Russell Investments Group Ltd. Has $2.48 Million Stake in 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. raised its position in shares of Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) by 32.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,577 shares of the basic materials company's stock after purchasing an additional 19,039 shares during the period. Russell Investments Group Ltd. owned approximately 0.70% of Olympic Steel worth $2,477,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Federated Hermes Inc. raised its position in Olympic Steel by 18,931.2% during the first 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. GAMMA Investing LLC raised its position in Olympic Steel by 3,455.5% during the first quarter. GAMMA Investing LLC now owns 13,333 shares of the basic materials company's stock valued at $423,000 after purchasing an additional 12,958 shares in the last quarter. New Age Alpha Advisors LLC raised its position in Olympic Steel by 33.6% during the first 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Olympic Steel by 59.9% during 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 valued at $569,000 after purchasing an additional 6,495 shares in the last quarter. Finally, Barclays PLC raised its position in Olympic Steel by 648.0% during the fourth quarter. Barclays PLC now owns 116,182 shares of the basic materials company's stock valued at $3,812,000 after purchasing an additional 100,650 shares in the last quarter. 87.07% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Olympic Steel Price Performance

Shares of NASDAQ:ZEUS traded down $0.01 during trading on Friday, hitting $33.71. 59,924 shares of the company were exchanged, compared to its average volume of 57,691. The business's 50 day moving average is $32.86 and its 200-day moving average is $32.21. The company has a market capitalization of $377.55 million, a P/E ratio of 27.63 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 announced 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). The company had revenue of $496.48 million for the quarter, compared to analyst estimates of $506.60 million. Olympic Steel had a return on equity of 1.95% and a net margin of 0.77%. Equities analysts forecast that Olympic Steel, Inc. will post 2.69 earnings per share for the current year.

Olympic Steel Announces Dividend

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