Olympic Steel, Inc. Expected to Earn FY2017 Earnings of $1.22 Per Share (NASDAQ:ZEUS)
Olympic Steel, Inc. (NASDAQ:ZEUS) – Equities research analysts at KeyCorp lifted their FY2017 earnings per share estimates for Olympic Steel in a research note issued to investors on Monday. KeyCorp analyst P. Gibbs now forecasts that the basic materials company will post earnings of $1.22 per share for the year, up from their previous estimate of $1.20.
Olympic Steel (NASDAQ:ZEUS) last released its earnings results on Friday, April 28th. The basic materials company reported $0.51 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.11. The firm had revenue of $334.90 million during the quarter, compared to analysts’ expectations of $305.41 million. Olympic Steel had a net margin of 0.65% and a return on equity of 2.41%. Olympic Steel’s revenue for the quarter was up 29.7% on a year-over-year basis. During the same period in the previous year, the company earned ($0.07) EPS.
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ZEUS has been the subject of several other research reports. Zacks Investment Research upgraded shares of Olympic Steel from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a research report on Tuesday, May 2nd. Jefferies Group LLC restated a “hold” rating on shares of Olympic Steel in a research report on Friday, July 7th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $23.00.
Olympic Steel (ZEUS) traded up 2.67% during mid-day trading on Thursday, reaching $18.81. 22,021 shares of the company’s stock traded hands. The company has a 50-day moving average of $17.73 and a 200-day moving average of $21.07. The company has a market capitalization of $206.21 million, a price-to-earnings ratio of 28.67 and a beta of 1.75. Olympic Steel has a 52-week low of $15.83 and a 52-week high of $31.19.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hennessy Advisors Inc. bought a new position in Olympic Steel during the first quarter valued at $2,923,000. Scopus Asset Management L.P. bought a new position in Olympic Steel during the first quarter valued at $1,912,000. Foundry Partners LLC raised its position in Olympic Steel by 82.3% in the first quarter. Foundry Partners LLC now owns 224,290 shares of the basic materials company’s stock valued at $4,163,000 after buying an additional 101,255 shares in the last quarter. Russell Investments Group Ltd. bought a new position in Olympic Steel during the fourth quarter valued at $1,924,000. Finally, Guggenheim Capital LLC raised its position in shares of Olympic Steel by 73.3% in the fourth quarter. Guggenheim Capital LLC now owns 135,829 shares of the basic materials company’s stock valued at $3,290,000 after buying an additional 57,449 shares during the period. Hedge funds and other institutional investors own 73.66% of the company’s stock.
In related news, Director Ratta Ralph M. Della, Jr. acquired 1,325 shares of the company’s stock in a transaction on Friday, May 5th. The shares were purchased at an average price of $18.89 per share, for a total transaction of $25,029.25. Following the purchase, the director now owns 12,795 shares in the company, valued at $241,697.55. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael G. Rippey acquired 4,000 shares of the company’s stock in a transaction on Thursday, May 4th. The stock was bought at an average price of $18.46 per share, for a total transaction of $73,840.00. Following the purchase, the director now owns 12,300 shares in the company, valued at approximately $227,058. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 9,375 shares of company stock worth $174,452. Company insiders own 18.29% of the company’s stock.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st were paid a $0.02 dividend. The ex-dividend date was Tuesday, May 30th. This represents a $0.08 annualized dividend and a yield of 0.44%. Olympic Steel’s dividend payout ratio is presently 12.31%.
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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