KLP Kapitalforvaltning AS Acquires New Position in Olympic Steel, Inc. (NASDAQ:ZEUS)

KLP Kapitalforvaltning AS bought a new stake in Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 16,700 shares of the basic materials company's stock, valued at approximately $548,000. KLP Kapitalforvaltning AS owned approximately 0.15% of Olympic Steel as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. JPMorgan Chase & Co. increased its stake in shares of Olympic Steel by 136.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 214,493 shares of the basic materials company's stock worth $8,365,000 after purchasing an additional 123,632 shares during the last quarter. Barclays PLC grew its holdings in Olympic Steel by 275.2% during the third quarter. Barclays PLC now owns 15,532 shares of the basic materials company's stock valued at $606,000 after purchasing an additional 11,392 shares during the period. HighTower Advisors LLC purchased a new stake in Olympic Steel in the third quarter worth $202,000. Verition Fund Management LLC bought a new stake in shares of Olympic Steel in the third quarter valued at $632,000. Finally, Proficio Capital Partners LLC purchased a new position in shares of Olympic Steel during the 4th quarter valued at $493,000. 87.07% of the stock is owned by hedge funds and other institutional investors.

Olympic Steel Price Performance

Shares of ZEUS stock traded up $0.07 on Monday, reaching $29.00. The company's stock had a trading volume of 152,521 shares, compared to its average volume of 117,436. Olympic Steel, Inc. has a 12-month low of $26.32 and a 12-month high of $73.27. The stock's 50 day simple moving average is $33.42 and its 200-day simple moving average is $36.09. The company has a quick ratio of 1.26, a current ratio of 3.52 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $323.73 million, a P/E ratio of 14.72 and a beta of 1.50.

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Olympic Steel (NASDAQ:ZEUS - Get Free Report) last announced its earnings results on Thursday, February 20th. The basic materials company reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.08 by $0.05. Olympic Steel had a net margin of 1.18% and a return on equity of 3.31%. The business had revenue of $418.78 million for the quarter, compared to the consensus estimate of $441.60 million. As a group, equities analysts predict that Olympic Steel, Inc. will post 2.69 earnings per share for the current fiscal year.

Olympic Steel Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were given a $0.16 dividend. The ex-dividend date was Monday, March 3rd. This is a positive change from Olympic Steel's previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a yield of 2.21%. Olympic Steel's payout ratio is 32.49%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ZEUS. StockNews.com cut Olympic Steel from a "buy" rating to a "hold" rating in a research note on Saturday, March 1st. KeyCorp upped their price target on shares of Olympic Steel from $42.00 to $43.00 and gave the company an "overweight" rating in a research note on Monday, February 24th.

About Olympic Steel

Olympic Steel, Inc processes, distributes, and stores metal products primarily in the United States, Canada, and Mexico. It operates in three segments: Carbon Flat Products; Specialty Metals Flat Products; and Tubular and Pipe Products. The company offers stainless steel and aluminum coil and sheet products, angles, rounds, and flat bars; alloy, heat treated, and abrasion resistant coils, sheets and plates; coated metals, including galvanized, galvannealed, electro galvanized, advanced high strength steels, aluminized, and automotive grades of steel; commercial quality, advanced high strength steel, drawing steel, and automotive grades cold rolled steel coil and sheet products; hot rolled carbon comprising hot rolled coil, pickled and oiled sheet and plate steel products, automotive grades, advanced high strength steels, and high strength low alloys; tube, pipe, and bar products, including round, square, and rectangular mechanical and structural tubing; hydraulic and stainless tubing; boiler tubing; carbon, stainless, and aluminum pipes; valves and fittings; and tin mill products, such as electrolytic tinplate, electrolytic chromium coated steel, and black plates.