Jul 12, 2023

MAI Capital Management Sells 6,114 Shares of Olympic Steel, Inc. (NASDAQ:ZEUS)

MAI Capital Management lowered its stake in Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) by 57.0% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,611 shares of the basic materials company's stock after selling 6,114 shares during the quarter. MAI Capital Management's holdings in Olympic Steel were worth $241,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Ellevest Inc. raised its stake in shares of Olympic Steel by 13.3% in the first quarter. Ellevest Inc. now owns 2,118 shares of the basic materials company's stock worth $111,000 after buying an additional 249 shares during the period. Quantbot Technologies LP lifted its stake in shares of Olympic Steel by 42.1% in the 1st quarter. Quantbot Technologies LP now owns 1,137 shares of the basic materials company's stock valued at $43,000 after purchasing an additional 337 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Olympic Steel by 2.4% in the 4th quarter. Legal & General Group Plc now owns 20,393 shares of the basic materials company's stock valued at $685,000 after purchasing an additional 475 shares during the last quarter. Dorsey Wright & Associates bought a new stake in shares of Olympic Steel in the 1st quarter valued at approximately $29,000. Finally, Zebra Capital Management LLC lifted its stake in shares of Olympic Steel by 5.7% in the 1st quarter. Zebra Capital Management LLC now owns 13,046 shares of the basic materials company's stock valued at $502,000 after purchasing an additional 698 shares during the last quarter. Institutional investors own 82.19% of the company's stock.

Shares of ZEUS stock opened at $49.74 on Friday. Olympic Steel, Inc. has a 52-week low of $22.62 and a 52-week high of $58.84. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.42 and a current ratio of 3.69. The firm has a market capitalization of $553.61 million, a P/E ratio of 14.09 and a beta of 1.80. The stock has a 50 day moving average price of $50.44 and a 200 day moving average price of $48.97.

Olympic Steel (NASDAQ:ZEUS - Get Free Report) last issued its quarterly earnings results on Thursday, August 3rd. The basic materials company reported $1.24 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.26 by ($0.02). Olympic Steel had a return on equity of 8.40% and a net margin of 1.78%. The business had revenue of $569.27 million for the quarter, compared to the consensus estimate of $636.40 million. As a group, sell-side analysts predict that Olympic Steel, Inc. will post 3.53 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date of this dividend is Thursday, August 31st. Olympic Steel's dividend payout ratio (DPR) is presently 14.16%.

Separately, assumed coverage on Olympic Steel in a research note on Thursday, August 17th. They issued a "buy" rating for the company.

View Our Latest Report on ZEUS

Olympic Steel, Inc processes, distributes, and stores metal products in the United States and internationally. 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.

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