Wedge Capital Management L L P NC Raises Position in Olympic Steel, Inc. (NASDAQ:ZEUS)

Wedge Capital Management L L P NC grew its holdings in shares of Olympic Steel, Inc. (NASDAQ:ZEUS) by 41.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 24,669 shares of the basic materials company’s stock after purchasing an additional 7,289 shares during the period. Wedge Capital Management L L P NC’s holdings in Olympic Steel were worth $962,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its holdings in shares of Olympic Steel by 21.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 141,820 shares of the basic materials company’s stock valued at $6,358,000 after purchasing an additional 25,201 shares during the last quarter. Vanguard Group Inc. raised its stake in Olympic Steel by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 681,512 shares of the basic materials company’s stock worth $48,306,000 after acquiring an additional 12,242 shares during the last quarter. Unison Advisors LLC purchased a new position in Olympic Steel in the 3rd quarter worth $729,000. Renaissance Technologies LLC raised its stake in Olympic Steel by 62.0% in the 2nd quarter. Renaissance Technologies LLC now owns 98,798 shares of the basic materials company’s stock worth $4,429,000 after acquiring an additional 37,798 shares during the last quarter. Finally, EntryPoint Capital LLC purchased a new position in Olympic Steel in the 1st quarter worth $61,000. Hedge funds and other institutional investors own 87.07% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded Olympic Steel from a “hold” rating to a “buy” rating in a research note on Tuesday, September 24th.

Olympic Steel Stock Performance

Shares of ZEUS stock opened at $38.28 on Thursday. The firm has a market capitalization of $426.06 million, a price-to-earnings ratio of 12.31 and a beta of 1.46. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.77 and a quick ratio of 1.43. The business has a fifty day moving average of $39.18 and a 200 day moving average of $48.61. Olympic Steel, Inc. has a 1 year low of $34.81 and a 1 year high of $73.49.

Olympic Steel (NASDAQ:ZEUS) last released its quarterly earnings data on Thursday, August 1st. The basic materials company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.05. The business had revenue of $526.25 million during the quarter. Olympic Steel had a return on equity of 4.98% and a net margin of 1.74%. During the same quarter in the previous year, the business posted $1.24 EPS.

Olympic Steel Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Monday, September 2nd were paid a dividend of $0.15 per share. The ex-dividend date was Friday, August 30th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.57%. Olympic Steel’s payout ratio is currently 19.29%.

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.