Zacks Investment Research Upgrades Olympic Steel (ZEUS) to “Hold”

Olympic Steel (NASDAQ:ZEUS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.

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. “

ZEUS has been the topic of several other reports. ValuEngine upgraded Olympic Steel from a “sell” rating to a “hold” rating in a research report on Thursday, July 19th. BidaskClub cut Olympic Steel from a “buy” rating to a “hold” rating in a research report on Saturday, July 28th.

Shares of NASDAQ ZEUS traded up $0.57 during mid-day trading on Friday, hitting $20.12. The company had a trading volume of 104,521 shares, compared to its average volume of 62,720. The company has a market cap of $221.93 million, a price-to-earnings ratio of 17.05 and a beta of 1.73. Olympic Steel has a 12 month low of $17.40 and a 12 month high of $25.84. 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 results on Thursday, November 8th. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.36. The business had revenue of $457.00 million for the quarter, compared to the consensus estimate of $452.60 million. Olympic Steel had a return on equity of 9.63% and a net margin of 2.04%. The business’s revenue was up 37.9% on a year-over-year basis. During the same quarter last year, the business posted $0.20 EPS. As a group, equities analysts forecast that Olympic Steel will post 3.2 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Sun Life Financial INC acquired a new stake in Olympic Steel in the 2nd quarter valued at approximately $171,000. First Trust Advisors LP acquired a new position in shares of Olympic Steel during the 3rd quarter valued at $290,000. Victory Capital Management Inc. acquired a new position in shares of Olympic Steel during the 3rd quarter valued at $301,000. Globeflex Capital L P increased its position in shares of Olympic Steel by 13.5% during the 2nd quarter. Globeflex Capital L P now owns 26,100 shares of the basic materials company’s stock valued at $533,000 after purchasing an additional 3,100 shares during the period. Finally, GSA Capital Partners LLP increased its position in shares of Olympic Steel by 44.7% during the 2nd quarter. GSA Capital Partners LLP now owns 27,500 shares of the basic materials company’s stock valued at $561,000 after purchasing an additional 8,500 shares during the period. Hedge funds and other institutional investors own 65.88% of the company’s stock.

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.

Further Reading: How to calculate the intrinsic value of a stock

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