Zacks Investment Research lowered shares of Olympic Steel (NASDAQ:ZEUS) from a buy rating to a hold rating in a report released on Friday morning.
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. “
A number of other brokerages have also recently issued reports on ZEUS. BidaskClub raised shares of Olympic Steel from a buy rating to a strong-buy rating in a research note on Friday, April 20th. ValuEngine raised shares of Olympic Steel from a sell rating to a hold rating in a research note on Thursday, July 19th.
Shares of ZEUS stock opened at $21.34 on Friday. Olympic Steel has a 52-week low of $16.58 and a 52-week high of $25.84. The company has a market capitalization of $249.45 million, a price-to-earnings ratio of 18.08, a price-to-earnings-growth ratio of 1.02 and a beta of 1.75. The company has a current ratio of 3.67, a quick ratio of 1.37 and a debt-to-equity ratio of 1.00.
Olympic Steel (NASDAQ:ZEUS) last announced its quarterly earnings data on Thursday, August 2nd. The basic materials company reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.23. Olympic Steel had a net margin of 2.04% and a return on equity of 9.63%. The firm had revenue of $453.00 million for the quarter, compared to analysts’ expectations of $445.00 million. During the same period last year, the firm earned $0.42 earnings per share. The business’s revenue for the quarter was up 27.2% on a year-over-year basis. equities analysts anticipate that Olympic Steel will post 2.98 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 17th. Shareholders of record on Tuesday, September 4th will be paid a $0.02 dividend. The ex-dividend date of this dividend is Friday, August 31st. This represents a $0.08 dividend on an annualized basis and a yield of 0.37%. Olympic Steel’s payout ratio is presently 6.78%.
In other Olympic Steel news, Director Arthur F. Anton acquired 10,000 shares of Olympic Steel stock in a transaction on Monday, August 6th. The shares were purchased at an average cost of $23.37 per share, with a total value of $233,700.00. Following the completion of the purchase, the director now owns 28,778 shares in the company, valued at $672,541.86. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 18.28% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the business. BlackRock Inc. boosted its position in shares of Olympic Steel by 4.2% during the second quarter. BlackRock Inc. now owns 1,396,677 shares of the basic materials company’s stock worth $28,506,000 after purchasing an additional 56,303 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Olympic Steel by 0.4% during the first quarter. Dimensional Fund Advisors LP now owns 928,489 shares of the basic materials company’s stock worth $19,043,000 after purchasing an additional 3,396 shares in the last quarter. Foundry Partners LLC boosted its position in shares of Olympic Steel by 1.2% during the first quarter. Foundry Partners LLC now owns 278,990 shares of the basic materials company’s stock worth $5,722,000 after purchasing an additional 3,300 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of Olympic Steel by 40.2% during the second quarter. Acadian Asset Management LLC now owns 206,436 shares of the basic materials company’s stock worth $4,213,000 after purchasing an additional 59,219 shares in the last quarter. Finally, Matarin Capital Management LLC bought a new position in shares of Olympic Steel during the first quarter worth $3,847,000. 64.79% of the stock is currently owned by hedge funds and other institutional investors.
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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