Russell Investments Group Ltd. Purchases 19,039 Shares of Olympic Steel, Inc. $ZEUS

Key Points

• Russell Investments Group Ltd. increased its stake in Olympic Steel, Inc. by 32.0%, acquiring an additional 19,039 shares, bringing its total ownership to approximately 0.70% of the company valued at $2.48 million.
• In the latest reports, KeyCorp has lowered its price target for Olympic Steel from $40.00 to $38.00, while the consensus rating for the stock remains a "Buy" with an average target price also set at $38.00.
• Olympic Steel recently declared a quarterly dividend of $0.16 per share, indicating an annualized dividend yield of 1.9% while its dividend payout ratio stands at 52.46%.

Russell Investments Group Ltd. lifted its holdings in shares of Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) by 32.0% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 78,577 shares of the basic materials company's stock after purchasing an additional 19,039 shares during the quarter. Russell Investments Group Ltd. owned about 0.70% of Olympic Steel worth $2,477,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. SummerHaven Investment Management LLC lifted its stake in shares of Olympic Steel by 2.2% in the 1st quarter. SummerHaven Investment Management LLC now owns 19,059 shares of the basic materials company's stock valued at $601,000 after purchasing an additional 417 shares in the last quarter. Versant Capital Management Inc lifted its holdings in shares of Olympic Steel by 178.7% during the 1st quarter. Versant Capital Management Inc now owns 914 shares of the basic materials company's stock valued at $29,000 after acquiring an additional 586 shares in the last quarter. New Age Alpha Advisors LLC lifted its holdings in shares of Olympic Steel by 33.6% during 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 in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Olympic Steel by 6.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 13,891 shares of the basic materials company's stock valued at $456,000 after acquiring an additional 839 shares in the last quarter. Finally, State of Wyoming lifted its holdings in shares of Olympic Steel by 17.6% during the 4th quarter. State of Wyoming now owns 8,236 shares of the basic materials company's stock valued at $270,000 after acquiring an additional 1,233 shares in the last quarter. Institutional investors and hedge funds own 87.07% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Wall Street Zen lowered Olympic Steel from a "buy" rating to a "hold" rating in a research report on Sunday, August 10th. KeyCorp dropped their price target on Olympic Steel from $40.00 to $38.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 6th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, Olympic Steel has a consensus rating of "Buy" and an average target price of $38.00.

Olympic Steel Stock Performance

NASDAQ:ZEUS remained flat at $33.68 during mid-day trading on Wednesday. The company had a trading volume of 44,376 shares, compared to its average volume of 63,253. The business's fifty day moving average price is $32.72 and its two-hundred day moving average price is $32.25. The company has a market cap of $377.22 million, a price-to-earnings ratio of 27.61 and a beta of 1.72. The company has a quick ratio of 1.18, a current ratio of 3.07 and a debt-to-equity ratio of 0.40. 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 released its quarterly earnings results on Thursday, July 31st. The basic materials company reported $0.50 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.59 by ($0.09). The firm 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%. On average, sell-side analysts forecast that Olympic Steel, Inc. will post 2.69 earnings per share for the current year.

Olympic Steel Announces Dividend

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 dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.9%. The ex-dividend date is Tuesday, September 2nd. Olympic Steel's payout ratio 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.