Jefferies Group Weighs in on Olympic Steel, Inc.’s Q3 2017 Earnings (ZEUS)
Olympic Steel, Inc. (NASDAQ:ZEUS) – Analysts at Jefferies Group raised their Q3 2017 earnings estimates for Olympic Steel in a note issued to investors on Thursday. Jefferies Group analyst S. Rosenfeld now expects that the basic materials company will post earnings of $0.10 per share for the quarter, up from their previous forecast of $0.02. Jefferies Group currently has a “Hold” rating on the stock. Jefferies Group also issued estimates for Olympic Steel’s Q4 2017 earnings at ($0.06) EPS, FY2017 earnings at $0.98 EPS and FY2018 earnings at $1.20 EPS.
Olympic Steel (NASDAQ:ZEUS) last issued its earnings results on Thursday, August 3rd. The basic materials company reported $0.47 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.06. The company had revenue of $356.20 million during the quarter, compared to analyst estimates of $365 million. Olympic Steel had a return on equity of 2.82% and a net margin of 0.71%. During the same quarter last year, the business posted $0.32 EPS. TRADEMARK VIOLATION NOTICE: “Jefferies Group Weighs in on Olympic Steel, Inc.’s Q3 2017 Earnings (ZEUS)” was originally reported by American Banking News and is owned by of American Banking News. If you are viewing this news story on another site, it was copied illegally and republished in violation of international trademark & copyright laws. The legal version of this news story can be read at https://www.americanbankingnews.com/2017/08/07/jefferies-group-weighs-in-on-olympic-steel-inc-s-q3-2017-earnings-zeus.html.
Separately, Zacks Investment Research upgraded shares of Olympic Steel from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research note on Saturday, April 22nd. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $23.00.
Olympic Steel (NASDAQ:ZEUS) opened at 17.88 on Monday. Olympic Steel has a 52 week low of $15.83 and a 52 week high of $28.67. The stock has a market cap of $196.02 million, a price-to-earnings ratio of 27.26 and a beta of 1.73. The company has a 50-day moving average price of $18.24 and a 200-day moving average price of $19.84.
A number of institutional investors have recently added to or reduced their stakes in the stock. State of Tennessee Treasury Department boosted its stake in shares of Olympic Steel by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 8,563 shares of the basic materials company’s stock worth $159,000 after buying an additional 1,292 shares during the last quarter. Metropolitan Life Insurance Co. NY acquired a new stake in shares of Olympic Steel during the fourth quarter worth approximately $169,000. Comerica Bank boosted its stake in shares of Olympic Steel by 4.6% in the first quarter. Comerica Bank now owns 10,011 shares of the basic materials company’s stock worth $192,000 after buying an additional 438 shares during the last quarter. Capstone Asset Management Co. boosted its stake in shares of Olympic Steel by 3.5% in the first quarter. Capstone Asset Management Co. now owns 10,936 shares of the basic materials company’s stock worth $203,000 after buying an additional 370 shares during the last quarter. Finally, Trexquant Investment LP acquired a new stake in shares of Olympic Steel during the first quarter worth approximately $234,000. Institutional investors own 69.44% of the company’s stock.
In related news, Director Michael G. Rippey acquired 1,500 shares of the firm’s stock in a transaction on Friday, May 12th. The stock was bought at an average price of $17.10 per share, for a total transaction of $25,650.00. Following the completion of the purchase, the director now directly owns 13,800 shares of the company’s stock, valued at approximately $235,980. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 18.29% of the company’s stock.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be paid a $0.02 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.08 annualized dividend and a yield of 0.45%. Olympic Steel’s dividend payout ratio is presently 10.67%.
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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