Bank of America Corp DE Sells 16,825 Shares of Olympic Steel, Inc. (NASDAQ:ZEUS)

Bank of America Corp DE cut its position in shares of Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) by 27.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 45,541 shares of the basic materials company's stock after selling 16,825 shares during the period. Bank of America Corp DE owned approximately 0.41% of Olympic Steel worth $1,494,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. BNP Paribas Financial Markets raised its holdings in Olympic Steel by 13.8% during the 4th quarter. BNP Paribas Financial Markets now owns 25,120 shares of the basic materials company's stock valued at $824,000 after buying an additional 3,039 shares during the period. Ameriprise Financial Inc. increased its position in Olympic Steel by 62.2% during the fourth quarter. Ameriprise Financial Inc. now owns 43,347 shares of the basic materials company's stock valued at $1,422,000 after acquiring an additional 16,624 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Olympic Steel by 4.0% in the fourth quarter. AQR Capital Management LLC now owns 139,098 shares of the basic materials company's stock valued at $4,564,000 after acquiring an additional 5,358 shares during the period. Northern Trust Corp raised its stake in shares of Olympic Steel by 13.7% in the fourth quarter. Northern Trust Corp now owns 114,270 shares of the basic materials company's stock valued at $3,749,000 after acquiring an additional 13,745 shares during the period. Finally, Tudor Investment Corp ET AL lifted its holdings in shares of Olympic Steel by 21.2% in the 4th quarter. Tudor Investment Corp ET AL now owns 22,884 shares of the basic materials company's stock worth $751,000 after acquiring an additional 4,003 shares during the last quarter. Hedge funds and other institutional investors own 87.07% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on ZEUS shares. Wall Street Zen downgraded Olympic Steel from a "buy" rating to a "hold" rating in a report on Saturday, March 1st. KeyCorp lowered their target price on shares of Olympic Steel from $43.00 to $41.00 and set an "overweight" rating for the company in a research note on Tuesday, May 6th.

Olympic Steel Trading Up 0.5%

ZEUS stock traded up $0.15 during mid-day trading on Friday, reaching $31.61. The company had a trading volume of 48,323 shares, compared to its average volume of 117,340. The firm has a 50 day moving average of $31.05 and a 200 day moving average of $33.84. The company has a market capitalization of $352.86 million, a PE ratio of 16.05 and a beta of 1.66. Olympic Steel, Inc. has a 12 month low of $26.32 and a 12 month high of $51.66. 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 (NASDAQ:ZEUS - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The basic materials company reported $0.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.24 by ($0.03). The firm had revenue of $492.94 million for 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%. On average, equities analysts predict that Olympic Steel, Inc. will post 2.69 earnings per share for the current fiscal year.

Olympic Steel Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date is Monday, June 2nd. Olympic Steel's dividend payout ratio (DPR) is 44.76%.

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.