Olympic Steel Inc (NASDAQ: ZEUS) said on Thursday that its Board of Directors had authorized a regular quarterly cash dividend of $0.15 per share.
The latter compares with a previous quarterly dividend of $0.125 per share.
The dividend will be paid on March 15th to shareholders of record as of the close of business on March 4th 2024, the company said.
Net income for the fourth quarter was reported at $7.4 million ($0.64 per diluted share), an increase from $4.0 million ($0.34 per diluted share) in the fourth quarter of 2022.
The company’s adjusted EBITDA for the fourth quarter was reported at $16.7 million, up from $11.9 million in the fourth quarter of 2022.
“Olympic Steel’s strong performance in the fourth quarter and for the full year reflects the success of our strategy to build a more diversified company that delivers results and creates shareholder value even under challenging market conditions,” Richard T. Marabito, Chief Executive Officer of Olympic Steel Inc, said in a press release.
“For the second year in a row, we withstood a hot-rolled carbon steel index pricing decline of more than 45% during the year. Despite significant pricing fluctuations, we continue to deliver on our commitment to achieve more consistent, profitable results,” the CEO added.
Stock Performance
The shares of Olympic Steel Inc (ZEUS) closed 0.40% ($0.28) higher at $69.85 on Nasdaq on Thursday, as they extended the gain from the previous market session.
The company’s total market cap now stands at $777.605 million.
The shares of Olympic Steel Inc (ZEUS) went up 98.63% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have risen 4.72% so far this year.
Analyst stock price forecast and recommendation
According to the Wall Street Journal, at least 1 surveyed investment analyst had rated Olympic Steel Inc’s stock as “Hold”. The median price target on the stock stands at $59.00, which translates into a 15.53% downside compared to the closing price on Thursday.
The high point of the analyst forecast range stands at $59.00.
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