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

Olympic Steel, Inc. (NASDAQ:ZEUS) was the recipient of a large growth in short interest during the month of December. As of December 15th, there was short interest totaling 372,936 shares, a growth of 61.7% from the November 30th total of 230,605 shares. Based on an average daily trading volume, of 104,872 shares, the short-interest ratio is currently 3.6 days. Approximately 3.9% of the company’s shares are sold short. Approximately 3.9% of the company’s shares are sold short. Based on an average daily trading volume, of 104,872 shares, the short-interest ratio is currently 3.6 days.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Olympic Steel in a research note on Monday, December 22nd. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $38.00.

Olympic Steel Stock Performance

ZEUS stock opened at $44.77 on Monday. The firm has a market cap of $501.42 million, a PE ratio of 38.27 and a beta of 1.71. The company has a current ratio of 3.12, a quick ratio of 1.17 and a debt-to-equity ratio of 0.42. The stock has a 50-day moving average price of $37.21 and a 200-day moving average price of $33.87. Olympic Steel has a 1-year low of $26.32 and a 1-year high of $45.40.

Olympic Steel (NASDAQ:ZEUS) last announced its earnings results on Tuesday, October 28th. The basic materials company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.06). The business had revenue of $490.66 million for the quarter, compared to the consensus estimate of $476.20 million. Olympic Steel had a net margin of 0.73% and a return on equity of 2.11%. As a group, equities research analysts expect that Olympic Steel will post 2.69 earnings per share for the current year.

Olympic Steel Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Monday, December 1st. This represents a $0.64 annualized dividend and a yield of 1.4%. Olympic Steel’s dividend payout ratio is currently 54.70%.

Hedge Funds Weigh In On Olympic Steel

Institutional investors have recently made changes to their positions in the stock. Exchange Traded Concepts LLC increased its position in Olympic Steel by 5.2% in the 3rd quarter. Exchange Traded Concepts LLC now owns 8,547 shares of the basic materials company’s stock valued at $260,000 after buying an additional 420 shares in the last quarter. Ethic Inc. grew its stake in Olympic Steel by 4.1% in the third quarter. Ethic Inc. now owns 11,684 shares of the basic materials company’s stock valued at $356,000 after acquiring an additional 457 shares during the period. SummerHaven Investment Management LLC increased its holdings in shares of Olympic Steel by 2.4% during the second quarter. SummerHaven Investment Management LLC now owns 19,523 shares of the basic materials company’s stock valued at $636,000 after acquiring an additional 464 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Olympic Steel by 823.3% during the second quarter. EverSource Wealth Advisors LLC now owns 831 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 741 shares during the period. Finally, Quarry LP bought a new position in shares of Olympic Steel in the 3rd quarter worth $27,000. Institutional investors and hedge funds own 87.07% of the company’s stock.

About Olympic Steel

Olympic Steel, Inc is a leading metals service center headquartered in Cleveland, Ohio, specializing in the distribution of carbon, stainless, aluminum and alloy sheet, plate, bar, tubing, and piping products. The company offers a broad range of metals in various grades, sizes and dimensions, serving customers across a variety of industries. Olympic Steel operates as a one‐stop source for metals procurement, providing both standard inventory offerings and custom‐cut pieces to meet specific customer requirements.

Through its network of service centers in the United States and Mexico, Olympic Steel provides a suite of value‐added processing services, including precision laser and plasma cutting, shearing, slitting, shearing, forming, plate burning, leveling and robotic welding.