Olympic Steel, Inc. (ZEUS) Raised to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Olympic Steel, Inc. (NASDAQ:ZEUS) from a sell rating to a hold rating in a research report released on Wednesday morning.
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, KeyCorp reaffirmed a hold rating on shares of Olympic Steel in a report on Sunday, October 22nd. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company has an average rating of Hold and a consensus price target of $22.33.
Shares of Olympic Steel (NASDAQ:ZEUS) traded up $0.01 during midday trading on Wednesday, reaching $19.40. The company’s stock had a trading volume of 56,600 shares, compared to its average volume of 178,452. The company has a current ratio of 4.23, a quick ratio of 1.56 and a debt-to-equity ratio of 0.82. Olympic Steel has a 52-week low of $15.83 and a 52-week high of $28.67. The firm has a market cap of $212.88, a price-to-earnings ratio of 19.59 and a beta of 1.77.
Olympic Steel (NASDAQ:ZEUS) last issued its quarterly earnings data on Wednesday, November 8th. The basic materials company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.05. Olympic Steel had a return on equity of 4.32% and a net margin of 0.99%. The firm had revenue of $331.44 million for the quarter, compared to analyst estimates of $323.05 million. During the same period in the prior year, the firm posted ($0.16) EPS. The company’s revenue for the quarter was up 23.5% on a year-over-year basis. research analysts expect that Olympic Steel will post 1.12 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.41%. The ex-dividend date of this dividend is Thursday, November 30th. Olympic Steel’s dividend payout ratio (DPR) is currently 7.21%.
In related news, COO Andrew S. Greiff bought 3,500 shares of Olympic Steel stock in a transaction dated Tuesday, September 5th. The shares were bought at an average cost of $17.75 per share, with a total value of $62,125.00. Following the acquisition, the chief operating officer now owns 9,021 shares in the company, valued at approximately $160,122.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 18.29% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in ZEUS. Ameriprise Financial Inc. grew its holdings in shares of Olympic Steel by 86.1% during the 3rd quarter. Ameriprise Financial Inc. now owns 379,291 shares of the basic materials company’s stock worth $8,344,000 after purchasing an additional 175,530 shares in the last quarter. Marshall Wace North America L.P. acquired a new stake in shares of Olympic Steel during the 2nd quarter worth $1,961,000. Wells Fargo & Company MN lifted its position in shares of Olympic Steel by 474.4% during the 3rd quarter. Wells Fargo & Company MN now owns 113,982 shares of the basic materials company’s stock worth $2,508,000 after buying an additional 94,137 shares during the last quarter. SG Capital Management LLC bought a new stake in shares of Olympic Steel during the 3rd quarter worth $2,050,000. Finally, GSA Capital Partners LLP bought a new stake in shares of Olympic Steel during the 2nd quarter worth $1,630,000. 68.25% of the stock is currently owned by 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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