Olympic Steel (NASDAQ:ZEUS) Cut to “Hold” at StockNews.com

Olympic Steel (NASDAQ:ZEUS) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Monday.

Olympic Steel Stock Performance

Shares of ZEUS traded down $2.58 during midday trading on Monday, reaching $42.26. 125,354 shares of the stock were exchanged, compared to its average volume of 85,897. The business’s 50-day moving average price is $47.19 and its 200 day moving average price is $58.91. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.28 and a quick ratio of 1.21. Olympic Steel has a twelve month low of $40.39 and a twelve month high of $73.49. The company has a market capitalization of $470.48 million, a price-to-earnings ratio of 11.27 and a beta of 1.52.

Olympic Steel (NASDAQ:ZEUS) last announced its quarterly earnings results on Thursday, August 1st. The basic materials company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.55 by $0.05. Olympic Steel had a return on equity of 5.01% and a net margin of 1.74%. The business had revenue of $526.25 million for the quarter. During the same period last year, the firm earned $1.24 EPS.

Institutional Investors Weigh In On Olympic Steel

Institutional investors and hedge funds have recently bought and sold shares of the business. Rhumbline Advisers grew its holdings in shares of Olympic Steel by 4.7% during the 2nd quarter. Rhumbline Advisers now owns 32,436 shares of the basic materials company’s stock valued at $1,454,000 after acquiring an additional 1,469 shares in the last quarter. Versor Investments LP acquired a new position in Olympic Steel during the 2nd quarter worth $318,000. Innealta Capital LLC acquired a new position in shares of Olympic Steel during the second quarter valued at about $58,000. Bank of New York Mellon Corp raised its position in shares of Olympic Steel by 21.6% during the second quarter. Bank of New York Mellon Corp now owns 141,820 shares of the basic materials company’s stock valued at $6,358,000 after buying an additional 25,201 shares during the last quarter. Finally, SummerHaven Investment Management LLC increased its stake in Olympic Steel by 2.1% in the second quarter. SummerHaven Investment Management LLC now owns 14,472 shares of the basic materials company’s stock valued at $649,000 after acquiring an additional 292 shares during the period. Institutional investors and hedge funds own 87.07% of the company’s stock.

Olympic Steel Company Profile

Olympic Steel, Inc processes, distributes, and stores metal products primarily in the United States, Canada, and Mexico. It operates in three segments: Carbon Flat Products; Specialty Metals Flat Products; and Tubular and Pipe Products. The company offers stainless steel and aluminum coil and sheet products, angles, rounds, and flat bars; alloy, heat treated, and abrasion resistant coils, sheets and plates; coated metals, including galvanized, galvannealed, electro galvanized, advanced high strength steels, aluminized, and automotive grades of steel; commercial quality, advanced high strength steel, drawing steel, and automotive grades cold rolled steel coil and sheet products; hot rolled carbon comprising hot rolled coil, pickled and oiled sheet and plate steel products, automotive grades, advanced high strength steels, and high strength low alloys; tube, pipe, and bar products, including round, square, and rectangular mechanical and structural tubing; hydraulic and stainless tubing; boiler tubing; carbon, stainless, and aluminum pipes; valves and fittings; and tin mill products, such as electrolytic tinplate, electrolytic chromium coated steel, and black plates.