JPMorgan Chase & Co. raised its stake in Olympic Steel Inc. (NASDAQ:ZEUS) by 7,587.9% during the second quarter, Holdings Channel reports. The firm owned 253,239 shares of the company’s stock after buying an additional 249,945 shares during the period. JPMorgan Chase & Co. owned 2.31% of Olympic Steel worth $6,917,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. KBC Group NV acquired a new stake in Olympic Steel during the second quarter valued at $142,000. Springbok Capital Management LLC raised its stake in Olympic Steel by 9.5% in the first quarter. Springbok Capital Management LLC now owns 16,100 shares of the company’s stock valued at $279,000 after buying an additional 1,400 shares during the period. Royal Bank of Canada raised its stake in 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 period. Lucus Advisors LLC acquired a new stake in Olympic Steel during the second quarter valued at $352,000. Finally, DIAM Co. Ltd. acquired a new stake in Olympic Steel during the second quarter valued at $354,000. Hedge funds and other institutional investors own 73.08% of the company’s stock.
Olympic Steel Inc. (NASDAQ:ZEUS) traded up 1.36% on Monday, hitting $21.69. 10,220 shares of the company were exchanged. Olympic Steel Inc. has a one year low of $7.98 and a one year high of $31.19. The firm’s market cap is $237.70 million. The stock has a 50 day moving average price of $20.30 and a 200 day moving average price of $22.73.
Olympic Steel (NASDAQ:ZEUS) last issued its earnings results on Tuesday, August 2nd. The company reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.39 by $0.07. Olympic Steel had a negative net margin of 0.27% and a negative return on equity of 0.82%. The business had revenue of $273.60 million for the quarter, compared to analyst estimates of $305.66 million. During the same quarter last year, the firm posted ($0.08) earnings per share. Olympic Steel’s revenue was down 13.2% on a year-over-year basis. On average, equities research analysts forecast that Olympic Steel Inc. will post $0.74 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were given a dividend of $0.02 per share. The ex-dividend date of this dividend was Tuesday, August 30th. This represents a $0.08 annualized dividend and a dividend yield of 0.37%. Olympic Steel’s dividend payout ratio (DPR) is currently -32.00%.
ZEUS has been the topic of several analyst reports. Zacks Investment Research lowered shares of Olympic Steel from a “hold” rating to a “sell” rating in a research note on Tuesday, September 20th. Jefferies Group set a $20.00 price target on shares of Olympic Steel and gave the company a “hold” rating in a research note on Thursday, September 15th. KeyCorp lowered shares of Olympic Steel from a “sector weight” rating to an “underweight” rating and set a $21.00 price target on the stock. in a research note on Friday, August 19th. Finally, TheStreet upgraded shares of Olympic Steel from a “sell” rating to a “hold” rating in a research note on Tuesday, June 28th.
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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