Olympic Steel, Inc. (ZEUS) Rating Increased to Strong-Buy 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 report issued to clients and investors on Tuesday. The firm presently has a $22.00 price objective on the basic materials company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 14.35% 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, KeyCorp reaffirmed a “hold” rating on shares of Olympic Steel in a report on Sunday, October 22nd. Three analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $23.00.

Shares of Olympic Steel (NASDAQ ZEUS) opened at $19.24 on Tuesday. Olympic Steel has a twelve month low of $15.83 and a twelve month high of $28.67. The company has a market capitalization of $206.37, a P/E ratio of 19.00, a P/E/G ratio of 1.92 and a beta of 1.77. The company has a current ratio of 4.23, a quick ratio of 1.54 and a debt-to-equity ratio of 0.82.

Olympic Steel (NASDAQ:ZEUS) last posted 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. The company had revenue of $331.44 million for the quarter, compared to analysts’ expectations of $323.05 million. Olympic Steel had a return on equity of 4.32% and a net margin of 0.99%. The firm’s revenue was up 23.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.16) earnings per share. analysts expect that Olympic Steel will post 1.31 EPS for the current year.

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In related news, COO Andrew S. Greiff purchased 3,500 shares of the company’s stock in a transaction on Tuesday, September 5th. The shares were bought at an average price of $17.75 per share, with a total value of $62,125.00. Following the completion of the acquisition, the chief operating officer now owns 9,021 shares of the company’s stock, valued at $160,122.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 18.29% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of ZEUS. Wells Fargo & Company MN grew its position in Olympic Steel by 128.5% during the 1st quarter. Wells Fargo & Company MN now owns 15,245 shares of the basic materials company’s stock worth $283,000 after purchasing an additional 8,574 shares in the last quarter. Parametric Portfolio Associates LLC grew its position in Olympic Steel by 6.5% during the 1st quarter. Parametric Portfolio Associates LLC now owns 47,167 shares of the basic materials company’s stock worth $875,000 after purchasing an additional 2,895 shares in the last quarter. Principal Financial Group Inc. grew its position in Olympic Steel by 2.3% during the 1st quarter. Principal Financial Group Inc. now owns 69,167 shares of the basic materials company’s stock worth $1,284,000 after purchasing an additional 1,561 shares in the last quarter. TIAA CREF Investment Management LLC grew its position in Olympic Steel by 31.9% during the 1st quarter. TIAA CREF Investment Management LLC now owns 34,957 shares of the basic materials company’s stock worth $649,000 after purchasing an additional 8,454 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its position in Olympic Steel by 29.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 12,637 shares of the basic materials company’s stock worth $235,000 after purchasing an additional 2,879 shares in the last quarter. Hedge funds and other institutional investors own 69.21% 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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