Zacks Investment Research upgraded shares of Olympic Steel, Inc. (NASDAQ:ZEUS) from a sell rating to a hold rating in a research note released on Wednesday, November 8th.
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 reissued a hold rating on shares of Olympic Steel in a research note on Sunday, October 22nd. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $23.00.
Olympic Steel (NASDAQ:ZEUS) last announced its earnings results on Wednesday, November 8th. The basic materials company reported $0.20 EPS for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.05. The firm had revenue of $331.44 million during 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 company’s quarterly revenue was up 23.5% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.16) EPS. equities analysts predict that Olympic Steel will post 1.24 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date is Thursday, November 30th. Olympic Steel’s dividend payout ratio is currently 7.21%.
In other Olympic Steel news, COO Andrew S. Greiff purchased 3,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 5th. The stock was purchased at an average cost of $17.75 per share, with a total value of $62,125.00. Following the purchase, 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 18.29% of the stock is currently owned by company insiders.
Several hedge funds have recently modified their holdings of ZEUS. Dimensional Fund Advisors LP raised its position in Olympic Steel by 0.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 926,074 shares of the basic materials company’s stock valued at $17,188,000 after purchasing an additional 3,394 shares in the last quarter. Vanguard Group Inc. raised its position in Olympic Steel by 8.0% during the 2nd quarter. Vanguard Group Inc. now owns 526,191 shares of the basic materials company’s stock valued at $10,250,000 after purchasing an additional 38,979 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Olympic Steel by 86.1% in the 3rd quarter. Ameriprise Financial Inc. now owns 379,291 shares of the basic materials company’s stock worth $8,344,000 after acquiring an additional 175,530 shares in the last quarter. Foundry Partners LLC raised its position in shares of Olympic Steel by 5.2% in the 3rd quarter. Foundry Partners LLC now owns 240,115 shares of the basic materials company’s stock worth $5,283,000 after acquiring an additional 11,825 shares in the last quarter. Finally, State Street Corp raised its position in shares of Olympic Steel by 5.8% in the 2nd quarter. State Street Corp now owns 234,772 shares of the basic materials company’s stock worth $4,574,000 after acquiring an additional 12,824 shares in the last quarter. 68.82% of the stock is owned by hedge funds and other institutional investors.
Olympic Steel Company Profile
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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