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

Olympic Steel, Inc. (NASDAQ:ZEUS) was the recipient of a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 245,000 shares, a growth of 6.5% from the September 30th total of 230,100 shares. Based on an average daily volume of 77,700 shares, the days-to-cover ratio is currently 3.2 days. Approximately 2.7% of the shares of the company are short sold.

Hedge funds and other institutional investors have recently made changes to their positions in the company. WINTON GROUP Ltd raised its position in shares of Olympic Steel by 25.8% during the 2nd quarter. WINTON GROUP Ltd now owns 50,311 shares of the basic materials company’s stock worth $687,000 after purchasing an additional 10,309 shares during the last quarter. Crossmark Global Holdings Inc. increased its stake in Olympic Steel by 4.5% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 21,590 shares of the basic materials company’s stock worth $295,000 after buying an additional 934 shares in the last quarter. Strs Ohio increased its stake in Olympic Steel by 7.6% during the 2nd quarter. Strs Ohio now owns 35,300 shares of the basic materials company’s stock worth $481,000 after buying an additional 2,500 shares in the last quarter. Municipal Employees Retirement System of Michigan raised its holdings in shares of Olympic Steel by 39.8% during the second quarter. Municipal Employees Retirement System of Michigan now owns 87,010 shares of the basic materials company’s stock valued at $1,187,000 after acquiring an additional 24,770 shares during the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Olympic Steel by 19.4% during the second quarter. Van ECK Associates Corp now owns 8,547 shares of the basic materials company’s stock valued at $117,000 after acquiring an additional 1,387 shares during the last quarter. Institutional investors and hedge funds own 66.01% of the company’s stock.

A number of research firms recently commented on ZEUS. Zacks Investment Research upgraded shares of Olympic Steel from a “sell” rating to a “hold” rating in a research note on Wednesday, September 18th. ValuEngine lowered shares of Olympic Steel from a “buy” rating to a “hold” rating in a research note on Saturday, October 19th.

Shares of ZEUS opened at $15.02 on Friday. The company has a debt-to-equity ratio of 0.79, a current ratio of 3.96 and a quick ratio of 1.55. The firm has a market capitalization of $163.40 million, a PE ratio of 4.28 and a beta of 2.17. Olympic Steel has a 1-year low of $9.99 and a 1-year high of $20.24. The company’s fifty day moving average price is $14.79 and its 200-day moving average price is $13.45.

About Olympic Steel

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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