Millennium Management LLC Sells 189,866 Shares of Olympic Steel, Inc. (NASDAQ:ZEUS)

Millennium Management LLC decreased its position in Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) by 40.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 283,082 shares of the basic materials company's stock after selling 189,866 shares during the period. Millennium Management LLC owned approximately 2.54% of Olympic Steel worth $9,288,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ZEUS. Barclays PLC boosted its stake in 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 purchasing an additional 100,650 shares in the last quarter. Norges Bank bought a new position in Olympic Steel during the 4th quarter valued at about $3,035,000. Jacobs Levy Equity Management Inc. lifted its stake in Olympic Steel by 34.4% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 165,040 shares of the basic materials company's stock valued at $5,415,000 after acquiring an additional 42,267 shares during the period. American Century Companies Inc. lifted its stake in Olympic Steel by 8.0% during the 4th quarter. American Century Companies Inc. now owns 330,113 shares of the basic materials company's stock valued at $10,831,000 after acquiring an additional 24,538 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in Olympic Steel by 23.1% during the 4th quarter. Bank of New York Mellon Corp now owns 122,269 shares of the basic materials company's stock valued at $4,012,000 after acquiring an additional 22,908 shares during the period. Institutional investors own 87.07% of the company's stock.

Analyst Upgrades and Downgrades

ZEUS has been the subject of several research reports. KeyCorp reduced their price target on shares of Olympic Steel from $43.00 to $41.00 and set an "overweight" rating for the company in a research report on Tuesday, May 6th. Wall Street Zen lowered shares of Olympic Steel from a "buy" rating to a "hold" rating in a research report on Saturday, March 1st.

Olympic Steel Stock Performance

Shares of NASDAQ ZEUS traded down $0.53 during midday trading on Thursday, hitting $30.00. 35,573 shares of the company's stock traded hands, compared to its average volume of 117,649. Olympic Steel, Inc. has a 1 year low of $26.32 and a 1 year high of $52.74. The stock has a market capitalization of $334.83 million, a price-to-earnings ratio of 15.25 and a beta of 1.75. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.26 and a current ratio of 3.52. The firm has a fifty day moving average of $31.20 and a 200 day moving average of $34.22.

Olympic Steel (NASDAQ:ZEUS - Get Free Report) last released its earnings results 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 during the quarter, compared to analysts' expectations of $466.80 million. Olympic Steel had a return on equity of 3.31% and a net margin of 1.18%. On average, analysts forecast that Olympic Steel, Inc. will post 2.69 earnings per share for the current year.

Olympic Steel Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.13%. The ex-dividend date is Monday, June 2nd. Olympic Steel's dividend payout ratio is 44.76%.

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.