Olympic Steel, Inc. (NASDAQ:ZEUS) Stock Rating Upgraded by Zacks Investment Research
Olympic Steel, Inc. (NASDAQ:ZEUS) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released 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. “
Separately, Jefferies Group LLC cut their target price on shares of Olympic Steel from $26.00 to $19.00 and set a “hold” rating on the stock in a research report on Wednesday, April 19th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Olympic Steel currently has a consensus rating of “Hold” and an average target price of $23.00.
Shares of Olympic Steel (ZEUS) traded up 1.93% during trading on Tuesday, hitting $18.45. 117,604 shares of the company traded hands. Olympic Steel has a 52 week low of $15.83 and a 52 week high of $28.67. The company has a 50 day moving average price of $18.24 and a 200 day moving average price of $19.84. The company has a market capitalization of $202.27 million, a price-to-earnings ratio of 28.12 and a beta of 1.73.
Olympic Steel (NASDAQ:ZEUS) last posted its earnings results on Thursday, August 3rd. The basic materials company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.06. The business had revenue of $356.20 million for the quarter, compared to the consensus estimate of $365 million. Olympic Steel had a net margin of 0.71% and a return on equity of 2.82%. During the same quarter last year, the firm posted $0.32 EPS. On average, analysts expect that Olympic Steel will post $1.22 earnings per share for the current year.
In other Olympic Steel news, Director Michael G. Rippey bought 1,500 shares of the business’s stock in a transaction on Friday, May 12th. The shares were acquired at an average price of $17.10 per share, with a total value of $25,650.00. Following the transaction, the director now owns 13,800 shares of the company’s stock, valued at approximately $235,980. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 18.29% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. State of Tennessee Treasury Department increased its position 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 purchased a new position in shares of Olympic Steel during the fourth quarter worth about $169,000. Comerica Bank increased its position 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. increased its position 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 purchased a new position in shares of Olympic Steel during the first quarter worth about $234,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.
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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