Olympic Steel, Inc. $ZEUS Shares Sold by Bridgeway Capital Management LLC

Key Points

• Bridgeway Capital Management LLC reduced its stake in Olympic Steel, Inc. by 39.9%, selling 74,203 shares and holding approximately 1.00% of the company after the sale.
• Olympic Steel reported a Q2 EPS of $0.50, missing analysts' expectations of $0.59, with revenues of $496.48 million, below the anticipated $506.60 million.
• The company declared a quarterly dividend of $0.16 per share, with an ex-dividend date on September 2nd, representing a 1.9% yield.

Bridgeway Capital Management LLC decreased its holdings in shares of Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) by 39.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 111,605 shares of the basic materials company's stock after selling 74,203 shares during the period. Bridgeway Capital Management LLC owned approximately 1.00% of Olympic Steel worth $3,518,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of ZEUS. Nuveen LLC acquired a new stake in Olympic Steel in the first quarter valued at $5,637,000. Foundry Partners LLC acquired a new position in shares of Olympic Steel during the 1st quarter worth $4,082,000. Deutsche Bank AG increased its holdings in shares of Olympic Steel by 690.2% in the 1st quarter. Deutsche Bank AG now owns 78,896 shares of the basic materials company's stock valued at $2,487,000 after purchasing an additional 68,912 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in shares of Olympic Steel by 34.4% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 165,040 shares of the basic materials company's stock valued at $5,415,000 after purchasing an additional 42,267 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Olympic Steel by 66.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 104,529 shares of the basic materials company's stock worth $3,295,000 after buying an additional 41,848 shares in the last quarter. 87.07% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. KeyCorp dropped their target price on shares of Olympic Steel from $40.00 to $38.00 and set an "overweight" rating for the company in a report on Wednesday, August 6th. Wall Street Zen downgraded Olympic Steel from a "buy" rating to a "hold" rating in a research note on Sunday, August 10th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Olympic Steel has an average rating of "Buy" and an average price target of $38.00.

Olympic Steel Price Performance

Shares of Olympic Steel stock traded up $1.16 during trading on Thursday, hitting $33.80. 46,321 shares of the company were exchanged, compared to its average volume of 51,432. 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 fifty-two week low of $26.32 and a fifty-two week high of $43.60. The stock has a market capitalization of $378.56 million, a price-to-earnings ratio of 27.70 and a beta of 1.77. The firm has a 50 day moving average price of $32.98 and a 200 day moving average price of $32.06.

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

Olympic Steel Announces Dividend

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