Zacks Investment Research upgraded shares of Olympic Steel, Inc. (NASDAQ:ZEUS) from a sell rating to a hold rating in a report issued 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 reissued a hold rating on shares of Olympic Steel in a research note on Tuesday, September 19th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Olympic Steel has an average rating of Hold and a consensus price target of $22.33.
Olympic Steel (NASDAQ ZEUS) traded up $0.01 on Wednesday, hitting $19.40. The company’s stock had a trading volume of 56,600 shares, compared to its average volume of 109,717. Olympic Steel has a 1 year low of $15.83 and a 1 year high of $28.67. The firm has a market cap of $212.86, a P/E ratio of 19.60 and a beta of 1.77. The company has a debt-to-equity ratio of 0.82, a current ratio of 4.23 and a quick ratio of 1.56.
Olympic Steel (NASDAQ:ZEUS) last released its quarterly earnings results on Wednesday, November 8th. The basic materials company reported $0.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate 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 the consensus estimate of $323.05 million. During the same quarter last year, the business 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 1.31 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be paid a $0.02 dividend. 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 is 7.21%.
In other news, COO Andrew S. Greiff purchased 3,500 shares of the company’s stock in a transaction on Tuesday, September 5th. The shares were purchased at an average price of $17.75 per share, with a total value of $62,125.00. Following the purchase, the chief operating officer now directly owns 9,021 shares of the company’s stock, valued at approximately $160,122.75. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 18.29% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN increased its position in shares of Olympic Steel by 128.5% in the first quarter. Wells Fargo & Company MN now owns 15,245 shares of the basic materials company’s stock valued at $283,000 after acquiring an additional 8,574 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Olympic Steel by 2.0% in the first quarter. Bank of New York Mellon Corp now owns 144,755 shares of the basic materials company’s stock valued at $2,687,000 after acquiring an additional 2,791 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Olympic Steel by 0.4% in the first quarter. Dimensional Fund Advisors LP now owns 926,074 shares of the basic materials company’s stock valued at $17,188,000 after acquiring an additional 3,394 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Olympic Steel by 7.4% in the first quarter. Vanguard Group Inc. now owns 487,212 shares of the basic materials company’s stock valued at $9,042,000 after acquiring an additional 33,491 shares during the last quarter. Finally, Prudential Financial Inc. increased its position in shares of Olympic Steel by 206.5% in the second quarter. Prudential Financial Inc. now owns 99,870 shares of the basic materials company’s stock valued at $1,946,000 after acquiring an additional 67,281 shares during the last quarter. 68.25% of the stock is currently owned by institutional investors and hedge funds.
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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