Olympic Steel, Inc. (ZEUS) Upgraded to “Strong-Buy” by 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 note issued to investors on Tuesday. The brokerage currently has a $22.00 price objective on the basic materials company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 14.40% from the company’s current price.
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 reiterated a “hold” rating on shares of Olympic Steel in a report on Tuesday, September 19th. Three research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. Olympic Steel has an average rating of “Buy” and a consensus price target of $23.00.
Shares of Olympic Steel (NASDAQ:ZEUS) traded down $0.17 during trading hours on Tuesday, reaching $19.23. The company had a trading volume of 115,400 shares, compared to its average volume of 178,164. 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 $212.85, a P/E ratio of 19.60, a PEG ratio of 1.98 and a beta of 1.77. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.54 and a current ratio of 4.23.
Olympic Steel (NASDAQ:ZEUS) last announced its quarterly earnings results on Wednesday, November 8th. The basic materials company reported $0.20 earnings per share (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 company had revenue of $331.44 million for the quarter, compared to the consensus estimate of $323.05 million. During the same quarter in the previous year, the business earned ($0.16) EPS. Olympic Steel’s revenue was up 23.5% compared to the same quarter last year. equities research analysts anticipate that Olympic Steel will post 1.31 earnings per share for the current fiscal year.
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In other news, COO Andrew S. Greiff bought 3,500 shares of Olympic Steel stock in a transaction on Tuesday, September 5th. The shares were purchased at an average price of $17.75 per share, for a total transaction of $62,125.00. Following the acquisition, the chief operating officer now owns 9,021 shares of the company’s stock, valued at $160,122.75. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 18.29% of the stock is currently owned by corporate insiders.
Several hedge funds have recently bought and sold shares of the business. PNC Financial Services Group Inc. grew its holdings in shares of Olympic Steel by 0.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 12,676 shares of the basic materials company’s stock worth $246,000 after acquiring an additional 39 shares during the period. Rhumbline Advisers grew its holdings in shares of Olympic Steel by 0.8% during the 2nd quarter. Rhumbline Advisers now owns 18,007 shares of the basic materials company’s stock worth $351,000 after acquiring an additional 135 shares during the period. Parametric Portfolio Associates LLC grew its holdings in shares of Olympic Steel by 0.4% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 47,363 shares of the basic materials company’s stock worth $923,000 after acquiring an additional 196 shares during the period. Citigroup Inc. grew its holdings in shares of Olympic Steel by 4.0% during the 2nd quarter. Citigroup Inc. now owns 12,888 shares of the basic materials company’s stock worth $251,000 after acquiring an additional 490 shares during the period. Finally, Capstone Asset Management Co. grew its holdings in shares of Olympic Steel by 5.4% during the 2nd quarter. Capstone Asset Management Co. now owns 11,526 shares of the basic materials company’s stock worth $225,000 after acquiring an additional 590 shares during the period. Hedge funds and other institutional investors own 69.21% of the company’s stock.
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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