Olympic Steel (NASDAQ:ZEUS) Stock Price Down 7.3%

Olympic Steel, Inc. (NASDAQ:ZEUS) fell 7.3% during mid-day trading on Friday . The company traded as low as $58.29 and last traded at $59.02. 21,543 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 77,330 shares. The stock had previously closed at $63.68.

Wall Street Analyst Weigh In

Separately, StockNews.com cut shares of Olympic Steel from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 2nd.

Olympic Steel Stock Performance

The company has a market capitalization of $640.53 million, a P/E ratio of 15.35 and a beta of 1.67. The business has a 50 day moving average of $67.44 and a 200 day moving average of $62.93. The company has a quick ratio of 1.20, a current ratio of 3.35 and a debt-to-equity ratio of 0.34.

Olympic Steel (NASDAQ:ZEUS) last announced its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.12. Olympic Steel had a net margin of 2.05% and a return on equity of 6.43%. The company had revenue of $489.41 million for the quarter, compared to analysts’ expectations of $490.10 million. On average, sell-side analysts predict that Olympic Steel, Inc. will post 3.41 earnings per share for the current year.

Olympic Steel Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be given a $0.15 dividend. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $0.60 annualized dividend and a yield of 1.04%. Olympic Steel’s dividend payout ratio is currently 16.00%.

Institutional Investors Weigh In On Olympic Steel

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ZEUS. Assenagon Asset Management S.A. purchased a new stake in Olympic Steel during the third quarter valued at approximately $2,816,000. Barclays PLC lifted its holdings in shares of Olympic Steel by 29.3% during the 3rd quarter. Barclays PLC now owns 10,896 shares of the basic materials company’s stock valued at $611,000 after purchasing an additional 2,468 shares during the last quarter. New York State Teachers Retirement System boosted its position in shares of Olympic Steel by 1.9% in the 4th quarter. New York State Teachers Retirement System now owns 21,741 shares of the basic materials company’s stock worth $1,450,000 after purchasing an additional 400 shares in the last quarter. American Century Companies Inc. grew its stake 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 worth $9,133,000 after buying an additional 26,577 shares during the last quarter. Finally, Brandywine Global Investment Management LLC increased its position in Olympic Steel by 11.6% during the 3rd quarter. Brandywine Global Investment Management LLC now owns 35,108 shares of the basic materials company’s stock valued at $1,973,000 after buying an additional 3,660 shares in the last quarter. 87.07% of the stock is currently owned by hedge funds and other institutional investors.

About Olympic Steel

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.