Olympic Steel Inc. (ZEUS) Downgraded to Sell at Zacks Investment Research
Olympic Steel Inc. (NASDAQ:ZEUS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.
According to Zacks, “OLYMPIC STEEL INC. is a specialized steel service center that processes and distributes flat- rolled carbon, stainless and tubular steel products. Co. operates as an intermediary between steel producers and manufacturers that require processed steel for their operations. Co. purchases flat-rolled steel typically from steel producers and responds to its customers’ needs by processing steel to customer specifications and by providing critical inventory and just-in-time delivery services. “
Other equities research analysts also recently issued research reports about the stock. Jefferies Group reaffirmed a “hold” rating on shares of Olympic Steel in a research report on Wednesday, August 3rd. TheStreet raised shares of Olympic Steel from a “sell” rating to a “hold” rating in a research report on Tuesday, June 28th. Finally, KeyCorp downgraded shares of Olympic Steel from a “sector weight” rating to an “underweight” rating and set a $21.00 price objective for the company. in a research report on Friday, August 19th.
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Shares of Olympic Steel (NASDAQ:ZEUS) traded up 1.43% during trading on Tuesday, hitting $19.80. The company’s stock had a trading volume of 37,287 shares. The firm’s 50 day moving average price is $21.89 and its 200-day moving average price is $22.23. Olympic Steel has a 52 week low of $7.98 and a 52 week high of $31.19. The company’s market cap is $216.99 million.
Olympic Steel (NASDAQ:ZEUS) last issued its earnings results on Tuesday, August 2nd. The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by $0.07. The company earned $273.60 million during the quarter, compared to analyst estimates of $305.66 million. Olympic Steel had a negative net margin of 0.27% and a negative return on equity of 0.82%. The business’s revenue for the quarter was down 13.2% compared to the same quarter last year. During the same quarter last year, the company posted ($0.08) EPS. On average, analysts predict that Olympic Steel will post $0.74 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date was Tuesday, August 30th. Olympic Steel’s dividend payout ratio is presently -32.00%.
Several large investors have recently made changes to their positions in ZEUS. BlackRock Advisors LLC increased its stake in shares of Olympic Steel by 12.5% in the second quarter. BlackRock Advisors LLC now owns 4,416 shares of the company’s stock worth $121,000 after buying an additional 490 shares in the last quarter. KBC Group NV acquired a new stake in shares of Olympic Steel during the second quarter worth $142,000. Walleye Trading LLC boosted its position in Olympic Steel by 70.6% in the second quarter. Walleye Trading LLC now owns 5,800 shares of the company’s stock valued at $158,000 after buying an additional 2,400 shares during the period. BlackRock Group LTD boosted its position in Olympic Steel by 12.6% in the second quarter. BlackRock Group LTD now owns 5,810 shares of the company’s stock valued at $159,000 after buying an additional 650 shares during the period. Finally, Metropolitan Life Insurance Co. NY purchased a new position in Olympic Steel during the second quarter valued at approximately $187,000. 73.50% of the stock is owned by institutional investors and hedge funds.
Olympic Steel Company Profile
Olympic Steel, Inc is a metals service center. The Company provides metals processing and distribution services for a range of customers. The Company operates through three segments: carbon flat products, specialty metals flat products, and tubular and pipe products. The Company’s carbon flat products segment’s focus is on the direct sale and distribution of large volumes of processed carbon and coated flat-rolled sheet, coil and plate products and fabricated parts.
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