Renaissance Technologies LLC Increases Stock Holdings in Olympic Steel, Inc. (NASDAQ:ZEUS)

Renaissance Technologies LLC boosted its stake in Olympic Steel, Inc. (NASDAQ:ZEUS) by 62.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 98,798 shares of the basic materials company’s stock after acquiring an additional 37,798 shares during the period. Renaissance Technologies LLC owned 0.89% of Olympic Steel worth $4,429,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA increased its position in shares of Olympic Steel by 3.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 40,301 shares of the basic materials company’s stock valued at $1,807,000 after acquiring an additional 1,353 shares in the last quarter. American Century Companies Inc. boosted its stake in Olympic Steel by 10.7% during the 2nd quarter. American Century Companies Inc. now owns 279,940 shares of the basic materials company’s stock valued at $12,550,000 after purchasing an additional 27,123 shares during the last quarter. ClariVest Asset Management LLC increased its holdings in shares of Olympic Steel by 2.9% in the 2nd quarter. ClariVest Asset Management LLC now owns 13,921 shares of the basic materials company’s stock worth $624,000 after purchasing an additional 390 shares in the last quarter. Texas Permanent School Fund Corp raised its stake in shares of Olympic Steel by 9.5% in the second quarter. Texas Permanent School Fund Corp now owns 9,387 shares of the basic materials company’s stock worth $421,000 after purchasing an additional 813 shares during the last quarter. Finally, Rhumbline Advisers lifted its holdings in shares of Olympic Steel by 4.7% during the second quarter. Rhumbline Advisers now owns 32,436 shares of the basic materials company’s stock valued at $1,454,000 after purchasing an additional 1,469 shares in the last quarter. 87.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised Olympic Steel from a “hold” rating to a “buy” rating in a report on Tuesday, September 24th.

Olympic Steel Price Performance

ZEUS opened at $39.36 on Friday. The company has a market capitalization of $438.08 million, a price-to-earnings ratio of 10.50 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 12-month low of $34.81 and a 12-month high of $73.49. The business’s fifty day simple moving average is $41.32 and its 200-day simple moving average is $51.28.

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

Olympic Steel Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Monday, September 2nd were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend was Friday, August 30th. Olympic Steel’s payout ratio is presently 16.00%.

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.