Profit Investment Management LLC Purchases Shares of 47,623 Olympic Steel, Inc. $ZEUS

Key Points

• Profit Investment Management LLC has acquired a new stake in Olympic Steel, Inc. (NASDAQ: ZEUS), purchasing 47,623 shares valued at approximately $1.55 million, representing a 0.43% ownership of the company.
• Several institutional investors have increased their positions in Olympic Steel, with Ameriprise Financial raising its ownership by 62.2% during the 4th quarter alone.
• Olympic Steel reported a missed earnings estimate for the last quarter, posting an EPS of $0.50 against expectations of $0.59, with revenues also falling short of projections.

Profit Investment Management LLC acquired a new position in Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm acquired 47,623 shares of the basic materials company's stock, valued at approximately $1,552,000. Profit Investment Management LLC owned about 0.43% of Olympic Steel as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Federated Hermes Inc. increased its holdings in shares of Olympic Steel by 18,931.2% in the first quarter. Federated Hermes Inc. now owns 17,699 shares of the basic materials company's stock worth $558,000 after purchasing an additional 17,606 shares during the last quarter. GAMMA Investing LLC grew its stake in Olympic Steel by 3,455.5% during the 1st quarter. GAMMA Investing LLC now owns 13,333 shares of the basic materials company's stock worth $423,000 after purchasing an additional 12,958 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Olympic Steel by 5.8% in 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 period. Russell Investments Group Ltd. lifted its holdings in shares of Olympic Steel by 32.0% in the 1st quarter. Russell Investments Group Ltd. now owns 78,577 shares of the basic materials company's stock valued at $2,477,000 after buying an additional 19,039 shares during the period. Finally, New Age Alpha Advisors LLC raised its position 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 worth $76,000 after purchasing an additional 605 shares during the last quarter. Institutional investors own 87.07% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ZEUS shares. Wall Street Zen downgraded shares of Olympic Steel from a "buy" rating to a "hold" rating in a report on Sunday, August 10th. KeyCorp lowered their target price 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 equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, Olympic Steel currently has a consensus rating of "Buy" and an average price target of $38.00.

Olympic Steel Price Performance

Olympic Steel stock traded down $1.09 during mid-day trading on Friday, reaching $32.29. 182,317 shares of the company's stock traded hands, compared to its average volume of 60,631. The stock has a 50 day moving average of $32.78 and a two-hundred day moving average of $32.03. The company has a market cap of $361.65 million, a price-to-earnings ratio of 26.47 and a beta of 1.77. Olympic Steel, Inc. has a 12-month low of $26.32 and a 12-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.

Olympic Steel (NASDAQ:ZEUS - Get Free Report) last posted 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 return on equity of 1.95% and a net margin of 0.77%.The business had revenue of $496.48 million during the quarter, compared to analysts' expectations of $506.60 million. Equities analysts forecast that Olympic Steel, Inc. will post 2.69 earnings per share for the current year.

Olympic Steel Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were issued a dividend of $0.16 per share. The ex-dividend date was Tuesday, September 2nd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.0%. Olympic Steel's payout ratio is 52.46%.

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.