Olympic Steel, Inc. (NASDAQ:ZEUS) Shares Sold by Millennium Management LLC

Millennium Management LLC decreased its position in shares of Olympic Steel, Inc. (NASDAQ:ZEUS) by 40.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 283,082 shares of the basic materials company’s stock after selling 189,866 shares during the quarter. Millennium Management LLC owned about 2.54% of Olympic Steel worth $9,288,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Prudential Financial Inc. increased its position in Olympic Steel by 27.4% in the 4th 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 during the period. Proficio Capital Partners LLC acquired a new position in shares of Olympic Steel during the fourth quarter valued at approximately $493,000. SG Americas Securities LLC lifted its position in Olympic Steel by 29.0% in the fourth quarter. SG Americas Securities LLC now owns 8,103 shares of the basic materials company’s stock worth $266,000 after purchasing an additional 1,820 shares during the period. Barclays PLC raised its stake in shares of Olympic Steel by 648.0% in the 4th quarter. Barclays PLC now owns 116,182 shares of the basic materials company’s stock worth $3,812,000 after buying an additional 100,650 shares in the last quarter. Finally, Van ECK Associates Corp grew its holdings in Olympic Steel by 3.7% during the fourth quarter. Van ECK Associates Corp now owns 22,080 shares of the basic materials company’s stock worth $724,000 after acquiring an additional 780 shares during the period. Institutional investors and hedge funds own 87.07% of the company’s stock.

Olympic Steel Trading Down 1.6%

NASDAQ:ZEUS opened at $30.09 on Monday. 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 fifty-two week low of $26.32 and a fifty-two week high of $54.15. The stock’s 50-day moving average is $31.32 and its two-hundred day moving average is $34.35. The stock has a market cap of $335.89 million, a PE ratio of 15.27 and a beta of 1.75.

Olympic Steel (NASDAQ:ZEUS) last posted 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 for the quarter, compared to analyst estimates of $466.80 million. Olympic Steel had a return on equity of 3.31% and a net margin of 1.18%. As a group, equities research analysts forecast that Olympic Steel, Inc. will post 2.69 earnings per share for the current fiscal year.

Olympic Steel Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 2.13%. The ex-dividend date of this dividend is Monday, June 2nd. Olympic Steel’s dividend payout ratio is currently 44.76%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on ZEUS shares. KeyCorp reduced their target price on shares of Olympic Steel from $43.00 to $41.00 and set an “overweight” rating for the company in a report on Tuesday, May 6th. Wall Street Zen lowered shares of Olympic Steel from a “buy” rating to a “hold” rating in a research note 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.