts’ consensus estimates 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 company earned $273.60 million during the quarter, compared to analysts’ expectations of $305.66 million. During the same quarter in the previous year, the company earned ($0.08) EPS. The firm’s quarterly revenue was down 13.2% compared to the same quarter last year. On average, equities research analysts predict that Olympic Steel Inc. will post $0.74 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were paid a $0.02 dividend. The ex-dividend date of this dividend was Tuesday, August 30th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.37%. Olympic Steel’s payout ratio is -32.00%.
A number of research firms have recently weighed in on ZEUS. Jefferies Group reaffirmed a “hold” rating on shares of Olympic Steel in a research report on Wednesday, August 3rd. TheStreet raised Olympic Steel from a “sell” rating to a “hold” rating in a research note on Tuesday, June 28th. KeyCorp downgraded Olympic Steel from a “sector weight” rating to an “underweight” rating and set a $21.00 price objective on the stock. in a research note on Friday, August 19th. Finally, Zacks Investment Research downgraded Olympic Steel from a “buy” rating to a “hold” rating in a research note on Wednesday, August 24th.
Olympic Steel Company Profile
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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