Olympic Steel Inc. (ZEUS) Position Lowered by Ameriprise Financial Inc.
Ameriprise Financial Inc. cut its stake in shares of Olympic Steel Inc. (NASDAQ:ZEUS) by 47.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 148,462 shares of the company’s stock after selling 131,522 shares during the period. Ameriprise Financial Inc. owned about 1.35% of Olympic Steel worth $4,054,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of ZEUS. Acadian Asset Management LLC increased its stake in shares of Olympic Steel by 201.4% in the second quarter. Acadian Asset Management LLC now owns 431,720 shares of the company’s stock valued at $11,790,000 after buying an additional 288,483 shares in the last quarter. Royce & Associates LP increased its stake in shares of Olympic Steel by 19.1% in the first quarter. Royce & Associates LP now owns 294,180 shares of the company’s stock valued at $5,092,000 after buying an additional 47,100 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Olympic Steel by 1.0% in the second quarter. Bank of New York Mellon Corp now owns 121,884 shares of the company’s stock valued at $3,328,000 after buying an additional 1,252 shares in the last quarter. Emerald Acquisition Ltd. purchased a new stake in shares of Olympic Steel during the second quarter valued at approximately $2,111,000. Finally, EAM Investors LLC purchased a new stake in shares of Olympic Steel during the second quarter valued at approximately $1,953,000. Institutional investors own 72.27% of the company’s stock.
Olympic Steel Inc. (NASDAQ:ZEUS) traded up 2.10% on Wednesday, hitting $22.87. The company had a trading volume of 8,018 shares. Olympic Steel Inc. has a 12-month low of $7.98 and a 12-month high of $31.19. The firm’s market capitalization is $250.63 million. The firm has a 50-day moving average price of $20.50 and a 200-day moving average price of $23.01.
Olympic Steel (NASDAQ:ZEUS) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.39 by $0.07. The firm had revenue of $273.60 million for the quarter, compared to the consensus estimate of $305.66 million. Olympic Steel had a negative return on equity of 0.82% and a negative net margin of 0.27%. The firm’s quarterly revenue was down 13.2% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.08) EPS. On average, equities research analysts anticipate that Olympic Steel Inc. will post $0.74 earnings per share for the current fiscal year.
ZEUS has been the topic of several recent analyst reports. Jefferies Group restated a “hold” rating on shares of Olympic Steel in a research note on Wednesday, August 3rd. TheStreet upgraded shares of Olympic Steel from a “sell” rating to a “hold” rating in a research note on Tuesday, June 28th. KeyCorp cut Olympic Steel from a “sector weight” rating to an “underweight” rating and set a $21.00 price target for the company. in a report on Friday, August 19th. Finally, Zacks Investment Research cut Olympic Steel from a “buy” rating to a “hold” rating in a report on Wednesday, August 24th.
Olympic Steel Company Profile
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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