Olympic Steel, Inc. (NASDAQ:ZEUS) Short Interest Down 20.5% in January

Olympic Steel, Inc. (NASDAQ:ZEUS) saw a large drop in short interest in the month of January. As of January 15th, there was short interest totaling 277,644 shares, a drop of 20.5% from the December 31st total of 349,054 shares. Based on an average daily volume of 72,823 shares, the days-to-cover ratio is currently 3.8 days. Currently, 2.9% of the shares of the stock are sold short. Currently, 2.9% of the shares of the stock are sold short. Based on an average daily volume of 72,823 shares, the days-to-cover ratio is currently 3.8 days.

Insiders Place Their Bets

In other Olympic Steel news, COO Andrew S. Greiff sold 4,500 shares of the company’s stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $40.42, for a total value of $181,890.00. Following the completion of the sale, the chief operating officer directly owned 12,018 shares of the company’s stock, valued at approximately $485,767.56. This represents a 27.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 13.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its position in Olympic Steel by 823.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 831 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 741 shares during the period. Quarry LP acquired a new position in shares of Olympic Steel in the 3rd quarter valued at approximately $27,000. Strs Ohio bought a new stake in Olympic Steel during the 3rd quarter worth approximately $58,000. CoreCap Advisors LLC raised its holdings 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 worth $112,000 after buying an additional 1,071 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Olympic Steel in the third quarter valued at approximately $142,000. 87.07% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Olympic Steel Stock Down 0.1%

Shares of ZEUS stock opened at $48.09 on Monday. The stock has a market cap of $538.61 million, a P/E ratio of 41.10 and a beta of 1.75. The stock has a fifty day moving average price of $44.20 and a 200 day moving average price of $36.42. Olympic Steel has a one year low of $26.32 and a one year high of $51.81. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.12 and a quick ratio of 1.17.

Olympic Steel Company 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.