Comerica Bank Sells 475 Shares of Olympic Steel, Inc. (NASDAQ:ZEUS)

Comerica Bank reduced its position in Olympic Steel, Inc. (NASDAQ:ZEUS) by 6.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,479 shares of the basic materials company’s stock after selling 475 shares during the period. Comerica Bank owned approximately 0.07% of Olympic Steel worth $245,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Barclays PLC grew its holdings in Olympic Steel by 648.0% during the fourth quarter. Barclays PLC now owns 116,182 shares of the basic materials company’s stock valued at $3,812,000 after purchasing an additional 100,650 shares during the period. Norges Bank purchased a new position in shares of Olympic Steel in the fourth quarter valued at about $3,035,000. American Century Companies Inc. lifted its position in shares of Olympic Steel by 8.0% in the fourth quarter. American Century Companies Inc. now owns 330,113 shares of the basic materials company’s stock valued at $10,831,000 after acquiring an additional 24,538 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Olympic Steel by 23.1% in the fourth quarter. Bank of New York Mellon Corp now owns 122,269 shares of the basic materials company’s stock valued at $4,012,000 after acquiring an additional 22,908 shares in the last quarter. Finally, Prudential Financial Inc. lifted its position in shares of Olympic Steel by 27.4% in the fourth quarter. Prudential Financial Inc. now owns 99,433 shares of the basic materials company’s stock valued at $3,262,000 after acquiring an additional 21,403 shares in the last quarter. 87.07% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. KeyCorp decreased their target price on Olympic Steel from $43.00 to $41.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 6th. StockNews.com cut Olympic Steel from a “buy” rating to a “hold” rating in a research note on Saturday, March 1st.

Olympic Steel Stock Up 0.9%

Shares of NASDAQ:ZEUS opened at $32.02 on Friday. Olympic Steel, Inc. has a 52-week low of $26.32 and a 52-week high of $54.92. The stock has a market cap of $357.44 million, a P/E ratio of 16.25 and a beta of 1.75. The business’s 50 day moving average is $31.43 and its 200 day moving average is $34.59. 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 (NASDAQ:ZEUS) last released its quarterly earnings results on Thursday, May 1st. The basic materials company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.03). The company had revenue of $492.94 million during the quarter, compared to the consensus estimate of $466.80 million. Olympic Steel had a return on equity of 3.31% and a net margin of 1.18%. Sell-side analysts predict that Olympic Steel, Inc. will post 2.69 EPS for the current year.

Olympic Steel Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.00%. The ex-dividend date is Monday, June 2nd. Olympic Steel’s dividend payout ratio is currently 44.76%.

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.