Norges Bank Purchases New Position in Olympic Steel, Inc. (NASDAQ:ZEUS)

Norges Bank bought a new position in shares of Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund bought 92,500 shares of the basic materials company's stock, valued at approximately $3,035,000. Norges Bank owned 0.83% of Olympic Steel at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Wedge Capital Management L L P NC raised its position in shares of Olympic Steel by 2.9% in the 4th quarter. Wedge Capital Management L L P NC now owns 25,374 shares of the basic materials company's stock worth $833,000 after acquiring an additional 705 shares in the last quarter. Los Angeles Capital Management LLC increased its position in Olympic Steel by 11.4% in the 4th quarter. Los Angeles Capital Management LLC now owns 7,517 shares of the basic materials company's stock valued at $247,000 after buying an additional 770 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Olympic Steel by 3.7% in the fourth quarter. Van ECK Associates Corp now owns 22,080 shares of the basic materials company's stock worth $724,000 after acquiring an additional 780 shares in the last quarter. Sei Investments Co. increased its holdings in shares of Olympic Steel by 1.4% during the fourth quarter. Sei Investments Co. now owns 65,127 shares of the basic materials company's stock valued at $2,137,000 after acquiring an additional 919 shares in the last quarter. Finally, Exchange Traded Concepts LLC raised its position in shares of Olympic Steel by 5.6% during the fourth quarter. Exchange Traded Concepts LLC now owns 27,214 shares of the basic materials company's stock worth $893,000 after purchasing an additional 1,432 shares during the period. Institutional investors own 87.07% of the company's stock.

Olympic Steel Stock Up 0.9 %

Shares of NASDAQ ZEUS traded up $0.28 during trading on Wednesday, hitting $30.36. The stock had a trading volume of 1,758 shares, compared to its average volume of 117,823. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.52 and a quick ratio of 1.26. The firm has a fifty day moving average of $32.55 and a two-hundred day moving average of $35.64. Olympic Steel, Inc. has a 12 month low of $26.32 and a 12 month high of $69.79. The company has a market capitalization of $338.85 million, a PE ratio of 15.43 and a beta of 1.50.

Olympic Steel (NASDAQ:ZEUS - Get Free Report) last released its earnings results on Thursday, February 20th. The basic materials company reported $0.13 EPS for the quarter, topping analysts' consensus estimates of $0.08 by $0.05. The company had revenue of $418.78 million for the quarter, compared to analysts' expectations of $441.60 million. Olympic Steel had a return on equity of 3.31% and a net margin of 1.18%. As a group, equities research analysts forecast that Olympic Steel, Inc. will post 2.69 EPS for the current fiscal year.

Olympic Steel Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date of this dividend was Monday, March 3rd. This is a boost from Olympic Steel's previous quarterly dividend of $0.15. Olympic Steel's payout ratio is 32.49%.

Analysts Set New Price Targets

ZEUS has been the topic of several research reports. KeyCorp upped their price objective on shares of Olympic Steel from $42.00 to $43.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. StockNews.com lowered shares of Olympic Steel from a "buy" rating to a "hold" rating in a report on Saturday, March 1st.

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.