Fintel reports that Invesco has filed a 13G/A form with the SEC disclosing ownership of 0.65MM shares of Olympic Steel, Inc. (ZEUS). This represents 5.8% of the company.
In their previous filing dated February 14, 2022 they reported 0.70MM shares and 6.40% of the company, a decrease in shares of 7.48% and a decrease in total ownership of 0.60% (calculated as current - previous percent ownership).
Analyst Price Forecast Suggests 24.01% Downside
As of February 2, 2023, the average one-year price target for Olympic Steel is $35.19. The forecasts range from a low of $34.84 to a high of $36.22. The average price target represents a decrease of 24.01% from its latest reported closing price of $46.31.
The projected annual revenue for Olympic Steel is $2,106MM, a decrease of 20.96%. The projected annual EPS is $2.23, a decrease of 77.00%.
Fund Sentiment
There are 336 funds or institutions reporting positions in Olympic Steel. This is a decrease of 11 owner(s) or 3.17%.
Average portfolio weight of all funds dedicated to US:ZEUS is 0.0697%, an increase of 2.4135%. Total shares owned by institutions decreased in the last three months by 1.49% to 10,152K shares.
What are large shareholders doing?
IJR - iShares Core S&P Small-Cap ETF holds 701,656 shares representing 6.30% ownership of the company. In it's prior filing, the firm reported owning 652,196 shares, representing an increase of 7.05%. The firm decreased its portfolio allocation in ZEUS by 3.28% over the last quarter.
Acadian Asset Management holds 399,567 shares representing 3.59% ownership of the company. In it's prior filing, the firm reported owning 381,041 shares, representing an increase of 4.64%. The firm decreased its portfolio allocation in ZEUS by 0.66% over the last quarter.
XSVM - Invesco S&P SmallCap Value with Momentum ETF holds 382,574 shares representing 3.44% ownership of the company. In it's prior filing, the firm reported owning 364,267 shares, representing an increase of 4.79%. The firm decreased its portfolio allocation in ZEUS by 4.56% over the last quarter.
IFRA - iShares U.S. Infrastructure ETF holds 374,585 shares representing 3.37% ownership of the company. In it's prior filing, the firm reported owning 320,965 shares, representing an increase of 14.31%. The firm increased its portfolio allocation in ZEUS by 18.30% over the last quarter.
Ameriprise Financial holds 325,553 shares representing 2.93% ownership of the company. In it's prior filing, the firm reported owning 306,670 shares, representing an increase of 5.80%. The firm decreased its portfolio allocation in ZEUS by 81.73% over the last quarter.
Olympic Steel Declares $0.09 Dividend
Olympic Steel said on November 3, 2022 that its board of directors declared a regular quarterly dividend of $0.09 per share ($0.36 annualized). Shareholders of record as of November 30, 2022 received the payment on December 15, 2022. Previously, the company paid $0.09 per share.
At the current share price of $46.31 / share, the stock's dividend yield is 0.78%. Looking back five years and taking a sample every week, the average dividend yield has been 0.60%, the lowest has been 0.22%, and the highest has been 1.56%. The standard deviation of yields is 0.32 (n=236).
The current dividend yield is 0.55 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.04. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 3.50%, demonstrating that it has increased its dividend over time.
Olympic Steel Background Information
(This description is provided by the company.)
Founded in 1954, Olympic Steel is a leading U.S. metals service center focused on the direct sale of processed carbon, coated and stainless flat-rolled sheet, coil and plate steel, aluminum, tin plate, and metal-intensive branded products. The Company's CTI subsidiary is a leading distributor of steel tubing, bar, pipe, valves and fittings, and fabricator of value-added parts and components. Headquartered in Cleveland, Ohio, Olympic Steel operates from 36 facilities in North America.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
