Charles Schwab Investment Management Inc. Acquires 41,848 Shares of Olympic Steel, Inc. $ZEUS

Key Points

• Charles Schwab Investment Management Inc. increased its holdings in Olympic Steel by 66.8% during the 1st quarter, acquiring an additional 41,848 shares, which brought its total ownership to 104,529 shares valued at approximately $3.3 million.
• Several hedge funds made significant changes to their positions in Olympic Steel, with Versant Capital Management Inc. lifting its holdings by 178.7% during the same period, indicating increased confidence among institutional investors.
• Despite an earnings miss for the last quarter, Olympic Steel announced a quarterly dividend of $0.16 per share, representing an annualized yield of 1.9%.

Charles Schwab Investment Management Inc. raised its holdings in shares of Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) by 66.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 104,529 shares of the basic materials company's stock after purchasing an additional 41,848 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.94% of Olympic Steel worth $3,295,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in ZEUS. Vanguard Group Inc. lifted its holdings in shares of Olympic Steel by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 610,747 shares of the basic materials company's stock valued at $19,251,000 after acquiring an additional 2,503 shares during the last quarter. New Age Alpha Advisors LLC raised its position 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 valued at $76,000 after purchasing an additional 605 shares during the period. Federated Hermes Inc. lifted its stake in shares of Olympic Steel by 18,931.2% in the 1st 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. Meeder Asset Management Inc. bought a new stake in shares of Olympic Steel in the 1st quarter valued at approximately $179,000. Finally, Readystate Asset Management LP purchased a new position in shares of Olympic Steel in the 1st quarter worth approximately $424,000. 87.07% of the stock is currently owned by institutional investors.

Olympic Steel Trading Down 0.7%

ZEUS stock traded down $0.25 during mid-day trading on Wednesday, reaching $32.77. The company had a trading volume of 31,526 shares, compared to its average volume of 80,135. The company has a market capitalization of $366.97 million, a PE ratio of 26.83 and a beta of 1.77. The firm has a 50 day moving average of $32.97 and a 200 day moving average of $32.18. Olympic Steel, Inc. has a 12 month low of $26.32 and a 12 month high of $43.60. 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 results on Thursday, July 31st. The basic materials company reported $0.50 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.59 by ($0.09). The firm had revenue of $496.48 million during the quarter, compared to analysts' expectations 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 predict that Olympic Steel, Inc. will post 2.69 earnings per share for the current fiscal year.

Olympic Steel Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given 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 2.0%. Olympic Steel's dividend payout ratio is presently 52.46%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Wall Street Zen downgraded Olympic Steel from a "buy" rating to a "hold" rating in a research report on Sunday, August 10th. KeyCorp lowered 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. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $38.00.

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.