Van ECK Associates Corp Reduces Stake in Olympic Steel, Inc. (NASDAQ:ZEUS)

Van ECK Associates Corp lowered its stake in shares of Olympic Steel, Inc. (NASDAQ:ZEUS – Free Report) by 2.5% during the second quarter, HoldingsChannel.com reported. The company owned 12,113 shares of the basic materials company after selling 309 shares during the period. Van ECK Associates Corp’s stake in Olympic Steel was worth $543,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Innealta Capital LLC purchased a new stake in Olympic Steel during the 2nd quarter worth approximately $58,000. Bank of New York Mellon Corp increased its stake in Olympic Steel by 21.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 141,820 shares of the basic materials company’s stock worth $6,358,000 after acquiring an additional 25,201 shares during the last quarter. SummerHaven Investment Management LLC increased its stake in Olympic Steel by 2.1% in the 2nd quarter. SummerHaven Investment Management LLC now owns 14,472 shares of the basic materials company’s stock worth $649,000 after acquiring an additional 292 shares during the last quarter. Wedge Capital Management LLP NC increased its stake in Olympic Steel by 61.2% in the 2nd quarter. Wedge Capital Management LLP NC now owns 17,380 shares of the basic materials company’s stock worth $779,000 after acquiring an additional 6,601 shares in the last quarter. Finally, Comerica Bank increased its stake in Olympic Steel by 53.7% in the first quarter. Comerica Bank now owns 7,085 shares of the basic materials company’s stock worth $502,000 after acquiring an additional 2,474 shares in the last quarter. Hedge funds and other institutional investors own 87.07% of the company’s stock.

Price development Olympic Steel

Shares of NASDAQ ZEUS opened at $37.38 on Monday. The company has a market cap of $416.15 million, a price-to-earnings ratio of 9.97 and a beta of 1.48. The company has a quick ratio of 1.43, a current ratio of 3.77 and a debt-to-equity ratio of 0.37. The stock’s 50-day simple moving average is $43.29 and its 200-day simple moving average is $54.08. Olympic Steel, Inc. has a 12-month low of $36.50 and a 12-month high of $73.49.

Olympic Steel (NASDAQ:ZEUS – Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The basic materials company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.55 by $0.05. The company had revenue of $526.25 million for the quarter. Olympic Steel had a return on equity of 4.98% and a net margin of 1.74%. In the year-ago quarter, the company reported $1.24 EPS.

Olympic Steel dividend announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 2nd will receive a dividend of $0.15 per share. The ex-dividend date is Friday, August 30th. This represents an annual dividend of $0.60 and a dividend yield of 1.61%. Olympic Steel’s dividend payout ratio (DPR) is currently 16.00%.

Wall Street analysts weigh in

Separately, StockNews.com downgraded Olympic Steel from a “buy” rating to a “hold” rating in a research report on Wednesday, September 4.

Check out our latest stock report on Olympic Steel

About Olympic Steel

(Free Report)

Olympic Steel, Inc. processes, distributes and stores metal products primarily in the United States, Canada and Mexico. The Company 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, round and flat bars; alloyed, heat treated and wear resistant coils, sheets and plates; coated metals, including galvanized, galvanized, electroplated, advanced high strength steels, aluminized and automotive steels; commercial grade, advanced high strength steels, tensile steels and automotive cold rolled steel coil and sheet products; hot rolled carbon consisting of hot rolled coil, pickled and oiled sheet and plate products, automotive steels, 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 steel tubing; boiler tubing; carbon, stainless steel and aluminum tubing; valves and fittings; and tin products, such as electrolytic tin, electrolytic chrome-plated steel, and black plates.

See also

Want to know which other hedge funds have ZEUS in their portfolio? Visit HoldingsChannel.com for the latest 13F filings and insider transactions for Olympic Steel, Inc. (NASDAQ:ZEUS – Free Report).

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