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Assenagon Asset Management SA sells 65,410 shares of Olympic Steel, Inc. (NASDAQ:ZEUS)

VaselineAugust 26, 2024

0 3 minutes read

Assenagon Asset Management SA reduced its stake in Olympic Steel, Inc. (NASDAQ:ZEUS – Free Report) by 92.5% in the second quarter, Holdings Channel.com reports. The company owned 5,278 shares of the basic materials company after selling 65,410 shares during the period. Assenagon Asset Management SA’s shares of Olympic Steel were worth $237,000, according to its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC increased its position in Olympic Steel by 0.6% in the first quarter. Janney Montgomery Scott LLC now owns 28,710 shares of the basic materials company’s stock worth $2,035,000 after purchasing an additional 181 shares during the period. SummerHaven Investment Management LLC increased its position in Olympic Steel by 1.3% in the fourth quarter. SummerHaven Investment Management LLC now owns 14,036 shares of the basic materials company’s stock worth $936,000 after purchasing an additional 184 shares during the period. Illinois Municipal Retirement Fund increased its position in Olympic Steel by 3.3% in the first quarter. Illinois Municipal Retirement Fund now owns 6,134 shares of the basic materials company’s stock worth $435,000 after purchasing an additional 197 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Olympic Steel by 5.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 9,903 shares of the basic materials company’s stock worth $702,000 after buying an additional 471 shares in the last quarter. Finally, EntryPoint Capital LLC bought a new stake in shares of Olympic Steel in the first quarter worth about $61,000. Institutional investors own 87.07% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded shares of Olympic Steel from a “buy” rating to a “hold” rating in a report on Monday, August 5th.

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Olympic Steel trading up 3.8%

Shares of Olympic Steel opened at $41.62 on Friday. Olympic Steel, Inc. has a 12-month low of $39.08 and a 12-month high of $73.49. The company has a market cap of $463.23 million, a price to earnings ratio of 11.10 and a beta of 1.52. The company has a current ratio of 3.77, a quick ratio of 1.43 and a debt-to-equity ratio of 0.37. The company’s 50-day moving average price is $44.53 and its 200-day moving average price is $56.27.

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

Olympic Steel dividend announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 2nd will receive a dividend of $0.15. This represents a $0.60 annualized dividend and a yield of 1.44%. The ex-dividend date is Friday, August 30th. Olympic Steel’s dividend payout ratio currently stands at 16.00%.

Olympic steel profile

(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.