Millennium Management LLC Decreases Holdings in Olympic Steel, Inc. (NASDAQ:ZEUS)

Millennium Management LLC reduced its position in shares of Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) by 40.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 283,082 shares of the basic materials company's stock after selling 189,866 shares during the period. Millennium Management LLC owned about 2.54% of Olympic Steel worth $9,288,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. American Century Companies Inc. boosted its holdings 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. Geode Capital Management LLC boosted its stake in shares of Olympic Steel by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 233,615 shares of the basic materials company's stock valued at $7,667,000 after purchasing an additional 1,300 shares during the period. Bridgeway Capital Management LLC grew its holdings in shares of Olympic Steel by 1.6% in the fourth quarter. Bridgeway Capital Management LLC now owns 185,808 shares of the basic materials company's stock valued at $6,096,000 after purchasing an additional 2,934 shares in the last quarter. Jacobs Levy Equity Management Inc. increased 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 worth $5,415,000 after buying an additional 42,267 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in Olympic Steel by 4.0% during the 4th quarter. AQR Capital Management LLC now owns 139,098 shares of the basic materials company's stock worth $4,564,000 after buying an additional 5,358 shares in the last quarter. 87.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ZEUS. KeyCorp reduced their price objective on shares of Olympic Steel from $43.00 to $41.00 and set an "overweight" rating on the stock in a report on Tuesday, May 6th. Wall Street Zen cut shares of Olympic Steel from a "buy" rating to a "hold" rating in a report on Saturday, March 1st.

Olympic Steel Stock Performance

Shares of NASDAQ:ZEUS traded down $0.30 during midday trading on Friday, hitting $29.88. The stock had a trading volume of 5,501 shares, compared to its average volume of 117,397. The company has a market capitalization of $333.55 million, a PE ratio of 15.19 and a beta of 1.75. Olympic Steel, Inc. has a 1 year low of $26.32 and a 1 year high of $52.56. The stock has a 50 day moving average price of $31.15 and a two-hundred day moving average price of $34.14. The company has a current ratio of 3.52, a quick ratio of 1.26 and a debt-to-equity ratio of 0.35.

Olympic Steel (NASDAQ:ZEUS - Get Free Report) last announced 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 company had revenue of $492.94 million during the quarter, compared to analysts' expectations of $466.80 million. Olympic Steel had a net margin of 1.18% and a return on equity of 3.31%. As a group, equities analysts predict that Olympic Steel, Inc. will post 2.69 earnings per share for the current fiscal year.

Olympic Steel Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be given a $0.16 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.64 annualized dividend and a dividend yield of 2.14%. Olympic Steel's dividend payout ratio is currently 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.