Readystate Asset Management LP Makes New $424,000 Investment in Olympic Steel, Inc. (NASDAQ:ZEUS)

Readystate Asset Management LP bought a new position in Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 13,452 shares of the basic materials company's stock, valued at approximately $424,000. Readystate Asset Management LP owned 0.12% of Olympic Steel at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. American Century Companies Inc. boosted its holdings in 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 purchasing an additional 24,538 shares during the last quarter. Sei Investments Co. raised its stake in Olympic Steel by 1.4% during the 4th quarter. Sei Investments Co. now owns 65,127 shares of the basic materials company's stock valued at $2,137,000 after acquiring an additional 919 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Olympic Steel during the 4th quarter valued at $548,000. Prudential Financial Inc. increased its position in shares of Olympic Steel by 27.4% during the 4th quarter. Prudential Financial Inc. now owns 99,433 shares of the basic materials company's stock valued at $3,262,000 after purchasing an additional 21,403 shares during the period. Finally, Norges Bank acquired a new position in shares of Olympic Steel during the 4th quarter valued at $3,035,000. Hedge funds and other institutional investors own 87.07% of the company's stock.

Olympic Steel Stock Performance

ZEUS traded down $2.68 on Thursday, hitting $32.78. 77,639 shares of the stock traded hands, compared to its average volume of 67,648. Olympic Steel, Inc. has a 52 week low of $26.32 and a 52 week high of $51.66. The firm has a market capitalization of $365.82 million, a PE ratio of 22.92 and a beta of 1.66. The business has a fifty day moving average price of $32.23 and a two-hundred day moving average price of $32.54. The company has a current ratio of 3.16, a quick ratio of 1.25 and a debt-to-equity ratio of 0.41.

Olympic Steel (NASDAQ:ZEUS - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The basic materials company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.03). The firm 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 2.16% and a net margin of 0.88%. On average, research analysts predict that Olympic Steel, Inc. will post 2.69 EPS for the current fiscal year.

Olympic Steel Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.95%. The ex-dividend date of this dividend was Monday, June 2nd. Olympic Steel's payout ratio is presently 44.76%.

Analyst Upgrades and Downgrades

Separately, KeyCorp decreased their target price on Olympic Steel from $43.00 to $41.00 and set an "overweight" rating for the company in a research report on Tuesday, May 6th.

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.