Zacks Investment Research Downgrades Olympic Steel, Inc. (ZEUS) to Strong Sell
Olympic Steel, Inc. (NASDAQ:ZEUS) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Friday.
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. “
ZEUS has been the subject of several other research reports. KeyCorp reiterated a “hold” rating on shares of Olympic Steel in a report on Tuesday, September 19th. Jefferies Group LLC restated a “hold” rating on shares of Olympic Steel in a report on Friday, July 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $21.75.
Shares of Olympic Steel (NASDAQ:ZEUS) opened at 19.76 on Friday. The firm has a 50-day moving average of $19.99 and a 200-day moving average of $18.61. The stock has a market cap of $216.71 million, a P/E ratio of 25.97 and a beta of 1.74. Olympic Steel has a 52-week low of $15.83 and a 52-week high of $28.67.
Olympic Steel (NASDAQ:ZEUS) last released its quarterly earnings results on Thursday, August 3rd. The basic materials company reported $0.47 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.06. The company had revenue of $356.20 million during the quarter, compared to analysts’ expectations of $365.00 million. Olympic Steel had a net margin of 0.71% and a return on equity of 2.82%. During the same quarter in the prior year, the company earned $0.32 earnings per share. On average, equities analysts expect that Olympic Steel will post $1.32 EPS for the current fiscal year.
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In other Olympic Steel news, CFO Richard T. Marabito bought 2,000 shares of Olympic Steel stock in a transaction that occurred on Friday, August 11th. The stock was acquired at an average price of $17.42 per share, for a total transaction of $34,840.00. Following the completion of the acquisition, the chief financial officer now 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 accessible through this hyperlink. Also, COO Andrew S. Greiff bought 3,500 shares of Olympic Steel stock in a transaction that occurred on Tuesday, September 5th. The shares were acquired at an average price of $17.75 per share, with a total value of $62,125.00. Following the acquisition, the chief operating officer now directly owns 9,021 shares of the company’s stock, valued at approximately $160,122.75. The disclosure for this purchase can be found here. Corporate insiders own 18.29% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. PNC Financial Services Group Inc. boosted its holdings in Olympic Steel by 0.3% during the second quarter. PNC Financial Services Group Inc. now owns 12,676 shares of the basic materials company’s stock worth $246,000 after purchasing an additional 39 shares during the last quarter. Rhumbline Advisers boosted its holdings in Olympic Steel by 0.8% during the second quarter. Rhumbline Advisers now owns 18,007 shares of the basic materials company’s stock worth $351,000 after purchasing an additional 135 shares during the last quarter. Parametric Portfolio Associates LLC boosted its holdings in Olympic Steel by 0.4% during the second 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. Comerica Bank boosted its holdings in Olympic Steel by 4.6% during the first quarter. Comerica Bank now owns 10,011 shares of the basic materials company’s stock worth $192,000 after purchasing an additional 438 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its holdings in Olympic Steel by 1.2% during the first quarter. Massachusetts Financial Services Co. MA now owns 38,462 shares of the basic materials company’s stock worth $714,000 after purchasing an additional 457 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.
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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