Verition Fund Management LLC Invests $632,000 in Olympic Steel, Inc. (NASDAQ:ZEUS)

Verition Fund Management LLC purchased a new position in shares of Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 16,193 shares of the basic materials company's stock, valued at approximately $632,000. Verition Fund Management LLC owned approximately 0.15% of Olympic Steel at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Walleye Capital LLC bought a new position in shares of Olympic Steel during the 3rd quarter worth approximately $3,978,000. BNP Paribas Financial Markets lifted its holdings in Olympic Steel by 103.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 22,081 shares of the basic materials company's stock valued at $861,000 after purchasing an additional 11,224 shares during the last quarter. Quantbot Technologies LP boosted its position in Olympic Steel by 68.3% during the third quarter. Quantbot Technologies LP now owns 8,594 shares of the basic materials company's stock worth $335,000 after purchasing an additional 3,489 shares during the period. FMR LLC increased its holdings in shares of Olympic Steel by 423.4% in the third quarter. FMR LLC now owns 44,496 shares of the basic materials company's stock valued at $1,735,000 after purchasing an additional 35,995 shares during the last quarter. Finally, DRW Securities LLC bought a new position in shares of Olympic Steel in the third quarter valued at about $302,000. Institutional investors and hedge funds own 87.07% of the company's stock.

Olympic Steel Stock Performance

Shares of Olympic Steel stock traded down $0.38 on Wednesday, hitting $41.74. The stock had a trading volume of 105,733 shares, compared to its average volume of 115,960. The stock has a market cap of $464.69 million, a price-to-earnings ratio of 18.31 and a beta of 1.49. 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, Inc. has a twelve month low of $32.23 and a twelve month high of $73.49. The business's 50 day moving average is $39.68 and its two-hundred day moving average is $42.22.

Olympic Steel Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a $0.15 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.60 annualized dividend and a dividend yield of 1.44%. Olympic Steel's dividend payout ratio (DPR) is presently 26.32%.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered shares of Olympic Steel from a "buy" rating to a "hold" rating in a research note on Friday, October 25th.

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.