Nuveen LLC Acquires New Position 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 acquired a new stake in shares of Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 178,824 shares of the basic materials company's stock, valued at approximately $5,637,000. Nuveen LLC owned about 1.60% of Olympic Steel as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Federated Hermes Inc. lifted 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 acquiring an additional 17,606 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Olympic Steel by 3,455.5% in the 1st quarter. GAMMA Investing LLC now owns 13,333 shares of the basic materials company's stock valued at $423,000 after acquiring an additional 12,958 shares during the last quarter. New Age Alpha Advisors LLC lifted 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 acquiring an additional 605 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Olympic Steel by 59.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 17,345 shares of the basic materials company's stock worth $569,000 after purchasing an additional 6,495 shares during the last quarter. Finally, Barclays PLC lifted its stake in Olympic Steel by 648.0% in the fourth quarter. Barclays PLC now owns 116,182 shares of the basic materials company's stock worth $3,812,000 after purchasing an additional 100,650 shares during the last quarter. Institutional investors own 87.07% of the company's stock.

Olympic Steel Price Performance

Shares of Olympic Steel stock traded up $0.04 during trading hours on Thursday, reaching $33.72. The stock had a trading volume of 53,708 shares, compared to its average volume of 59,882. The stock's 50 day moving average is $32.78 and its 200 day moving average is $32.23. The firm has a market capitalization of $377.66 million, a PE ratio of 27.64 and a beta of 1.72. Olympic Steel, Inc. has a twelve month low of $26.32 and a twelve month high of $43.60. The company has a current ratio of 3.07, a quick ratio of 1.18 and a debt-to-equity ratio of 0.40.

Olympic Steel (NASDAQ:ZEUS - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The basic materials company reported $0.50 earnings per share for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $506.60 million. Equities analysts expect that Olympic Steel, Inc. will post 2.69 earnings per share for the current fiscal year.

Olympic Steel Announces Dividend

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

Wall Street Analyst Weigh In

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

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.