Norges Bank Invests $3.04 Million in Olympic Steel, Inc. (NASDAQ:ZEUS)

Norges Bank bought a new position in shares of Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 92,500 shares of the basic materials company's stock, valued at approximately $3,035,000. Norges Bank owned about 0.83% of Olympic Steel at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the stock. HighTower Advisors LLC acquired a new position in shares of Olympic Steel in the 3rd quarter valued at $202,000. Magnetar Financial LLC acquired a new position in shares of Olympic Steel in the fourth quarter valued at about $216,000. Los Angeles Capital Management LLC raised its stake in shares of Olympic Steel by 11.4% in the fourth quarter. Los Angeles Capital Management LLC now owns 7,517 shares of the basic materials company's stock worth $247,000 after purchasing an additional 770 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of Olympic Steel by 29.0% during the fourth quarter. SG Americas Securities LLC now owns 8,103 shares of the basic materials company's stock worth $266,000 after purchasing an additional 1,820 shares during the period. Finally, Proficio Capital Partners LLC purchased a new stake in Olympic Steel in the fourth quarter valued at approximately $493,000. Institutional investors and hedge funds own 87.07% of the company's stock.

Olympic Steel Stock Performance

Olympic Steel stock traded down $0.37 during midday trading on Tuesday, hitting $29.86. 19,716 shares of the company were exchanged, compared to its average volume of 117,847. The business has a fifty day simple moving average of $32.65 and a two-hundred day simple moving average of $35.68. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.26 and a current ratio of 3.52. The firm has a market capitalization of $333.33 million, a PE ratio of 15.16 and a beta of 1.50. Olympic Steel, Inc. has a fifty-two week low of $26.32 and a fifty-two week high of $69.79.

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Olympic Steel (NASDAQ:ZEUS - Get Free Report) last posted its earnings results on Thursday, February 20th. The basic materials company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.05. Olympic Steel had a net margin of 1.18% and a return on equity of 3.31%. The firm had revenue of $418.78 million during the quarter, compared to analyst estimates of $441.60 million. On average, sell-side analysts forecast that Olympic Steel, Inc. will post 2.69 earnings per share for the current year.

Olympic Steel Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were paid a dividend of $0.16 per share. This is a positive change from Olympic Steel's previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend was Monday, March 3rd. Olympic Steel's dividend payout ratio is presently 32.49%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on ZEUS shares. StockNews.com lowered shares of Olympic Steel from a "buy" rating to a "hold" rating in a research report on Saturday, March 1st. KeyCorp raised their target price on shares of Olympic Steel from $42.00 to $43.00 and gave the stock an "overweight" rating in a report 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.