Olympic Steel (ZEUS) Stock Price Down 10.6% on Disappointing Earnings
Shares of Olympic Steel, Inc. (NASDAQ:ZEUS) fell 10.6% on Friday after the company announced weaker than expected quarterly earnings. The stock traded as low as $20.15 and last traded at $20.84. 502,008 shares changed hands during trading, an increase of 294% from the average session volume of 127,376 shares. The stock had previously closed at $23.31.
The basic materials company reported ($0.04) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by ($0.15). The business had revenue of $308.17 million during the quarter, compared to the consensus estimate of $313.00 million. Olympic Steel had a net margin of 0.99% and a return on equity of 4.32%. The company’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same period last year, the firm earned ($0.23) EPS.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Thursday, March 1st will be issued a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.38%. The ex-dividend date of this dividend is Wednesday, February 28th. Olympic Steel’s dividend payout ratio (DPR) is presently 4.79%.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Parametric Portfolio Associates LLC grew its holdings in shares of Olympic Steel by 0.4% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 47,363 shares of the basic materials company’s stock worth $923,000 after purchasing an additional 196 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Olympic Steel by 12.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,349 shares of the basic materials company’s stock worth $163,000 after purchasing an additional 934 shares during the last quarter. Teachers Advisors LLC grew its holdings in shares of Olympic Steel by 6.4% in the 2nd quarter. Teachers Advisors LLC now owns 20,312 shares of the basic materials company’s stock worth $396,000 after purchasing an additional 1,220 shares during the last quarter. Deutsche Bank AG grew its holdings in shares of Olympic Steel by 7.5% in the 4th quarter. Deutsche Bank AG now owns 32,295 shares of the basic materials company’s stock worth $693,000 after purchasing an additional 2,264 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Olympic Steel by 1.5% in the 2nd quarter. Northern Trust Corp now owns 171,983 shares of the basic materials company’s stock worth $3,350,000 after purchasing an additional 2,529 shares during the last quarter. 66.89% of the stock is currently owned by institutional investors and hedge funds.
The company has a quick ratio of 1.54, a current ratio of 4.23 and a debt-to-equity ratio of 0.82. The company has a market cap of $204.52, a price-to-earnings ratio of 12.48, a price-to-earnings-growth ratio of 1.60 and a beta of 1.85.
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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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