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

Other hedge funds have also recently added to or reduced their stakes in the company. Federated Hermes Inc. increased its stake in Olympic Steel by 18,931.2% during the first quarter. Federated Hermes Inc. now owns 17,699 shares of the basic materials company's stock valued at $558,000 after purchasing an additional 17,606 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Olympic Steel by 3,455.5% during the 1st quarter. GAMMA Investing LLC now owns 13,333 shares of the basic materials company's stock valued at $423,000 after buying an additional 12,958 shares during the last quarter. American Century Companies Inc. raised its stake in Olympic Steel by 5.8% during the first quarter. American Century Companies Inc. now owns 349,157 shares of the basic materials company's stock worth $11,005,000 after acquiring an additional 19,044 shares during the period. Russell Investments Group Ltd. raised its stake in Olympic Steel by 32.0% during the first quarter. Russell Investments Group Ltd. now owns 78,577 shares of the basic materials company's stock worth $2,477,000 after acquiring an additional 19,039 shares during the period. Finally, New Age Alpha Advisors LLC lifted its holdings in Olympic Steel by 33.6% in the first quarter. New Age Alpha Advisors LLC now owns 2,406 shares of the basic materials company's stock worth $76,000 after acquiring an additional 605 shares during the last quarter. Institutional investors and hedge funds own 87.07% of the company's stock.

Analyst Upgrades and Downgrades

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

Olympic Steel Price Performance

ZEUS traded up $0.19 during trading on Wednesday, reaching $32.67. The stock had a trading volume of 24,836 shares, compared to its average volume of 79,606. The stock has a 50 day moving average of $33.03 and a two-hundred day moving average of $32.07. The company has a quick ratio of 1.18, a current ratio of 3.07 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $365.85 million, a price-to-earnings ratio of 26.70 and a beta of 1.77. Olympic Steel, Inc. has a 1-year low of $26.32 and a 1-year high of $43.60.

Olympic Steel (NASDAQ:ZEUS - Get Free Report) last posted its quarterly earnings data 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). Olympic Steel had a return on equity of 1.95% and a net margin of 0.77%.The firm had revenue of $496.48 million during the quarter, compared to the consensus estimate of $506.60 million. As a group, equities analysts anticipate that Olympic Steel, Inc. will post 2.69 EPS for the current fiscal year.

Olympic Steel Dividend Announcement

The firm also recently announced 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 annualized dividend and a yield of 2.0%. Olympic Steel's dividend payout ratio is currently 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.