Verition Fund Management LLC Purchases Shares of 16,193 Olympic Steel, Inc. (NASDAQ:ZEUS)

Verition Fund Management LLC acquired a new position in Olympic Steel, Inc. (NASDAQ:ZEUS) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 16,193 shares of the basic materials company’s stock, valued at approximately $632,000. Verition Fund Management LLC owned 0.15% of Olympic Steel as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. nVerses Capital LLC purchased a new position in Olympic Steel in the 3rd quarter worth approximately $27,000. Innealta Capital LLC purchased a new position in Olympic Steel during the second quarter valued at $58,000. XTX Topco Ltd bought a new stake in Olympic Steel in the 2nd quarter valued at $201,000. SG Americas Securities LLC bought a new stake in Olympic Steel in the 3rd quarter valued at $245,000. Finally, Los Angeles Capital Management LLC lifted its stake in Olympic Steel by 28.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 6,747 shares of the basic materials company’s stock worth $263,000 after purchasing an additional 1,500 shares in the last quarter. Hedge funds and other institutional investors own 87.07% of the company’s stock.

Olympic Steel Stock Performance

NASDAQ:ZEUS opened at $42.12 on Wednesday. The company has a market cap of $468.92 million, a price-to-earnings ratio of 18.47 and a beta of 1.49. Olympic Steel, Inc. has a 1 year low of $32.23 and a 1 year high of $73.49. The stock’s 50 day simple moving average is $39.62 and its two-hundred day simple moving average is $42.23. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.52 and a quick ratio of 1.26.

Olympic Steel Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.42%. The ex-dividend date is Monday, December 2nd. Olympic Steel’s dividend payout ratio is presently 26.32%.

Analyst Upgrades and Downgrades

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

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.