Wedge Capital Management L L P NC Acquires 5,694 Shares of Olympic Steel, Inc. (NASDAQ:ZEUS)

Wedge Capital Management L L P NC lifted its holdings in Olympic Steel, Inc. (NASDAQ:ZEUS) by 22.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 31,068 shares of the basic materials company’s stock after buying an additional 5,694 shares during the quarter. Wedge Capital Management L L P NC owned about 0.28% of Olympic Steel worth $979,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Versant Capital Management Inc lifted its position in shares of Olympic Steel by 178.7% during the first quarter. Versant Capital Management Inc now owns 914 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 586 shares in the last quarter. New Age Alpha Advisors LLC bought a new position in Olympic Steel in the 4th quarter worth approximately $59,000. Magnetar Financial LLC acquired a new position in Olympic Steel during the 4th quarter worth $216,000. Los Angeles Capital Management LLC boosted its position in Olympic Steel by 11.4% in the 4th quarter. Los Angeles Capital Management LLC now owns 7,517 shares of the basic materials company’s stock valued at $247,000 after buying an additional 770 shares during the last quarter. Finally, State of Wyoming increased its stake in shares of Olympic Steel by 17.6% in the 4th quarter. State of Wyoming now owns 8,236 shares of the basic materials company’s stock valued at $270,000 after buying an additional 1,233 shares during the period. Institutional investors and hedge funds own 87.07% of the company’s stock.

Olympic Steel Stock Performance

Shares of Olympic Steel stock opened at $31.14 on Thursday. The firm has a fifty day moving average of $31.16 and a two-hundred day moving average of $33.59. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.26 and a current ratio of 3.52. The stock has a market capitalization of $347.62 million, a price-to-earnings ratio of 15.81 and a beta of 1.66. Olympic Steel, Inc. has a 52 week low of $26.32 and a 52 week high of $51.66.

Olympic Steel (NASDAQ:ZEUS) last released its quarterly earnings data on Thursday, May 1st. The basic materials company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.03). Olympic Steel had a net margin of 1.18% and a return on equity of 3.31%. The company had revenue of $492.94 million during the quarter, compared to the consensus estimate of $466.80 million. As a group, equities research analysts predict that Olympic Steel, Inc. will post 2.69 EPS for the current year.

Olympic Steel Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be given a $0.16 dividend. The ex-dividend date is Monday, June 2nd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.06%. Olympic Steel’s dividend payout ratio is 44.76%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. KeyCorp lowered their price objective on Olympic Steel from $43.00 to $41.00 and set an “overweight” rating for the company in a research report on Tuesday, May 6th. Wall Street Zen cut shares of Olympic Steel from a “buy” rating to a “hold” rating in a research report on Saturday, March 1st.

Olympic Steel 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.