HighTower Advisors LLC Invests $202,000 in Olympic Steel, Inc. (NASDAQ:ZEUS)

HighTower Advisors LLC acquired a new position in shares of Olympic Steel, Inc. (NASDAQ:ZEUS) in the 3rd quarter, HoldingsChannel reports. The fund acquired 5,245 shares of the basic materials company’s stock, valued at approximately $202,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ZEUS. American Century Companies Inc. grew its position in Olympic Steel by 10.7% during the second quarter. American Century Companies Inc. now owns 279,940 shares of the basic materials company’s stock valued at $12,550,000 after buying an additional 27,123 shares during the period. Bank of New York Mellon Corp raised its position in shares of Olympic Steel by 21.6% in the second quarter. Bank of New York Mellon Corp now owns 141,820 shares of the basic materials company’s stock worth $6,358,000 after buying an additional 25,201 shares in the last quarter. Walleye Capital LLC bought a new stake in Olympic Steel during the third quarter valued at approximately $3,978,000. Renaissance Technologies LLC raised its position in Olympic Steel by 62.0% during the second quarter. Renaissance Technologies LLC now owns 98,798 shares of the basic materials company’s stock valued at $4,429,000 after purchasing an additional 37,798 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Olympic Steel by 1,020.4% during the 3rd quarter. Assenagon Asset Management S.A. now owns 59,135 shares of the basic materials company’s stock valued at $2,306,000 after purchasing an additional 53,857 shares during the last quarter. 87.07% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered shares of Olympic Steel from a “buy” rating to a “hold” rating in a report on Friday, October 25th.

Olympic Steel Stock Performance

Shares of ZEUS stock opened at $33.52 on Thursday. Olympic Steel, Inc. has a one year low of $32.23 and a one year high of $73.49. The company has a market capitalization of $373.18 million, a price-to-earnings ratio of 14.70 and a beta of 1.49. The company’s 50-day moving average is $39.28 and its 200 day moving average is $41.25. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.26 and a current ratio of 3.52.

Olympic Steel Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.79%. The ex-dividend date was Monday, December 2nd. Olympic Steel’s dividend payout ratio is currently 26.32%.

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.