Olympic Steel Inc. (ZEUS) Trading Up 6.1%
Shares of Olympic Steel Inc. (NASDAQ:ZEUS) were up 6.1% during trading on Wednesday . The stock traded as high as $20.92 and last traded at $20.66, with a volume of 163,875 shares. The stock had previously closed at $19.48.
Several analysts have commented on ZEUS shares. KeyCorp downgraded shares of Olympic Steel from a “sector weight” rating to an “underweight” rating and set a $21.00 target price on the stock. in a report on Friday, August 19th. Zacks Investment Research cut shares of Olympic Steel from a “hold” rating to a “sell” rating in a research note on Tuesday. Jefferies Group set a $20.00 price target on shares of Olympic Steel and gave the stock a “hold” rating in a research note on Thursday, September 15th. Finally, TheStreet raised shares of Olympic Steel from a “sell” rating to a “hold” rating in a research note on Tuesday, June 28th.
The firm has a 50-day moving average of $21.64 and a 200 day moving average of $22.27. The firm’s market capitalization is $231.51 million.
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Olympic Steel (NASDAQ:ZEUS) last announced its earnings results on Tuesday, August 2nd. The company reported $0.32 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by $0.07. Olympic Steel had a negative net margin of 0.27% and a negative return on equity of 0.82%. The company earned $273.60 million during the quarter, compared to the consensus estimate of $305.66 million. During the same quarter in the previous year, the company earned ($0.08) earnings per share. The business’s revenue was down 13.2% on a year-over-year basis. Equities analysts predict that Olympic Steel Inc. will post $0.74 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were issued a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.41%. The ex-dividend date was Tuesday, August 30th. Olympic Steel’s payout ratio is presently -32.00%.
Hedge funds have recently made changes to their positions in the stock. Acadian Asset Management LLC boosted its stake in shares of Olympic Steel by 51.8% in the first quarter. Acadian Asset Management LLC now owns 143,237 shares of the company’s stock valued at $2,479,000 after buying an additional 48,887 shares during the last quarter. Royce & Associates LP boosted its stake in shares of Olympic Steel by 19.1% in the first quarter. Royce & Associates LP now owns 294,180 shares of the company’s stock valued at $5,092,000 after buying an additional 47,100 shares during the last quarter. State Street Corp boosted its stake in shares of Olympic Steel by 6.6% in the first quarter. State Street Corp now owns 192,263 shares of the company’s stock valued at $3,328,000 after buying an additional 11,846 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Olympic Steel by 4.3% in the first quarter. Geode Capital Management LLC now owns 65,338 shares of the company’s stock valued at $1,130,000 after buying an additional 2,680 shares during the last quarter. Finally, Springbok Capital Management LLC boosted its stake in shares of Olympic Steel by 9.5% in the first quarter. Springbok Capital Management LLC now owns 16,100 shares of the company’s stock valued at $279,000 after buying an additional 1,400 shares during the last quarter. Institutional investors and hedge funds own 73.08% of the company’s stock.
About Olympic Steel
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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