Olympic Steel, Inc. (NASDAQ:ZEUS - Get Free Report) saw a significant growth in short interest in March. As of March 15th, there was short interest totalling 287,400 shares, a growth of 24.0% from the February 28th total of 231,700 shares. Currently, 3.0% of the shares of the stock are sold short. Based on an average daily volume of 95,200 shares, the days-to-cover ratio is currently 3.0 days.
Institutional Trading of Olympic Steel
Hedge funds have recently added to or reduced their stakes in the business. Versant Capital Management Inc increased its holdings in shares of Olympic Steel by 178.7% in the first quarter. Versant Capital Management Inc now owns 914 shares of the basic materials company's stock worth $29,000 after buying an additional 586 shares during the period. New Age Alpha Advisors LLC purchased a new stake in shares of Olympic Steel during the fourth quarter valued at approximately $59,000. Point72 DIFC Ltd purchased a new stake in shares of Olympic Steel during the third quarter valued at approximately $184,000. HighTower Advisors LLC bought a new position in shares of Olympic Steel in the third quarter worth approximately $202,000. Finally, Magnetar Financial LLC bought a new stake in Olympic Steel during the 4th quarter valued at $216,000. 87.07% of the stock is owned by institutional investors.
Olympic Steel Price Performance
Shares of ZEUS traded up $0.07 during midday trading on Friday, reaching $28.93. The stock had a trading volume of 183,649 shares, compared to its average volume of 117,291. The company has a current ratio of 3.52, a quick ratio of 1.26 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $322.95 million, a price-to-earnings ratio of 14.69 and a beta of 1.50. The company's 50-day moving average is $33.56 and its 200 day moving average is $36.18. Olympic Steel has a 12-month low of $26.32 and a 12-month high of $73.27.
Olympic Steel (NASDAQ:ZEUS - Get Free Report) last issued its earnings results on Thursday, February 20th. The basic materials company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.05. The business had revenue of $418.78 million during the quarter, compared to analyst estimates of $441.60 million. Olympic Steel had a return on equity of 3.31% and a net margin of 1.18%. On average, equities analysts predict that Olympic Steel will post 2.69 EPS for the current fiscal year.
Olympic Steel Increases Dividend
The firm 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. This represents a $0.64 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend was Monday, March 3rd. This is a boost from Olympic Steel's previous quarterly dividend of $0.15. Olympic Steel's dividend payout ratio (DPR) is presently 32.49%.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on ZEUS. KeyCorp raised their target price 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. StockNews.com cut shares of Olympic Steel from a "buy" rating to a "hold" rating in a research report on Saturday, March 1st.
Check Out Our Latest Research Report on ZEUS
Olympic Steel Company Profile
(
Get Free Report)
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.
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