Olympic Steel (NASDAQ:ZEUS) Upgraded to “Hold” at ValuEngine

Olympic Steel (NASDAQ:ZEUS) was upgraded by stock analysts at ValuEngine from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday, ValuEngine reports.

Separately, Zacks Investment Research raised shares of Olympic Steel from a “sell” rating to a “hold” rating in a research note on Wednesday, September 18th.

NASDAQ:ZEUS traded down $0.30 during mid-day trading on Tuesday, hitting $14.10. 51,662 shares of the stock traded hands, compared to its average volume of 77,139. The business’s 50-day moving average price is $12.52 and its 200 day moving average price is $13.83. The company has a market cap of $153.68 million, a PE ratio of 4.02 and a beta of 2.15. Olympic Steel has a 12-month low of $9.99 and a 12-month high of $21.41. The company has a quick ratio of 1.95, a current ratio of 4.75 and a debt-to-equity ratio of 0.93.

Olympic Steel (NASDAQ:ZEUS) last issued its quarterly earnings data on Thursday, August 1st. The basic materials company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.13 by $0.03. The company had revenue of $429.15 million during the quarter, compared to analysts’ expectations of $412.40 million. Olympic Steel had a net margin of 0.82% and a return on equity of 6.23%. Olympic Steel’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.49 earnings per share. Analysts anticipate that Olympic Steel will post 0.5 earnings per share for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. grew its stake in Olympic Steel by 23.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 4,825 shares of the basic materials company’s stock worth $65,000 after buying an additional 917 shares in the last quarter. Crossmark Global Holdings Inc. grew its stake in Olympic Steel by 4.5% in the 2nd quarter. Crossmark Global Holdings Inc. now owns 21,590 shares of the basic materials company’s stock worth $295,000 after buying an additional 934 shares in the last quarter. Northern Trust Corp grew its stake in Olympic Steel by 1.1% in the 2nd quarter. Northern Trust Corp now owns 116,181 shares of the basic materials company’s stock worth $1,586,000 after buying an additional 1,286 shares in the last quarter. Van ECK Associates Corp grew its stake in Olympic Steel by 19.4% in the 2nd quarter. Van ECK Associates Corp now owns 8,547 shares of the basic materials company’s stock worth $117,000 after buying an additional 1,387 shares in the last quarter. Finally, BNP Paribas Arbitrage SA grew its stake in Olympic Steel by 356.9% in the 1st quarter. BNP Paribas Arbitrage SA now owns 1,951 shares of the basic materials company’s stock worth $31,000 after buying an additional 1,524 shares in the last quarter. 67.05% of the stock is owned by institutional investors and hedge funds.

About Olympic Steel

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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