Corient IA LLC Takes $252,000 Position in Olympic Steel, Inc. $ZEUS

Key Points

• Corient IA LLC has made a new investment in Olympic Steel, purchasing 8,000 shares valued at approximately $252,000, representing about 0.07% of the company.
• Several institutional investors, including Versant Capital Management and New Age Alpha Advisors, have significantly increased their holdings in Olympic Steel during the first quarter.
• Olympic Steel recently missed earnings estimates with $0.50 EPS against a forecast of $0.59, and the company has announced a quarterly dividend of $0.16 per share, yielding 2.0% annually.

Corient IA LLC purchased a new stake in Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 8,000 shares of the basic materials company's stock, valued at approximately $252,000. Corient IA LLC owned approximately 0.07% of Olympic Steel as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Nuveen LLC acquired a new position in Olympic Steel during the first quarter worth about $5,637,000. Foundry Partners LLC bought a new stake in Olympic Steel in the first quarter valued at approximately $4,082,000. Barclays PLC boosted its holdings in Olympic Steel by 648.0% in the fourth quarter. Barclays PLC now owns 116,182 shares of the basic materials company's stock valued at $3,812,000 after acquiring an additional 100,650 shares during the last quarter. Deutsche Bank AG boosted its holdings in Olympic Steel by 690.2% in the first quarter. Deutsche Bank AG now owns 78,896 shares of the basic materials company's stock valued at $2,487,000 after acquiring an additional 68,912 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in shares of Olympic Steel by 34.4% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 165,040 shares of the basic materials company's stock worth $5,415,000 after buying an additional 42,267 shares in the last quarter. Institutional investors and hedge funds own 87.07% of the company's stock.

Olympic Steel Price Performance

Shares of NASDAQ ZEUS traded down $0.58 during trading hours on Wednesday, reaching $32.04. 38,229 shares of the stock traded hands, compared to its average volume of 65,479. The company has a market capitalization of $358.85 million, a P/E ratio of 26.26 and a beta of 1.72. 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 company's 50-day simple moving average is $32.49 and its two-hundred day simple moving average is $32.29.

Olympic Steel (NASDAQ:ZEUS - Get Free Report) last announced its quarterly 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 during the quarter, compared to analysts' expectations of $506.60 million. Olympic Steel had a return on equity of 1.95% and a net margin of 0.77%. Equities research analysts forecast that Olympic Steel, Inc. will post 2.69 EPS for the current year.

Olympic Steel Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders 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 dividend yield of 2.0%. Olympic Steel's payout ratio is 52.46%.

Analyst Ratings Changes

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