Olympic Steel, Inc. (NASDAQ:ZEUS) Sees Significant Decline in Short Interest

Olympic Steel, Inc. (NASDAQ:ZEUS) saw a large decrease in short interest during the month of January. As of January 15th, there was short interest totaling 277,644 shares, a decrease of 20.5% from the December 31st total of 349,054 shares. Currently, 2.9% of the company’s stock are short sold. Based on an average daily trading volume, of 72,823 shares, the short-interest ratio is currently 3.8 days. Based on an average daily trading volume, of 72,823 shares, the short-interest ratio is currently 3.8 days. Currently, 2.9% of the company’s stock are short sold.

Insiders Place Their Bets

In other news, COO Andrew S. Greiff sold 4,500 shares of the firm’s stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $40.42, for a total transaction of $181,890.00. Following the completion of the sale, the chief operating officer directly owned 12,018 shares in the company, valued at $485,767.56. This trade represents a 27.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 13.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Olympic Steel

A number of hedge funds have recently added to or reduced their stakes in ZEUS. EverSource Wealth Advisors LLC raised its holdings in shares of Olympic Steel by 823.3% during the second quarter. EverSource Wealth Advisors LLC now owns 831 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 741 shares during the period. Quarry LP acquired a new stake in Olympic Steel during the third quarter worth about $27,000. Strs Ohio bought a new position in Olympic Steel in the third quarter worth about $58,000. CoreCap Advisors LLC lifted its holdings in Olympic Steel by 41.2% in the third quarter. CoreCap Advisors LLC now owns 3,669 shares of the basic materials company’s stock worth $112,000 after acquiring an additional 1,071 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Olympic Steel during the third quarter valued at approximately $142,000. Institutional investors and hedge funds own 87.07% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings raised Olympic Steel from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, January 16th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Olympic Steel currently has a consensus rating of “Moderate Buy” and an average price target of $38.00.

Olympic Steel Stock Performance

Shares of ZEUS stock opened at $49.94 on Tuesday. The stock has a market capitalization of $559.33 million, a price-to-earnings ratio of 42.68 and a beta of 1.75. Olympic Steel has a one year low of $26.32 and a one year high of $51.81. The company’s 50-day simple moving average is $44.47 and its 200-day simple moving average is $36.54. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.17 and a current ratio of 3.12.

About Olympic Steel

Olympic Steel, Inc is a leading metals service center headquartered in Cleveland, Ohio, specializing in the distribution of carbon, stainless, aluminum and alloy sheet, plate, bar, tubing, and piping products. The company offers a broad range of metals in various grades, sizes and dimensions, serving customers across a variety of industries. Olympic Steel operates as a one‐stop source for metals procurement, providing both standard inventory offerings and custom‐cut pieces to meet specific customer requirements.

Through its network of service centers in the United States and Mexico, Olympic Steel provides a suite of value‐added processing services, including precision laser and plasma cutting, shearing, slitting, shearing, forming, plate burning, leveling and robotic welding.