Royce & Associates LP Sells 259,180 Shares of Olympic Steel Inc. (ZEUS)
Royce & Associates LP decreased its position in Olympic Steel Inc. (NASDAQ:ZEUS) by 88.1% during the second quarter, Holdings Channel reports. The institutional investor owned 35,000 shares of the company’s stock after selling 259,180 shares during the period. Royce & Associates LP owned approximately 0.32% of Olympic Steel worth $956,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Springbok Capital Management LLC increased its position in shares of Olympic Steel by 9.5% in the first quarter. Springbok Capital Management LLC now owns 16,100 shares of the company’s stock worth $279,000 after buying an additional 1,400 shares during the last quarter. Panagora Asset Management Inc. increased its position in shares of Olympic Steel by 45.3% in the first quarter. Panagora Asset Management Inc. now owns 56,217 shares of the company’s stock worth $973,000 after buying an additional 17,518 shares during the last quarter. Acadian Asset Management LLC increased its position in shares of Olympic Steel by 51.8% in the first quarter. Acadian Asset Management LLC now owns 143,237 shares of the company’s stock worth $2,479,000 after buying an additional 48,887 shares during the last quarter. Royal Bank of Canada increased 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 worth $318,000 after buying an additional 258 shares during the last quarter. Finally, EAM Investors LLC acquired a new position in shares of Olympic Steel during the second quarter worth $1,953,000. 73.50% of the stock is owned by hedge funds and other institutional investors.
Olympic Steel Inc. (NASDAQ:ZEUS) traded down 0.20% during trading on Tuesday, reaching $19.48. The company had a trading volume of 137,343 shares. The firm’s market capitalization is $213.48 million. Olympic Steel Inc. has a 12-month low of $7.98 and a 12-month high of $31.19. The firm’s 50 day moving average price is $21.89 and its 200 day moving average price is $22.23.
Olympic Steel (NASDAQ:ZEUS) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.32 EPS 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 company earned $273.60 million during the quarter, compared to analysts’ expectations of $305.66 million. During the same quarter last year, the business earned ($0.08) earnings per share. The business’s quarterly revenue was down 13.2% on a year-over-year basis. Equities research analysts forecast that Olympic Steel Inc. will post $0.74 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st were issued a $0.02 dividend. The ex-dividend date was Tuesday, August 30th. This represents a $0.08 annualized dividend and a yield of 0.41%. Olympic Steel’s dividend payout ratio (DPR) is presently -32.00%.
A number of brokerages have recently weighed in on ZEUS. Jefferies Group restated a “hold” rating and issued a $25.00 target price (up previously from $20.00) on shares of Olympic Steel in a research note on Friday, June 10th. Zacks Investment Research downgraded Olympic Steel from a “hold” rating to a “sell” rating in a research note on Tuesday. TheStreet upgraded Olympic Steel from a “sell” rating to a “hold” rating in a research note on Tuesday, June 28th. Finally, KeyCorp downgraded Olympic Steel from a “sector weight” rating to an “underweight” rating and set a $21.00 target price on the stock. in a research note on Friday, August 19th.
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.
Want to see what other hedge funds are holding ZEUS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Olympic Steel Inc. (NASDAQ:ZEUS).
Receive News & Ratings for Olympic Steel Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Olympic Steel Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.