Allspring Global Investments Holdings LLC Sells 2,955 Shares of Olympic Steel, Inc. (NASDAQ:ZEUS)

Allspring Global Investments Holdings LLC lessened its holdings in shares of Olympic Steel, Inc. (NASDAQ:ZEUS) by 57.8% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 2,157 shares of the basic materials company’s stock after selling 2,955 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Olympic Steel were worth $144,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Pacer Advisors Inc. grew its holdings in Olympic Steel by 39.2% in the fourth quarter. Pacer Advisors Inc. now owns 723,902 shares of the basic materials company’s stock worth $48,284,000 after purchasing an additional 203,796 shares during the period. Assenagon Asset Management S.A. purchased a new stake in shares of Olympic Steel in the 3rd quarter worth approximately $2,816,000. American Century Companies Inc. increased its position in Olympic Steel by 19.6% during the 3rd quarter. American Century Companies Inc. now owns 162,484 shares of the basic materials company’s stock valued at $9,133,000 after buying an additional 26,577 shares in the last quarter. Invesco Ltd. raised its stake in Olympic Steel by 4.4% during the third quarter. Invesco Ltd. now owns 370,966 shares of the basic materials company’s stock valued at $20,852,000 after buying an additional 15,803 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC bought a new stake in Olympic Steel in the third quarter worth $347,000. 87.07% of the stock is owned by hedge funds and other institutional investors.

Olympic Steel Trading Down 1.3 %

Shares of NASDAQ ZEUS opened at $66.68 on Monday. The firm’s 50 day moving average price is $68.12 and its 200-day moving average price is $62.58. Olympic Steel, Inc. has a 52-week low of $40.85 and a 52-week high of $73.49. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.20 and a current ratio of 3.35. The company has a market cap of $742.15 million, a PE ratio of 17.32 and a beta of 1.64.

Olympic Steel (NASDAQ:ZEUS) last released its quarterly earnings data on Thursday, February 22nd. The basic materials company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.12. The business had revenue of $489.41 million for the quarter, compared to analysts’ expectations of $490.10 million. Olympic Steel had a return on equity of 7.30% and a net margin of 2.06%. On average, equities research analysts expect that Olympic Steel, Inc. will post 3.41 EPS for the current fiscal year.

Olympic Steel Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Monday, March 4th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.90%. This is an increase from Olympic Steel’s previous quarterly dividend of $0.13. The ex-dividend date was Friday, March 1st. Olympic Steel’s dividend payout ratio (DPR) is presently 15.58%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded Olympic Steel from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 2nd.

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.