JPMorgan Chase & Co. Trims Holdings in Olympic Steel, Inc. $ZEUS

Key Points

• JPMorgan Chase trimmed its stake in Olympic Steel by 52.9% in Q3, selling 81,972 shares and ending the period with 73,001 shares (about 0.65% of the company) valued at $2.223 million.
• Other institutional moves included Invenomic establishing a new position of roughly $6.19 million and AllianceBernstein increasing its stake by 58.1% to 86,890 shares, while hedge funds and institutions now own 87.07% of the stock.
• Olympic Steel trades near $47.86 with a 52-week range of $26.32–$52.65 and a market cap of about $536M (P/E 40.91); Weiss Ratings upgraded the stock from "sell" to "hold" and the consensus rating is a Moderate Buy with an average price target of $38.00.

JPMorgan Chase & Co. decreased its stake in shares of Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) by 52.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 73,001 shares of the basic materials company's stock after selling 81,972 shares during the quarter. JPMorgan Chase & Co. owned about 0.65% of Olympic Steel worth $2,223,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Quarry LP purchased a new position in Olympic Steel during the third quarter worth approximately $27,000. Mariner LLC lifted its position in Olympic Steel by 35.6% during the third quarter. Mariner LLC now owns 11,065 shares of the basic materials company's stock worth $337,000 after buying an additional 2,903 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Olympic Steel during the third quarter worth approximately $142,000. Invenomic Capital Management LP purchased a new position in Olympic Steel during the third quarter worth approximately $6,191,000. Finally, Alliancebernstein L.P. lifted its position in Olympic Steel by 58.1% during the third quarter. Alliancebernstein L.P. now owns 86,890 shares of the basic materials company's stock worth $2,646,000 after buying an additional 31,940 shares in the last quarter. Hedge funds and other institutional investors own 87.07% of the company's stock.

Olympic Steel Price Performance

NASDAQ:ZEUS opened at $47.86 on Tuesday. Olympic Steel, Inc. has a 52 week low of $26.32 and a 52 week high of $52.65. The company has a quick ratio of 1.17, a current ratio of 3.12 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $535.94 million, a P/E ratio of 40.91 and a beta of 1.75. The stock's fifty day moving average is $48.28 and its two-hundred day moving average is $41.48.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded Olympic Steel from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, January 16th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $38.00.

Olympic Steel Company Profile

Olympic Steel, Inc is a leading metals service center headquartered in Cleveland, Ohio, specializing in the distribution of carbon, stainless, aluminum and alloy sheet, plate, bar, tubing, and piping products. The company offers a broad range of metals in various grades, sizes and dimensions, serving customers across a variety of industries. Olympic Steel operates as a one‐stop source for metals procurement, providing both standard inventory offerings and custom‐cut pieces to meet specific customer requirements.

Through its network of service centers in the United States and Mexico, Olympic Steel provides a suite of value‐added processing services, including precision laser and plasma cutting, shearing, slitting, shearing, forming, plate burning, leveling and robotic welding.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.