Corient IA LLC Makes New $252,000 Investment 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 bought a new position in Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 8,000 shares of the basic materials company's stock, valued at approximately $252,000. Corient IA LLC owned about 0.07% of Olympic Steel as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ZEUS. Versant Capital Management Inc grew its holdings in shares of 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 acquiring an additional 586 shares during the last quarter. New Age Alpha Advisors LLC grew its holdings in shares of 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 acquiring an additional 605 shares during the last quarter. CWM LLC grew its holdings in shares of 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 acquiring an additional 1,552 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in shares of Olympic Steel in the 1st quarter worth $179,000. Finally, State of Wyoming grew its holdings in shares of Olympic Steel by 17.6% in the 4th quarter. State of Wyoming now owns 8,236 shares of the basic materials company's stock worth $270,000 after acquiring an additional 1,233 shares during the last quarter. 87.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently weighed in on ZEUS shares. KeyCorp lowered 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. Wall Street Zen downgraded Olympic Steel from a "buy" rating to a "hold" rating in a report on Sunday, August 10th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $38.00.

Olympic Steel Stock Up 5.6%

NASDAQ ZEUS traded up $1.77 on Friday, reaching $33.56. The stock had a trading volume of 68,644 shares, compared to its average volume of 62,257. The business has a 50 day moving average price of $32.56 and a 200 day moving average price of $32.27. The company has a current ratio of 3.07, a quick ratio of 1.18 and a debt-to-equity ratio of 0.40. Olympic Steel, Inc. has a 1 year low of $26.32 and a 1 year high of $43.60. The company has a market capitalization of $375.87 million, a price-to-earnings ratio of 27.51 and a beta of 1.72.

Olympic Steel (NASDAQ:ZEUS - Get Free Report) last issued 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). 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 during the quarter, compared to analysts' expectations of $506.60 million. On average, analysts forecast that Olympic Steel, Inc. will post 2.69 EPS for the current fiscal year.

Olympic Steel Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a $0.16 dividend. 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 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.