Olympic Steel, Inc. (NASDAQ:ZEUS) to Issue Dividend Increase – $0.15 Per Share

Olympic Steel, Inc. (NASDAQ:ZEUSGet Free Report) announced a quarterly dividend on Thursday, February 22nd, Zacks reports. Stockholders of record on Monday, March 4th will be paid a dividend of 0.15 per share by the basic materials company on Friday, March 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date is Friday, March 1st. This is an increase from Olympic Steel’s previous quarterly dividend of $0.13.

Olympic Steel has raised its dividend by an average of 84.2% per year over the last three years and has increased its dividend annually for the last 3 consecutive years. Olympic Steel has a payout ratio of 14.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Olympic Steel to earn $4.19 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 14.3%.

Olympic Steel Trading Down 3.0 %

Shares of ZEUS stock opened at $66.26 on Thursday. The company has a market cap of $737.47 million, a price-to-earnings ratio of 17.21 and a beta of 1.65. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.35 and a quick ratio of 1.20. The firm has a fifty day moving average price of $66.91 and a 200-day moving average price of $57.70. Olympic Steel has a 1 year low of $40.85 and a 1 year high of $73.49.

Institutional Trading of Olympic Steel

Several hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its stake in Olympic Steel by 1.1% in the 3rd quarter. BlackRock Inc. now owns 2,125,957 shares of the basic materials company’s stock worth $48,492,000 after purchasing an additional 24,020 shares in the last quarter. Invesco Ltd. raised its position in shares of Olympic Steel by 36.2% during the 1st quarter. Invesco Ltd. now owns 957,825 shares of the basic materials company’s stock valued at $36,838,000 after buying an additional 254,383 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Olympic Steel by 4.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 941,367 shares of the basic materials company’s stock valued at $49,148,000 after buying an additional 40,265 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Olympic Steel by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 669,270 shares of the basic materials company’s stock valued at $44,640,000 after buying an additional 9,919 shares in the last quarter. Finally, State Street Corp raised its position in shares of Olympic Steel by 2.4% during the 2nd quarter. State Street Corp now owns 648,945 shares of the basic materials company’s stock valued at $31,798,000 after buying an additional 15,080 shares in the last quarter. Hedge funds and other institutional investors own 83.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. TheStreet raised shares of Olympic Steel from a “c+” rating to a “b” rating in a report on Wednesday, November 1st. StockNews.com upgraded shares of Olympic Steel from a “buy” rating to a “strong-buy” rating in a research note on Friday, February 23rd.

Read Our Latest Stock Analysis on Olympic Steel

About Olympic Steel

(Get Free Report)

Olympic Steel, Inc processes, distributes, and stores 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 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.

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Dividend History for Olympic Steel (NASDAQ:ZEUS)

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