Jacobs Levy Equity Management Inc. Cuts Stake 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. lowered its position in shares of Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) by 28.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 118,274 shares of the basic materials company's stock after selling 46,766 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 1.06% of Olympic Steel worth $3,728,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of ZEUS. Versant Capital Management Inc boosted its stake in shares of Olympic Steel by 178.7% during 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 lifted its stake in shares of Olympic Steel by 33.6% during the 1st quarter. New Age Alpha Advisors LLC now owns 2,406 shares of the basic materials company's stock valued at $76,000 after buying an additional 605 shares in the last quarter. CWM LLC lifted its stake in shares of Olympic Steel by 170.5% during the 1st quarter. CWM LLC now owns 2,462 shares of the basic materials company's stock valued at $78,000 after buying an additional 1,552 shares in the last quarter. Quantbot Technologies LP lifted its stake in shares of Olympic Steel by 20.1% during the 1st quarter. Quantbot Technologies LP now owns 4,954 shares of the basic materials company's stock valued at $156,000 after buying an additional 830 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in shares of Olympic Steel during the 1st quarter valued at $179,000. Hedge funds and other institutional investors own 87.07% of the company's stock.

Olympic Steel Trading Down 2.8%

ZEUS stock traded down $0.93 during trading on Friday, reaching $32.87. 50,412 shares of the stock were exchanged, compared to its average volume of 51,524. The company has a current ratio of 3.07, a quick ratio of 1.18 and a debt-to-equity ratio of 0.40. The business has a 50 day moving average price of $32.94 and a 200-day moving average price of $32.04. Olympic Steel, Inc. has a 1 year low of $26.32 and a 1 year high of $43.60. The firm has a market capitalization of $368.14 million, a price-to-earnings ratio of 26.94 and a beta of 1.77.

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 (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 net margin of 0.77% and a return on equity of 1.95%. On average, research analysts predict that Olympic Steel, Inc. will post 2.69 earnings per share for the current year.

Olympic Steel Announces Dividend

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

Analyst Ratings Changes

ZEUS has been the topic of several recent research reports. Wall Street Zen cut shares of Olympic Steel from a "buy" rating to a "hold" rating in a research report on Sunday, August 10th. KeyCorp dropped their price objective on shares of Olympic Steel from $40.00 to $38.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 6th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus 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.