Olympic Steel, Inc. $ZEUS Shares Sold by Acadian Asset Management LLC

Key Points

• Acadian Asset Management LLC reduced its stake in Olympic Steel, Inc. by 3.6%, selling 15,259 shares during the first quarter, now holding 404,902 shares valued at approximately $12.76 million.
• Several institutional investors, including Versant Capital Management Inc and New Age Alpha Advisors LLC, have significantly increased their holdings in Olympic Steel by as much as 178.7% in the same period.
• Olympic Steel recently reported a quarterly earnings miss, with an EPS of $0.50 against an estimated $0.59, alongside a dividend of $0.16 per share scheduled for payment on September 15th.

Acadian Asset Management LLC cut its position in Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) by 3.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 404,902 shares of the basic materials company's stock after selling 15,259 shares during the period. Acadian Asset Management LLC owned 3.63% of Olympic Steel worth $12,756,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. SummerHaven Investment Management LLC boosted its stake in Olympic Steel by 2.2% during the first quarter. SummerHaven Investment Management LLC now owns 19,059 shares of the basic materials company's stock worth $601,000 after buying an additional 417 shares during the last quarter. Versant Capital Management Inc boosted its stake in Olympic Steel by 178.7% during the first quarter. Versant Capital Management Inc now owns 914 shares of the basic materials company's stock worth $29,000 after buying an additional 586 shares during the last quarter. New Age Alpha Advisors LLC boosted its stake in Olympic Steel by 33.6% during the first quarter. New Age Alpha Advisors LLC now owns 2,406 shares of the basic materials company's stock worth $76,000 after buying an additional 605 shares during the last quarter. Quantbot Technologies LP boosted its stake in Olympic Steel by 20.1% during the first quarter. Quantbot Technologies LP now owns 4,954 shares of the basic materials company's stock worth $156,000 after buying an additional 830 shares during the last quarter. Finally, State of Wyoming raised its position in Olympic Steel by 17.6% in the fourth quarter. State of Wyoming now owns 8,236 shares of the basic materials company's stock valued at $270,000 after purchasing an additional 1,233 shares during the period. 87.07% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have commented on ZEUS. KeyCorp reduced their target price on Olympic Steel from $40.00 to $38.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 6th. Wall Street Zen downgraded Olympic Steel from a "buy" rating to a "hold" rating in a research report on Sunday, August 10th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $38.00.

Olympic Steel Stock Up 1.6%

NASDAQ ZEUS traded up $0.52 during trading hours on Wednesday, hitting $33.47. 9,548 shares of the company were exchanged, compared to its average volume of 78,598. The company has a 50 day moving average of $32.88 and a two-hundred day moving average of $32.02. The company has a quick ratio of 1.18, a current ratio of 3.07 and a debt-to-equity ratio of 0.40. Olympic Steel, Inc. has a 52-week low of $26.32 and a 52-week high of $43.60. The firm has a market cap of $374.86 million, a price-to-earnings ratio of 27.43 and a beta of 1.77.

Olympic Steel (NASDAQ:ZEUS - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The basic materials company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.59 by ($0.09). Olympic Steel had a return on equity of 1.95% and a net margin of 0.77%.The company had revenue of $496.48 million for the quarter, compared to analysts' expectations of $506.60 million. Equities research analysts anticipate that Olympic Steel, Inc. will post 2.69 earnings per share for the current year.

Olympic Steel Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were issued a dividend of $0.16 per share. The ex-dividend date was Tuesday, September 2nd. This represents a $0.64 annualized dividend and a yield of 1.9%. Olympic Steel's dividend payout ratio is 52.46%.

About Olympic Steel

Olympic Steel, Inc processes, distributes, and stores metal products primarily in the United States, Canada, and Mexico. 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.