Martingale Asset Management L P Sells 9,178 Shares of Olympic Steel, Inc. $ZEUS

Key Points

• Martingale Asset Management L P reduced its stake in Olympic Steel, Inc. by 56.7%, selling 9,178 shares in the first quarter and now owning 7,017 shares valued at $221,000.
• Wall Street analysts have mixed opinions on Olympic Steel, with KeyCorp lowering its price target from $40 to $38 and one analyst downgrading the stock from "buy" to "hold."
• Olympic Steel recently reported lower-than-expected earnings, with a quarterly EPS of $0.50 compared to estimated $0.59, while announcing a quarterly dividend of $0.16.

Martingale Asset Management L P lessened its stake in shares of Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) by 56.7% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,017 shares of the basic materials company's stock after selling 9,178 shares during the period. Martingale Asset Management L P owned 0.06% of Olympic Steel worth $221,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Olympic Steel by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 610,747 shares of the basic materials company's stock valued at $19,251,000 after purchasing an additional 2,503 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Olympic Steel by 5.8% during the 1st quarter. American Century Companies Inc. now owns 349,157 shares of the basic materials company's stock valued at $11,005,000 after purchasing an additional 19,044 shares during the last quarter. Bridgeway Capital Management LLC boosted its holdings in shares of Olympic Steel by 1.6% during the 4th quarter. Bridgeway Capital Management LLC now owns 185,808 shares of the basic materials company's stock valued at $6,096,000 after purchasing an additional 2,934 shares during the last quarter. Nuveen LLC bought a new position in shares of Olympic Steel during the 1st quarter valued at about $5,637,000. Finally, Nuveen Asset Management LLC boosted its holdings in shares of Olympic Steel by 5.7% during the 4th quarter. Nuveen Asset Management LLC now owns 173,490 shares of the basic materials company's stock valued at $5,692,000 after purchasing an additional 9,316 shares during the last quarter. Institutional investors own 87.07% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ZEUS shares. KeyCorp dropped their price objective on shares of Olympic Steel from $40.00 to $38.00 and set an "overweight" rating for the company in a report on Wednesday, August 6th. Wall Street Zen downgraded shares of Olympic Steel from a "buy" rating to a "hold" rating in a report on Sunday, August 10th. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $38.00.

Olympic Steel Stock Performance

Olympic Steel stock opened at $33.68 on Wednesday. The company's 50-day moving average price is $32.67 and its 200-day moving average price is $32.24. Olympic Steel, Inc. has a twelve month low of $26.32 and a twelve month high of $43.60. 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 company has a market cap of $377.15 million, a PE ratio of 27.61 and a beta of 1.72.

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

Olympic Steel Dividend Announcement

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

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