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Aug 30, 2023

Olympic Steel, Inc. (NASDAQ:ZEUS) Sees Significant Decrease in Short Interest

Olympic Steel, Inc. (NASDAQ:ZEUS - Get Rating) was the recipient of a large

Olympic Steel, Inc. (NASDAQ:ZEUS - Get Rating) was the recipient of a large decline in short interest during the month of May. As of May 15th, there was short interest totalling 317,900 shares, a decline of 13.0% from the April 30th total of 365,600 shares. Based on an average daily trading volume, of 133,400 shares, the short-interest ratio is presently 2.4 days. Approximately 3.3% of the company's stock are sold short.

ZEUS stock opened at $44.15 on Monday. Olympic Steel has a 52 week low of $22.62 and a 52 week high of $58.84. The company has a market capitalization of $491.39 million, a PE ratio of 8.04 and a beta of 1.77. The company's 50-day simple moving average is $47.98 and its 200 day simple moving average is $43.15. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.39 and a current ratio of 3.56.

Olympic Steel (NASDAQ:ZEUS - Get Rating) last announced its earnings results on Thursday, February 23rd. The basic materials company reported $0.27 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.21 by $0.06. Olympic Steel had a net margin of 2.61% and a return on equity of 13.10%. The firm had revenue of $520.04 million for the quarter, compared to analyst estimates of $578.90 million. As a group, sell-side analysts anticipate that Olympic Steel will post 3.6 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Thursday, June 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 1.13%. The ex-dividend date of this dividend is Wednesday, May 31st. Olympic Steel's dividend payout ratio is currently 9.11%.

Separately, StockNews.com initiated coverage on Olympic Steel in a report on Thursday, May 18th. They set a "hold" rating for the company.

In other news, Chairman Michael D. Siegal sold 75,000 shares of Olympic Steel stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $56.12, for a total transaction of $4,209,000.00. Following the completion of the transaction, the chairman now directly owns 1,127,072 shares in the company, valued at approximately $63,251,280.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 13.81% of the company's stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. Dorsey Wright & Associates bought a new stake in shares of Olympic Steel during the 1st quarter worth approximately $29,000. Quantbot Technologies LP lifted its stake in Olympic Steel by 42.1% during the first quarter. Quantbot Technologies LP now owns 1,137 shares of the basic materials company's stock worth $43,000 after purchasing an additional 337 shares during the last quarter. UBS Group AG lifted its stake in Olympic Steel by 52.4% during the second quarter. UBS Group AG now owns 2,820 shares of the basic materials company's stock worth $73,000 after purchasing an additional 970 shares during the last quarter. Victory Capital Management Inc. acquired a new stake in shares of Olympic Steel in the 4th quarter valued at $81,000. Finally, Dark Forest Capital Management LP bought a new position in shares of Olympic Steel in the 1st quarter valued at $90,000. Institutional investors own 77.46% of the company's stock.

Olympic Steel, Inc engages in the processing, sale, and distribution of metal products. It operates through the following segments: Carbon Flat Products, Specialty Metals Flat Products, and Tubular and Pipe Products. The Carbon Flat Products segment includes large volumes of processed carbon and coated flat-rolled sheet, coil and plate products, and fabricated parts.

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