Jacobs Levy Equity Management Inc. Trims Holdings in Olympic Steel, Inc. $ZEUS

Key Points

• Jacobs Levy Equity Management Inc. has decreased its position in Olympic Steel, Inc. by 28.3%, now holding approximately 1.06% of the company with a value of $3.73 million.
• Several institutional investors have been increasing their stakes in Olympic Steel, including Ameriprise Financial Inc., which raised its position by 62.2% in the fourth quarter.
• The company recently reported earnings that missed analyst expectations, with an EPS of $0.50 compared to the anticipated $0.59, alongside a quarterly dividend announcement of $0.16 per share.

Jacobs Levy Equity Management Inc. trimmed its holdings in Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) by 28.3% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 118,274 shares of the basic materials company's stock after selling 46,766 shares during the quarter. Jacobs Levy Equity Management Inc. owned about 1.06% of Olympic Steel worth $3,728,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of ZEUS. Price T Rowe Associates Inc. MD increased its holdings in Olympic Steel by 6.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 13,891 shares of the basic materials company's stock worth $456,000 after buying an additional 839 shares in the last quarter. Northern Trust Corp grew its stake in shares of Olympic Steel by 13.7% during the 4th quarter. Northern Trust Corp now owns 114,270 shares of the basic materials company's stock valued at $3,749,000 after purchasing an additional 13,745 shares during the period. Ameriprise Financial Inc. grew its stake in shares of Olympic Steel by 62.2% during the 4th quarter. Ameriprise Financial Inc. now owns 43,347 shares of the basic materials company's stock valued at $1,422,000 after purchasing an additional 16,624 shares during the period. BNP Paribas Financial Markets grew its stake in shares of Olympic Steel by 13.8% during the 4th quarter. BNP Paribas Financial Markets now owns 25,120 shares of the basic materials company's stock valued at $824,000 after purchasing an additional 3,039 shares during the period. Finally, Cresset Asset Management LLC grew its stake in shares of Olympic Steel by 17.4% during the 4th quarter. Cresset Asset Management LLC now owns 21,108 shares of the basic materials company's stock valued at $693,000 after purchasing an additional 3,131 shares during the period. 87.07% of the stock is currently owned by institutional investors.

Olympic Steel Price Performance

Shares of ZEUS traded up $0.40 during mid-day trading on Monday, hitting $33.27. 4,707 shares of the stock were exchanged, compared to its average volume of 78,968. The firm has a 50-day moving average of $32.94 and a two-hundred 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. The company has a market cap of $372.57 million, a PE ratio of 27.31 and a beta of 1.77. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.18 and a current ratio of 3.07.

Olympic Steel (NASDAQ:ZEUS - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The basic materials company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.59 by ($0.09). Olympic Steel had a net margin of 0.77% and a return on equity of 1.95%. The company had revenue of $496.48 million for the quarter, compared to analysts' expectations of $506.60 million. On average, equities analysts predict that Olympic Steel, Inc. will post 2.69 earnings per share for the current year.

Olympic Steel Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be paid a $0.16 dividend. 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 (DPR) is presently 52.46%.

Analysts Set New Price Targets

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

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.