Bank of New York Mellon Corp Acquires 25,201 Shares of Olympic Steel, Inc. (NASDAQ:ZEUS)

Bank of New York Mellon Corp boosted its holdings in Olympic Steel, Inc. (NASDAQ:ZEUS) by 21.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 141,820 shares of the basic materials company’s stock after buying an additional 25,201 shares during the period. Bank of New York Mellon Corp owned approximately 1.27% of Olympic Steel worth $6,358,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC increased its position in Olympic Steel by 0.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 28,710 shares of the basic materials company’s stock worth $2,035,000 after buying an additional 181 shares during the period. Illinois Municipal Retirement Fund increased its position in shares of Olympic Steel by 3.3% during the first quarter. Illinois Municipal Retirement Fund now owns 6,134 shares of the basic materials company’s stock valued at $435,000 after purchasing an additional 197 shares during the period. SummerHaven Investment Management LLC increased its position in shares of Olympic Steel by 2.1% during the second quarter. SummerHaven Investment Management LLC now owns 14,472 shares of the basic materials company’s stock valued at $649,000 after purchasing an additional 292 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Olympic Steel by 5.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 9,903 shares of the basic materials company’s stock valued at $702,000 after purchasing an additional 471 shares during the period. Finally, EntryPoint Capital LLC bought a new stake in shares of Olympic Steel during the first quarter valued at approximately $61,000. 87.07% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut Olympic Steel from a “buy” rating to a “hold” rating in a research report on Wednesday, September 4th.

Olympic Steel Stock Performance

ZEUS opened at $37.41 on Thursday. The stock has a market cap of $416.49 million, a PE ratio of 9.98 and a beta of 1.48. The company has a current ratio of 3.77, a quick ratio of 1.43 and a debt-to-equity ratio of 0.37. Olympic Steel, Inc. has a 1 year low of $34.81 and a 1 year high of $73.49. The stock’s 50 day simple moving average is $42.97 and its 200-day simple moving average is $53.60.

Olympic Steel (NASDAQ:ZEUS) last announced its quarterly earnings results on Thursday, August 1st. The basic materials company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.05. Olympic Steel had a return on equity of 4.98% and a net margin of 1.74%. The firm had revenue of $526.25 million for the quarter. During the same quarter last year, the company earned $1.24 earnings per share.

Olympic Steel Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 2nd will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date is Friday, August 30th. Olympic Steel’s dividend payout ratio (DPR) is 16.00%.

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.