Insider Buying: Olympic Steel, Inc. (ZEUS) Director Acquires 2,000 Shares of Stock

Olympic Steel, Inc. (NASDAQ:ZEUS) Director Arthur F. Anton purchased 2,000 shares of the business’s stock in a transaction on Wednesday, May 3rd. The shares were purchased at an average price of $20.00 per share, with a total value of $40,000.00. Following the acquisition, the director now directly owns 23,778 shares in the company, valued at $475,560. The acquisition was disclosed in a filing with the SEC, which is available through this link.

Shares of Olympic Steel, Inc. (NASDAQ:ZEUS) traded up 1.850% during midday trading on Friday, reaching $17.345. The company’s stock had a trading volume of 232,798 shares. Olympic Steel, Inc. has a one year low of $16.52 and a one year high of $31.19. The stock’s 50-day moving average is $18.77 and its 200-day moving average is $22.29. The company has a market capitalization of $190.15 million, a P/E ratio of 26.441 and a beta of 1.76.

Olympic Steel (NASDAQ:ZEUS) last released its quarterly earnings results on Friday, April 28th. The basic materials company reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.11. Olympic Steel had a negative return on equity of 1.28% and a negative net margin of 0.38%. The company had revenue of $334.90 million for the quarter, compared to analysts’ expectations of $305.41 million. During the same period in the prior year, the firm earned ($0.07) earnings per share. The firm’s revenue was up 29.7% compared to the same quarter last year. On average, equities analysts expect that Olympic Steel, Inc. will post $1.25 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st will be paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date is Tuesday, May 30th. Olympic Steel’s dividend payout ratio (DPR) is -22.22%.

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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its position in Olympic Steel by 0.4% in the first quarter. Dimensional Fund Advisors LP now owns 926,074 shares of the basic materials company’s stock worth $17,188,000 after buying an additional 3,394 shares during the period. Vanguard Group Inc. boosted its position in Olympic Steel by 7.4% in the first quarter. Vanguard Group Inc. now owns 487,212 shares of the basic materials company’s stock worth $9,042,000 after buying an additional 33,491 shares during the period. JPMorgan Chase & Co. boosted its position in Olympic Steel by 19.0% in the third quarter. JPMorgan Chase & Co. now owns 301,350 shares of the basic materials company’s stock worth $6,660,000 after buying an additional 48,111 shares during the period. Foundry Partners LLC boosted its position in Olympic Steel by 82.3% in the first quarter. Foundry Partners LLC now owns 224,290 shares of the basic materials company’s stock worth $4,163,000 after buying an additional 101,255 shares during the period. Finally, State Street Corp boosted its position in Olympic Steel by 5.0% in the fourth quarter. State Street Corp now owns 214,356 shares of the basic materials company’s stock worth $5,190,000 after buying an additional 10,296 shares during the period. Institutional investors own 75.29% of the company’s stock.

Several equities research analysts have recently issued reports on ZEUS shares. Macquarie raised Olympic Steel from a “neutral” rating to an “outperform” rating in a research note on Tuesday, March 14th. Jefferies Group LLC lowered their price objective on Olympic Steel from $26.00 to $19.00 and set a “hold” rating for the company in a research note on Wednesday, April 19th. Finally, Zacks Investment Research lowered Olympic Steel from a “buy” rating to a “hold” rating in a research note on Tuesday, March 7th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Olympic Steel currently has an average rating of “Hold” and a consensus price target of $23.00.

About Olympic Steel

Olympic Steel, Inc is a metals service center. The Company provides metals processing and distribution services for a range of customers. The Company operates through three segments: carbon flat products, specialty metals flat products, and tubular and pipe products. The Company’s carbon flat products segment’s focus is on the direct sale and distribution of large volumes of processed carbon and coated flat-rolled sheet, coil and plate products and fabricated parts.

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