Corebridge Financial Inc. Cuts Stock Position in Olympic Steel, Inc. (NASDAQ:ZEUS)

Corebridge Financial Inc. cut its stake in Olympic Steel, Inc. (NASDAQ:ZEUS) by 7.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 4,919 shares of the basic materials company’s stock after selling 372 shares during the period. Corebridge Financial Inc.’s holdings in Olympic Steel were worth $161,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. HighTower Advisors LLC purchased a new position in Olympic Steel during the 3rd quarter worth $202,000. Magnetar Financial LLC acquired a new position in Olympic Steel during the 4th quarter valued at about $216,000. Los Angeles Capital Management LLC raised its position in shares of Olympic Steel by 11.4% in the 4th quarter. Los Angeles Capital Management LLC now owns 7,517 shares of the basic materials company’s stock valued at $247,000 after purchasing an additional 770 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of Olympic Steel by 29.0% during the fourth quarter. SG Americas Securities LLC now owns 8,103 shares of the basic materials company’s stock worth $266,000 after buying an additional 1,820 shares during the period. Finally, Proficio Capital Partners LLC purchased a new stake in Olympic Steel during the 4th quarter valued at about $493,000. 87.07% of the stock is owned by hedge funds and other institutional investors.

Olympic Steel Price Performance

ZEUS stock opened at $29.94 on Monday. Olympic Steel, Inc. has a 52-week low of $26.32 and a 52-week high of $69.79. The company has a quick ratio of 1.26, a current ratio of 3.52 and a debt-to-equity ratio of 0.35. The stock has a market cap of $334.22 million, a price-to-earnings ratio of 15.20 and a beta of 1.50. The business has a fifty day moving average of $32.75 and a two-hundred day moving average of $35.74.

Olympic Steel (NASDAQ:ZEUS) last announced its earnings results on Thursday, February 20th. The basic materials company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.05. The company had revenue of $418.78 million during the quarter, compared to analysts’ expectations of $441.60 million. Olympic Steel had a return on equity of 3.31% and a net margin of 1.18%. As a group, research analysts anticipate that Olympic Steel, Inc. will post 2.69 earnings per share for the current year.

Olympic Steel Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were given a dividend of $0.16 per share. This is a boost from Olympic Steel’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend was Monday, March 3rd. Olympic Steel’s dividend payout ratio is currently 32.49%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. KeyCorp upped their price target on shares of Olympic Steel from $42.00 to $43.00 and gave the company an “overweight” rating in a report on Monday, February 24th. StockNews.com downgraded shares of Olympic Steel from a “buy” rating to a “hold” rating in a research report on Saturday, March 1st.

Olympic Steel Company 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.