Olympic Steel, Inc. $ZEUS Shares Sold by Cubist Systematic Strategies LLC

Key Points

• Cubist Systematic Strategies LLC has reduced its stake in Olympic Steel, Inc. (NASDAQ:ZEUS) by 41.9%, now holding approximately 22,504 shares worth $709,000.
• Several institutional investors increased their positions in Olympic Steel, with Versant Capital Management growing its stake by 178.7% in the first quarter.
• Olympic Steel reported an earnings miss with $0.50 EPS for the quarter, falling short of the consensus estimate of $0.59, and announced a quarterly dividend of $0.16 per share.

Cubist Systematic Strategies LLC trimmed its holdings in Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) by 41.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,504 shares of the basic materials company's stock after selling 16,203 shares during the period. Cubist Systematic Strategies LLC owned 0.20% of Olympic Steel worth $709,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of ZEUS. Royal Bank of Canada raised its holdings in shares of Olympic Steel by 94.9% during the 1st quarter. Royal Bank of Canada now owns 24,649 shares of the basic materials company's stock worth $777,000 after acquiring an additional 12,002 shares during the period. State of Wyoming raised its holdings in shares of Olympic Steel by 22.1% during the 1st quarter. State of Wyoming now owns 10,058 shares of the basic materials company's stock worth $317,000 after acquiring an additional 1,822 shares during the period. Trexquant Investment LP raised its holdings in shares of Olympic Steel by 42.3% during the 1st quarter. Trexquant Investment LP now owns 69,668 shares of the basic materials company's stock worth $2,196,000 after acquiring an additional 20,705 shares during the period. JB Capital Partners LP raised its holdings in shares of Olympic Steel by 13.1% during the 1st quarter. JB Capital Partners LP now owns 206,332 shares of the basic materials company's stock worth $6,504,000 after acquiring an additional 23,833 shares during the period. Finally, Walleye Capital LLC purchased a new position in shares of Olympic Steel during the 1st quarter worth $376,000. 87.07% of the stock is currently owned by institutional investors and hedge funds.

Olympic Steel Trading Up 0.8%

NASDAQ:ZEUS traded up $0.25 on Monday, reaching $33.12. 47,360 shares of the company's stock were exchanged, compared to its average volume of 52,463. 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 $370.94 million, a price-to-earnings ratio of 27.15 and a beta of 1.77. The business has a fifty day moving average of $32.91 and a 200-day moving average of $32.01. Olympic Steel, Inc. has a 52-week low of $26.32 and a 52-week high of $43.60.

Olympic Steel (NASDAQ:ZEUS - Get Free Report) last issued 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 business had revenue of $496.48 million for 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%. As a group, analysts expect that Olympic Steel, Inc. will post 2.69 earnings per share for the current year.

Olympic Steel Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.16 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $0.64 dividend on an annualized basis and a yield of 1.9%. Olympic Steel's dividend payout ratio is 52.46%.

Wall Street Analysts Forecast Growth

Several research 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 reduced their price objective on shares of Olympic Steel from $40.00 to $38.00 and set an "overweight" rating on the stock in a report on Wednesday, August 6th. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $38.00.

Olympic Steel 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.