Zacks Investment Research upgraded shares of Olympic Steel (NASDAQ:ZEUS) from a hold rating to a strong-buy rating in a report published on Saturday morning. They currently have $23.00 target price on the basic materials company’s stock.

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 analysts also recently weighed in on the company. ValuEngine upgraded Olympic Steel from a strong sell rating to a sell rating in a research note on Thursday, November 1st. BidaskClub downgraded Olympic Steel from a buy rating to a hold rating in a research report on Saturday, July 28th.

Olympic Steel stock opened at $17.34 on Friday. The company has a current ratio of 3.95, a quick ratio of 1.50 and a debt-to-equity ratio of 0.99. Olympic Steel has a 1-year low of $17.12 and a 1-year high of $25.84. The company has a market capitalization of $211.25 million, a P/E ratio of 14.69 and a beta of 1.73.

Olympic Steel (NASDAQ:ZEUS) last posted its quarterly earnings results on Thursday, November 8th. The basic materials company reported $1.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.83 by $0.36. Olympic Steel had a return on equity of 13.22% and a net margin of 2.46%. The firm had revenue of $457.00 million for the quarter, compared to the consensus estimate of $452.60 million. During the same period in the previous year, the business earned $0.20 earnings per share. The company’s revenue for the quarter was up 37.9% compared to the same quarter last year. On average, equities analysts anticipate that Olympic Steel will post 3.57 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Monday, December 3rd will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Friday, November 30th. This represents a $0.08 dividend on an annualized basis and a yield of 0.46%. Olympic Steel’s payout ratio is 6.78%.

Institutional investors and hedge funds have recently bought and sold shares of the business. Sun Life Financial INC purchased a new stake in Olympic Steel during the second quarter worth $171,000. First Trust Advisors LP purchased a new stake in Olympic Steel during the third quarter worth $290,000. Victory Capital Management Inc. purchased a new stake in Olympic Steel during the third quarter worth $301,000. Globeflex Capital L P boosted its position in Olympic Steel by 13.5% during the second quarter. Globeflex Capital L P now owns 26,100 shares of the basic materials company’s stock worth $533,000 after purchasing an additional 3,100 shares in the last quarter. Finally, GSA Capital Partners LLP boosted its position in Olympic Steel by 44.7% during the second quarter. GSA Capital Partners LLP now owns 27,500 shares of the basic materials company’s stock worth $561,000 after purchasing an additional 8,500 shares in the last quarter. Institutional investors own 67.08% of the company’s stock.

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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