Do You Believe Olympic Steel (ZEUS) Will be Back to Normal Levels?
Liberty Park Capital Management, LLC, a financial management company, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. Liberty Park Fund rose 7.45%, net of fees, in the first quarter compared to the Russell 2000 Index’s 2.74% return. The long position of the fund gained 6.02% while the short position fell 1.25% in the quarter. The long position contributed 6.16% and the short position contributed 1.08% on a weight-adjusted basis. Liberty Park Select Opportunities, LP’s value returned 0.57%, net of fees in the first quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Liberty Park Capital highlighted stocks like Olympic Steel, Inc. (NASDAQ:ZEUS) in the first quarter 2023 investor letter. Headquartered in Highland Hills, Ohio, Olympic Steel, Inc. (NASDAQ:ZEUS) processes, distributes, and stores metal products that operate in Carbon Flat Products; Specialty Metals Flat Products; and Tubular and Pipe Products segments. On May 02, 2023, Olympic Steel, Inc. (NASDAQ:ZEUS) stock closed at $47.52 per share. One-month return of Olympic Steel, Inc. (NASDAQ:ZEUS) was -1.21%, and its shares gained 32.63% of their value over the last 52 weeks. Olympic Steel, Inc. (NASDAQ:ZEUS) has a market capitalization of $529.016 million.
Liberty Park Capital made the following comment about Olympic Steel, Inc. (NASDAQ:ZEUS) in its Q1 2023 investor letter:
“We are pleased that Liberty Park Fund, LP has gotten off to a strong start in 2023. January was a particularly strong month for both of our funds, and LPF was able to use the market’s strength to install several new short positions; those positions greatly helped the portfolio in February and March as the market receded.
ATI and Olympic Steel, Inc. (NASDAQ:ZEUS) each reported better-than-expected earnings caused by a widening spread between selling prices and commodity prices. We expect these spreads to compress and for margins at each of the companies to revert back to normal levels.”
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Olympic Steel, Inc. (NASDAQ:ZEUS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 9 hedge fund portfolios held Olympic Steel, Inc. (NASDAQ:ZEUS) at the end of the fourth quarter which was 10 in the previous quarter.
We discussed Olympic Steel, Inc. (NASDAQ:ZEUS) in another article and shared the list of cheap hot stocks to buy. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
