Invenomic Capital Management LP Takes $6.19 Million Position in Olympic Steel, Inc. $ZEUS

Invenomic Capital Management LP purchased a new position in shares of Olympic Steel, Inc. (NASDAQ:ZEUS) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 203,312 shares of the basic materials company’s stock, valued at approximately $6,191,000. Invenomic Capital Management LP owned 1.82% of Olympic Steel as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in ZEUS. EverSource Wealth Advisors LLC increased its holdings in shares of Olympic Steel by 823.3% during the second quarter. EverSource Wealth Advisors LLC now owns 831 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 741 shares in the last quarter. Strs Ohio bought a new stake in Olympic Steel during the 3rd quarter valued at $58,000. CoreCap Advisors LLC increased its stake in Olympic Steel by 41.2% during the 3rd quarter. CoreCap Advisors LLC now owns 3,669 shares of the basic materials company’s stock valued at $112,000 after purchasing an additional 1,071 shares in the last quarter. Intech Investment Management LLC bought a new position in shares of Olympic Steel in the third quarter valued at $206,000. Finally, Inspire Advisors LLC acquired a new position in shares of Olympic Steel during the third quarter valued at about $215,000. Institutional investors and hedge funds own 87.07% of the company’s stock.

Olympic Steel Price Performance

ZEUS opened at $47.86 on Monday. Olympic Steel, Inc. has a 1 year low of $26.32 and a 1 year high of $52.65. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.12 and a quick ratio of 1.17. The company has a market capitalization of $535.94 million, a price-to-earnings ratio of 40.91 and a beta of 1.75. The firm’s fifty day moving average price is $48.41 and its two-hundred day moving average price is $39.83.

Analysts Set New Price Targets

Separately, Weiss Ratings raised shares of Olympic Steel from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, January 16th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.00.

Olympic Steel Profile

Olympic Steel, Inc is a leading metals service center headquartered in Cleveland, Ohio, specializing in the distribution of carbon, stainless, aluminum and alloy sheet, plate, bar, tubing, and piping products. The company offers a broad range of metals in various grades, sizes and dimensions, serving customers across a variety of industries. Olympic Steel operates as a one‐stop source for metals procurement, providing both standard inventory offerings and custom‐cut pieces to meet specific customer requirements.

Through its network of service centers in the United States and Mexico, Olympic Steel provides a suite of value‐added processing services, including precision laser and plasma cutting, shearing, slitting, shearing, forming, plate burning, leveling and robotic welding.