According to Zacks, “Olympic Steel, Inc. is a leading U.S. metals service center focused on the direct sale and distribution of large volumes of processed carbon, coated and stainless flat-rolled sheet, coil and plate steel and aluminum products. The Company’s CTI subsidiary is a leading distributor of steel tubing, bar, pipe, valves and fittings, and fabricates pressure parts for the electric utility industry. “
Separately, ValuEngine raised shares of Olympic Steel from a “strong sell” rating to a “sell” rating in a report on Thursday, August 1st.
Olympic Steel (NASDAQ:ZEUS) last announced its quarterly earnings results on Thursday, August 1st. The basic materials company reported $0.16 EPS for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.03. Olympic Steel had a net margin of 0.82% and a return on equity of 6.23%. The firm had revenue of $429.15 million during the quarter, compared to the consensus estimate of $412.40 million. During the same quarter last year, the firm earned $1.49 EPS. The firm’s revenue for the quarter was down 5.2% compared to the same quarter last year. Research analysts anticipate that Olympic Steel will post 0.52 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. lifted its stake in Olympic Steel by 6.0% in the second quarter. BlackRock Inc. now owns 1,576,674 shares of the basic materials company’s stock worth $21,522,000 after purchasing an additional 89,028 shares during the last quarter. Vanguard Group Inc. lifted its stake in Olympic Steel by 21.7% in the second quarter. Vanguard Group Inc. now owns 804,006 shares of the basic materials company’s stock worth $10,975,000 after purchasing an additional 143,100 shares during the last quarter. Invesco Ltd. lifted its stake in Olympic Steel by 27.0% in the second quarter. Invesco Ltd. now owns 242,498 shares of the basic materials company’s stock worth $3,310,000 after purchasing an additional 51,541 shares during the last quarter. Acadian Asset Management LLC lifted its stake in Olympic Steel by 11.0% in the first quarter. Acadian Asset Management LLC now owns 231,047 shares of the basic materials company’s stock worth $3,668,000 after purchasing an additional 22,878 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Olympic Steel by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 152,134 shares of the basic materials company’s stock worth $2,077,000 after purchasing an additional 2,081 shares during the last quarter. 65.02% of the stock is owned by institutional investors and hedge funds.
Olympic Steel Company Profile
Olympic Steel, Inc processes and distributes metal products in the United States and internationally. It operates in three segments: Carbon Flat Products; Specialty Metals Flat Products; and Tubular and Pipe Products. The Carbon Flat Products segment sells and distributes processed carbon and coated flat-rolled sheets, coil and plate products, and fabricated parts.
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