Invenomic Capital Management LP Invests $6.19 Million in Olympic Steel, Inc. $ZEUS

Invenomic Capital Management LP purchased a new position in shares of Olympic Steel, Inc. (NASDAQ:ZEUS) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 203,312 shares of the basic materials company’s stock, valued at approximately $6,191,000.

A number of other institutional investors have also recently bought and sold shares of ZEUS. Royal Bank of Canada boosted its holdings in shares of Olympic Steel by 94.9% in the 1st quarter. Royal Bank of Canada now owns 24,649 shares of the basic materials company’s stock worth $777,000 after buying an additional 12,002 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Olympic Steel by 3.6% during the 1st quarter. AQR Capital Management LLC now owns 144,049 shares of the basic materials company’s stock valued at $4,540,000 after acquiring an additional 4,951 shares during the period. Empowered Funds LLC raised its holdings in shares of Olympic Steel by 5.3% in the 1st quarter. Empowered Funds LLC now owns 64,038 shares of the basic materials company’s stock worth $2,018,000 after purchasing an additional 3,233 shares during the period. Jane Street Group LLC lifted its stake in Olympic Steel by 81.6% in the first quarter. Jane Street Group LLC now owns 52,125 shares of the basic materials company’s stock valued at $1,643,000 after purchasing an additional 23,416 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Olympic Steel by 0.8% during the second quarter. Geode Capital Management LLC now owns 241,068 shares of the basic materials company’s stock valued at $7,858,000 after purchasing an additional 1,952 shares during the period. Institutional investors own 87.07% of the company’s stock.

Olympic Steel Price Performance

ZEUS opened at $47.86 on Monday. The company has a 50 day moving average of $48.41 and a 200 day moving average of $39.83. The company has a market cap of $535.94 million, a PE ratio of 40.91 and a beta of 1.75. Olympic Steel, Inc. has a 12 month low of $26.32 and a 12 month high of $52.65. The company has a current ratio of 3.12, a quick ratio of 1.17 and a debt-to-equity ratio of 0.42.

Wall Street Analysts Forecast Growth

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

Olympic Steel Company Profile

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.