Nuveen LLC Makes New Investment in Olympic Steel, Inc. $ZEUS

Key Points

• Nuveen LLC invested approximately $5.64 million in Olympic Steel, acquiring over 178,000 shares and representing about 1.60% ownership of the company.
• The company announced a quarterly dividend of $0.16 per share, translating to an annualized yield of 1.9%, with an upcoming payment date of September 15th.
• Despite a revenue miss in the latest quarterly earnings, with actual revenue of $496.48 million compared to expectations of $506.60 million, analysts project earnings per share of 2.69 for the current year.

Nuveen LLC purchased a new stake in Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 178,824 shares of the basic materials company's stock, valued at approximately $5,637,000. Nuveen LLC owned approximately 1.60% of Olympic Steel as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Deutsche Bank AG increased its holdings in shares of Olympic Steel by 690.2% in the 1st quarter. Deutsche Bank AG now owns 78,896 shares of the basic materials company's stock valued at $2,487,000 after purchasing an additional 68,912 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Olympic Steel by 66.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 104,529 shares of the basic materials company's stock valued at $3,295,000 after purchasing an additional 41,848 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Olympic Steel by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 610,747 shares of the basic materials company's stock valued at $19,251,000 after purchasing an additional 2,503 shares in the last quarter. New Age Alpha Advisors LLC increased its holdings in shares of Olympic Steel by 33.6% in the 1st quarter. New Age Alpha Advisors LLC now owns 2,406 shares of the basic materials company's stock valued at $76,000 after purchasing an additional 605 shares in the last quarter. Finally, Federated Hermes Inc. increased its holdings in shares of Olympic Steel by 18,931.2% in the 1st quarter. Federated Hermes Inc. now owns 17,699 shares of the basic materials company's stock valued at $558,000 after purchasing an additional 17,606 shares in the last quarter. Hedge funds and other institutional investors own 87.07% of the company's stock.

Analysts Set New Price Targets

ZEUS has been the topic of a number of research reports. KeyCorp lowered their price objective on shares of Olympic Steel from $40.00 to $38.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 6th. Wall Street Zen cut shares of Olympic Steel from a "buy" rating to a "hold" rating in a research note on Sunday, August 10th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $38.00.

Olympic Steel Price Performance

NASDAQ ZEUS traded down $0.01 during trading hours on Friday, reaching $33.71. The company's stock had a trading volume of 59,924 shares, compared to its average volume of 55,602. Olympic Steel, Inc. has a fifty-two week low of $26.32 and a fifty-two week high of $43.60. The stock has a market cap of $377.55 million, a PE ratio of 27.63 and a beta of 1.77. The company's 50-day moving average is $32.86 and its two-hundred day moving average is $32.19. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.18 and a current ratio of 3.07.

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

Olympic Steel Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Tuesday, September 2nd. Olympic Steel's dividend payout ratio (DPR) is currently 52.46%.

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.