Northern Trust Corp lowered its holdings in shares of Olympic Steel, Inc. (NASDAQ:ZEUS) by 4.9% during the fourth quarter, HoldingsChannel reports. The firm owned 108,939 shares of the basic materials company’s stock after selling 5,620 shares during the quarter. Northern Trust Corp’s holdings in Olympic Steel were worth $1,452,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in the company. Citigroup Inc. increased its stake in Olympic Steel by 264.6% during the 4th quarter. Citigroup Inc. now owns 2,257 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 1,638 shares in the last quarter. New York State Common Retirement Fund raised its stake in shares of Olympic Steel by 127.4% in the 4th quarter. New York State Common Retirement Fund now owns 7,497 shares of the basic materials company’s stock valued at $100,000 after purchasing an additional 4,200 shares during the period. Janney Montgomery Scott LLC bought a new stake in shares of Olympic Steel in the fourth quarter valued at about $164,000. Bailard Inc. acquired a new position in shares of Olympic Steel during the fourth quarter worth about $208,000. Finally, Guggenheim Capital LLC bought a new position in shares of Olympic Steel during the third quarter worth about $196,000. Institutional investors and hedge funds own 64.81% of the company’s stock.
A number of equities analysts have weighed in on the company. Zacks Investment Research raised Olympic Steel from a “hold” rating to a “strong-buy” rating and set a $28.00 price target for the company in a research report on Thursday, March 11th. TheStreet upgraded shares of Olympic Steel from a “d+” rating to a “c-” rating in a research note on Wednesday, March 17th.
Olympic Steel (NASDAQ:ZEUS) last released its quarterly earnings data on Thursday, February 25th. The basic materials company reported $0.16 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.10. The company had revenue of $331.55 million during the quarter. Olympic Steel had a negative return on equity of 2.20% and a negative net margin of 0.47%. Research analysts forecast that Olympic Steel, Inc. will post -0.56 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, March 15th. Stockholders of record on Monday, March 1st were given a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.29%. The ex-dividend date of this dividend was Friday, February 26th. Olympic Steel’s payout ratio is 72.73%.
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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