Municipal Employees Retirement System of Michigan Raises Stake in Olympic Steel, Inc. (NASDAQ:ZEUS)

Municipal Employees Retirement System of Michigan increased its stake in shares of Olympic Steel, Inc. (NASDAQ:ZEUS) by 39.8% during the second quarter, HoldingsChannel.com reports. The firm owned 87,010 shares of the basic materials company’s stock after buying an additional 24,770 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Olympic Steel were worth $1,187,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Strs Ohio lifted its position in shares of Olympic Steel by 7.6% in the second quarter. Strs Ohio now owns 35,300 shares of the basic materials company’s stock valued at $481,000 after acquiring an additional 2,500 shares in the last quarter. Crossmark Global Holdings Inc. lifted its position in shares of Olympic Steel by 4.5% in the second quarter. Crossmark Global Holdings Inc. now owns 21,590 shares of the basic materials company’s stock valued at $295,000 after acquiring an additional 934 shares in the last quarter. WINTON GROUP Ltd lifted its position in shares of Olympic Steel by 25.8% in the second quarter. WINTON GROUP Ltd now owns 50,311 shares of the basic materials company’s stock valued at $687,000 after acquiring an additional 10,309 shares in the last quarter. Nordea Investment Management AB lifted its position in shares of Olympic Steel by 3.1% in the first quarter. Nordea Investment Management AB now owns 66,800 shares of the basic materials company’s stock valued at $1,060,000 after acquiring an additional 2,000 shares in the last quarter. Finally, ClariVest Asset Management LLC lifted its position in shares of Olympic Steel by 3.1% in the first quarter. ClariVest Asset Management LLC now owns 66,800 shares of the basic materials company’s stock valued at $1,060,000 after acquiring an additional 2,000 shares in the last quarter. 65.89% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ:ZEUS traded down $0.48 during mid-day trading on Wednesday, reaching $10.11. The stock had a trading volume of 7 shares, compared to its average volume of 77,763. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.95 and a current ratio of 4.75. The firm has a market cap of $121.85 million, a P/E ratio of 2.94 and a beta of 2.12. Olympic Steel, Inc. has a 1 year low of $10.43 and a 1 year high of $22.86. The business has a 50 day moving average of $12.36.

Olympic Steel (NASDAQ:ZEUS) last posted its earnings results on Thursday, August 1st. The basic materials company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.03. The company had revenue of $429.15 million for the quarter, compared to the consensus estimate of $412.40 million. Olympic Steel had a return on equity of 6.23% and a net margin of 0.82%. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.49 earnings per share. As a group, equities research analysts anticipate that Olympic Steel, Inc. will post 0.52 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd will be given a $0.02 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.79%. Olympic Steel’s dividend payout ratio is currently 2.28%.

Several brokerages have recently commented on ZEUS. Zacks Investment Research upgraded Olympic Steel from a “sell” rating to a “hold” rating in a research report on Thursday, June 27th. ValuEngine upgraded Olympic Steel from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 1st.

Olympic Steel Profile

Olympic Steel, Inc processes and distributes metal products in the United States and internationally. It operates in three segments: Carbon Flat Products; Specialty Metals Flat Products; and Tubular and Pipe Products. The Carbon Flat Products segment sells and distributes processed carbon and coated flat-rolled sheets, coil and plate products, and fabricated parts.

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Institutional Ownership by Quarter for Olympic Steel (NASDAQ:ZEUS)

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