Olympic Steel, Inc. (NASDAQ:ZEUS) Stake Raised by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. increased its stake in Olympic Steel by a dramatic 18,931.2% in the first quarter, owning 0.16% of the company valued at $558,000.
• Wall Street analysts show mixed sentiments on Olympic Steel, with KeyCorp reducing its target price from $40.00 to $38.00 while Wall Street Zen upgraded the stock from a "hold" to a "buy" rating.
• Olympic Steel recently announced a quarterly dividend of $0.16, with an annualized payout of $0.64, translating to a yield of 2.1%.

Federated Hermes Inc. lifted its holdings in shares of Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) by 18,931.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,699 shares of the basic materials company's stock after buying an additional 17,606 shares during the period. Federated Hermes Inc. owned about 0.16% of Olympic Steel worth $558,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of ZEUS. Foundry Partners LLC purchased a new position in shares of Olympic Steel during the 1st quarter worth approximately $4,082,000. Barclays PLC grew its holdings 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 acquiring an additional 100,650 shares during the period. Norges Bank acquired a new stake in shares of Olympic Steel in the 4th quarter worth approximately $3,035,000. Jacobs Levy Equity Management Inc. grew its holdings in shares of Olympic Steel by 34.4% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 165,040 shares of the basic materials company's stock worth $5,415,000 after acquiring an additional 42,267 shares during the period. Finally, Man Group plc acquired a new stake in shares of Olympic Steel in the 4th quarter worth approximately $1,097,000. 87.07% of the stock is owned by hedge funds and other institutional investors.

Olympic Steel Price Performance

NASDAQ:ZEUS traded up $0.63 during trading hours on Wednesday, reaching $32.68. 13,053 shares of the company traded hands, compared to its average volume of 82,538. The firm's 50-day moving average is $32.39 and its 200-day moving average is $32.40. The stock has a market cap of $366.02 million, a P/E ratio of 26.82 and a beta of 1.72. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.07 and a quick ratio of 1.18. Olympic Steel, Inc. has a 1-year low of $26.32 and a 1-year high of $43.60.

Olympic Steel (NASDAQ:ZEUS - Get Free Report) last announced its earnings results on Thursday, July 31st. The basic materials company reported $0.50 EPS for the quarter, missing analysts' consensus estimates of $0.59 by ($0.09). The company had revenue of $496.48 million for the quarter, compared to analyst estimates of $506.60 million. Olympic Steel had a net margin of 0.77% and a return on equity of 1.95%. Equities research analysts expect that Olympic Steel, Inc. will post 2.69 earnings per share for the current fiscal year.

Olympic Steel Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Tuesday, September 2nd. Olympic Steel's dividend payout ratio (DPR) is 52.46%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on ZEUS shares. KeyCorp lowered their price target on Olympic Steel from $40.00 to $38.00 and set an "overweight" rating on the stock in a report on Wednesday, August 6th. Wall Street Zen cut Olympic Steel from a "buy" rating to a "hold" rating in a report on Sunday.

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.