Olympic Steel, Inc. (ZEUS) Upgraded at Zacks Investment Research
Olympic Steel, Inc. (NASDAQ:ZEUS) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday. The brokerage presently has a $20.00 price objective on the basic materials company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 18.27% from the stock’s previous close.
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 reissued a “hold” rating on shares of Olympic Steel in a research note on Friday, July 7th. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $21.75.
Olympic Steel (NASDAQ ZEUS) opened at 16.91 on Wednesday. The firm has a market cap of $185.45 million, a P/E ratio of 22.22 and a beta of 1.73. The stock has a 50 day moving average of $18.22 and a 200-day moving average of $19.45. Olympic Steel has a 12 month low of $15.83 and a 12 month high of $28.67.
Olympic Steel (NASDAQ:ZEUS) last issued its quarterly 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. Olympic Steel had a net margin of 0.71% and a return on equity of 2.82%. The business had revenue of $356.20 million for the quarter, compared to analysts’ expectations of $365 million. During the same period last year, the business earned $0.32 earnings per share. Equities research analysts predict that Olympic Steel will post $1.22 earnings per share for the current fiscal year.
COPYRIGHT VIOLATION NOTICE: This piece was first reported by Watch List News and is the sole property of of Watch List News. If you are viewing this piece on another site, it was illegally stolen and reposted in violation of U.S. & international trademark & copyright laws. The legal version of this piece can be viewed at https://www.watchlistnews.com/olympic-steel-inc-zeus-upgraded-at-zacks-investment-research/1494433.html.
In other Olympic Steel news, CFO Richard T. Marabito purchased 2,000 shares of the company’s stock in a transaction that occurred on Friday, August 11th. The stock was bought at an average price of $17.42 per share, with a total value of $34,840.00. Following the completion of the purchase, the chief financial officer now directly owns 30,614 shares of the company’s stock, valued at approximately $533,295.88. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 18.29% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the company. Metropolitan Life Insurance Co. NY acquired a new stake in shares of Olympic Steel during the fourth quarter worth approximately $169,000. The Manufacturers Life Insurance Company raised its stake in shares of Olympic Steel by 12.6% in the second quarter. The Manufacturers Life Insurance Company now owns 8,349 shares of the basic materials company’s stock worth $163,000 after buying an additional 934 shares during the last quarter. State of Tennessee Treasury Department raised 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. Comerica Bank raised 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. Finally, Capstone Asset Management Co. raised 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. 71.28% of the stock is owned by institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Olympic Steel Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Olympic Steel Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.