Profit Investment Management LLC Takes $1.55 Million Position in 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 stake in Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Federated Hermes Inc. lifted its position in shares of Olympic Steel by 18,931.2% during 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 lifted its position in shares of Olympic Steel by 3,455.5% during the first 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 during the last quarter. American Century Companies Inc. lifted its position in shares of Olympic Steel by 5.8% during the first quarter. American Century Companies Inc. now owns 349,157 shares of the basic materials company's stock worth $11,005,000 after purchasing an additional 19,044 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of Olympic Steel by 32.0% during the first quarter. Russell Investments Group Ltd. now owns 78,577 shares of the basic materials company's stock worth $2,477,000 after purchasing an additional 19,039 shares during the last quarter. Finally, New Age Alpha Advisors LLC lifted its position in shares of Olympic Steel by 33.6% during the first 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. 87.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on ZEUS shares. Wall Street Zen cut shares of Olympic Steel from a "buy" rating to a "hold" rating in a report on Sunday, August 10th. KeyCorp cut 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, According to MarketBeat.com, Olympic Steel currently has a consensus rating of "Buy" and an average price target of $38.00.

Olympic Steel Price Performance

Shares of NASDAQ ZEUS traded down $0.36 during mid-day trading on Tuesday, reaching $31.90. 14,201 shares of the company traded hands, compared to its average volume of 78,880. Olympic Steel, Inc. has a fifty-two week low of $26.32 and a fifty-two week high of $43.60. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.07 and a quick ratio of 1.18. The firm has a market cap of $357.22 million, a PE ratio of 26.12 and a beta of 1.77. The stock has a fifty day simple moving average of $32.73 and a 200-day simple moving average of $32.03.

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

Olympic Steel Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.0%. Olympic Steel's dividend payout ratio (DPR) 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.