Zacks Investment Research Downgrades Olympic Steel Inc. (ZEUS) to Sell
Olympic Steel Inc. (NASDAQ:ZEUS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.
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. “
Several other brokerages have also weighed in on ZEUS. TheStreet upgraded shares of Olympic Steel from a “sell” rating to a “hold” rating in a report on Tuesday, June 28th. Jefferies Group restated a “hold” rating and issued a $25.00 price objective (up from $20.00) on shares of Olympic Steel in a report on Friday, June 10th. Finally, KeyCorp lowered shares of Olympic Steel from a “sector weight” rating to an “underweight” rating and set a $21.00 price objective on the stock. in a report on Friday, August 19th.
Olympic Steel (NASDAQ:ZEUS) traded up 1.38% during midday trading on Tuesday, hitting $19.79. 35,124 shares of the company traded hands. The firm’s market capitalization is $216.88 million. The stock’s 50-day moving average is $21.89 and its 200-day moving average is $22.23. Olympic Steel has a 12-month low of $7.98 and a 12-month high of $31.19.
Olympic Steel (NASDAQ:ZEUS) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $0.32 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by $0.07. Olympic Steel had a negative net margin of 0.27% and a negative return on equity of 0.82%. The business earned $273.60 million during the quarter, compared to analyst estimates of $305.66 million. During the same quarter in the prior year, the company earned ($0.08) earnings per share. The company’s quarterly revenue was down 13.2% on a year-over-year basis. Analysts anticipate that Olympic Steel will post $0.74 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st were issued a $0.02 dividend. The ex-dividend date was Tuesday, August 30th. This represents a $0.08 annualized dividend and a yield of 0.41%. Olympic Steel’s dividend payout ratio (DPR) is presently -32.00%.
A number of large investors have recently bought and sold shares of ZEUS. Numeric Investors LLC raised its stake in Olympic Steel by 924.0% in the second quarter. Numeric Investors LLC now owns 541,476 shares of the company’s stock valued at $14,788,000 after buying an additional 488,596 shares during the period. Acadian Asset Management LLC raised its stake in Olympic Steel by 201.4% in the second quarter. Acadian Asset Management LLC now owns 431,720 shares of the company’s stock valued at $11,790,000 after buying an additional 288,483 shares during the period. JPMorgan Chase & Co. raised its stake in Olympic Steel by 7,587.9% in the second quarter. JPMorgan Chase & Co. now owns 253,239 shares of the company’s stock valued at $6,917,000 after buying an additional 249,945 shares during the period. Emerald Acquisition Ltd. purchased a new stake in Olympic Steel during the second quarter valued at $2,111,000. Finally, Systematic Financial Management LP purchased a new stake in Olympic Steel during the second quarter valued at $2,007,000. Institutional investors own 73.50% of the company’s stock.
About Olympic Steel
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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