Victory Capital Management Inc. Reduces Position in Olympic Steel, Inc. (NASDAQ:ZEUS)

Victory Capital Management Inc. cut its holdings in Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) by 81.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,418 shares of the basic materials company's stock after selling 10,571 shares during the quarter. Victory Capital Management Inc.'s holdings in Olympic Steel were worth $79,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Point72 DIFC Ltd purchased a new position in shares of Olympic Steel in the 3rd quarter valued at approximately $184,000. HighTower Advisors LLC purchased a new position in shares of Olympic Steel in the third quarter worth $202,000. Los Angeles Capital Management LLC lifted its stake in shares of Olympic Steel by 11.4% during the fourth quarter. Los Angeles Capital Management LLC now owns 7,517 shares of the basic materials company's stock worth $247,000 after buying an additional 770 shares during the period. DRW Securities LLC purchased a new stake in shares of Olympic Steel during the third quarter valued at $302,000. Finally, SG Americas Securities LLC increased its position in shares of Olympic Steel by 29.0% in the 4th quarter. SG Americas Securities LLC now owns 8,103 shares of the basic materials company's stock valued at $266,000 after acquiring an additional 1,820 shares during the period. Institutional investors and hedge funds own 87.07% of the company's stock.

Olympic Steel Stock Performance

NASDAQ:ZEUS traded down $0.30 during mid-day trading on Thursday, hitting $32.34. The company's stock had a trading volume of 60,312 shares, compared to its average volume of 111,182. The business's fifty day moving average is $34.01 and its two-hundred day moving average is $36.51. The stock has a market cap of $360.14 million, a price-to-earnings ratio of 16.42 and a beta of 1.48. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.52 and a quick ratio of 1.26. Olympic Steel, Inc. has a 1 year low of $30.29 and a 1 year high of $73.27.

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Olympic Steel (NASDAQ:ZEUS - Get Free Report) last announced its quarterly 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 return on equity of 3.31% and a net margin of 1.18%. The company had revenue of $418.78 million during the quarter, compared to analysts' expectations of $441.60 million. Analysts anticipate that Olympic Steel, Inc. will post 2.69 EPS for the current fiscal year.

Olympic Steel Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were given a $0.16 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.98%. This is an increase from Olympic Steel's previous quarterly dividend of $0.15. Olympic Steel's dividend payout ratio is 32.49%.

Analysts Set New Price Targets

ZEUS has been the subject of a number of research reports. KeyCorp lifted their price target on Olympic Steel from $42.00 to $43.00 and gave the stock an "overweight" rating in a research report on Monday, February 24th. StockNews.com lowered Olympic Steel from a "buy" rating to a "hold" rating in a research report on Saturday, March 1st.

Olympic Steel 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.