Acadian Asset Management LLC Sells 15,259 Shares of Olympic Steel, Inc. $ZEUS

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 stake in Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) by 3.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 404,902 shares of the basic materials company's stock after selling 15,259 shares during the quarter. Acadian Asset Management LLC owned about 3.63% of Olympic Steel worth $12,756,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Versant Capital Management Inc raised its holdings in Olympic Steel by 178.7% in the 1st quarter. Versant Capital Management Inc now owns 914 shares of the basic materials company's stock worth $29,000 after purchasing an additional 586 shares in the last quarter. New Age Alpha Advisors LLC raised its holdings in Olympic Steel by 33.6% in the 1st quarter. New Age Alpha Advisors LLC now owns 2,406 shares of the basic materials company's stock worth $76,000 after purchasing an additional 605 shares in the last quarter. CWM LLC raised its holdings in Olympic Steel by 170.5% in the 1st quarter. CWM LLC now owns 2,462 shares of the basic materials company's stock worth $78,000 after purchasing an additional 1,552 shares in the last quarter. Quantbot Technologies LP raised its holdings in Olympic Steel by 20.1% in the 1st quarter. Quantbot Technologies LP now owns 4,954 shares of the basic materials company's stock worth $156,000 after purchasing an additional 830 shares in the last quarter. Finally, Meeder Asset Management Inc. bought a new position in Olympic Steel in the 1st quarter worth $179,000. 87.07% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

Olympic Steel Stock Up 3.6%

NASDAQ:ZEUS opened at $33.80 on Friday. Olympic Steel, Inc. has a 1-year low of $26.32 and a 1-year high of $43.60. The firm's 50-day moving average price is $32.98 and its 200-day moving average price is $32.06. The company has a market capitalization of $378.56 million, a PE ratio of 27.70 and a beta of 1.77. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.07 and a quick ratio of 1.18.

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

Olympic Steel Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Tuesday, September 2nd. Olympic Steel's dividend payout ratio is 52.46%.

Olympic Steel Company Profile

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.

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