Bank of New York Mellon Corp Purchases 22,908 Shares of Olympic Steel, Inc. (NASDAQ:ZEUS)

Bank of New York Mellon Corp boosted its position in Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) by 23.1% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 122,269 shares of the basic materials company's stock after purchasing an additional 22,908 shares during the period. Bank of New York Mellon Corp owned about 1.10% of Olympic Steel worth $4,012,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. JPMorgan Chase & Co. raised its holdings in Olympic Steel by 136.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 214,493 shares of the basic materials company's stock valued at $8,365,000 after acquiring an additional 123,632 shares during the period. Barclays PLC raised its holdings in Olympic Steel by 275.2% in the 3rd quarter. Barclays PLC now owns 15,532 shares of the basic materials company's stock valued at $606,000 after acquiring an additional 11,392 shares during the period. Walleye Capital LLC bought a new position in Olympic Steel in the 3rd quarter valued at about $3,978,000. Quest Partners LLC raised its holdings in Olympic Steel by 488.4% in the 3rd quarter. Quest Partners LLC now owns 15,411 shares of the basic materials company's stock valued at $601,000 after acquiring an additional 12,792 shares during the period. Finally, HighTower Advisors LLC bought a new position in Olympic Steel in the 3rd quarter valued at about $202,000. 87.07% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ZEUS. KeyCorp increased their price target on shares of Olympic Steel from $42.00 to $43.00 and gave the company an "overweight" rating in a report on Monday, February 24th. StockNews.com cut shares of Olympic Steel from a "buy" rating to a "hold" rating in a report on Saturday, March 1st.

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Olympic Steel Stock Performance

Shares of ZEUS traded down $1.39 during mid-day trading on Friday, hitting $31.84. 230,854 shares of the company's stock were exchanged, compared to its average volume of 111,456. Olympic Steel, Inc. has a 52 week low of $30.29 and a 52 week high of $73.27. The stock's 50-day simple moving average is $34.03 and its 200-day simple moving average is $36.61. The firm has a market cap of $354.57 million, a price-to-earnings ratio of 16.16 and a beta of 1.48. The company has a quick ratio of 1.26, a current ratio of 3.52 and a debt-to-equity ratio of 0.35.

Olympic Steel (NASDAQ:ZEUS - Get Free Report) last announced its earnings results on Thursday, February 20th. The basic materials company reported $0.13 EPS for the quarter, topping 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 company had revenue of $418.78 million for the quarter, compared to analysts' expectations of $441.60 million. On average, equities research analysts expect that Olympic Steel, Inc. will post 2.69 EPS for the current year.

Olympic Steel Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 2.01%. This is a boost from Olympic Steel's previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Monday, March 3rd. Olympic Steel's dividend payout ratio (DPR) is 32.49%.

Olympic Steel Company Profile

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.