Olympic Steel (NASDAQ:ZEUS) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Thursday, March 15th.
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. “
Several other equities analysts have also recently weighed in on ZEUS. BidaskClub cut Olympic Steel from a “buy” rating to a “hold” rating in a research note on Wednesday, January 31st. KeyCorp restated a “hold” rating on shares of Olympic Steel in a research note on Friday, November 24th.
Shares of ZEUS traded down $0.88 during trading hours on Thursday, reaching $20.71. The stock had a trading volume of 123,936 shares, compared to its average volume of 127,407. Olympic Steel has a 12 month low of $15.83 and a 12 month high of $25.84. The company has a quick ratio of 1.30, a current ratio of 3.78 and a debt-to-equity ratio of 0.72. The stock has a market cap of $227.77, a P/E ratio of 17.55, a P/E/G ratio of 1.39 and a beta of 1.83.
Olympic Steel (NASDAQ:ZEUS) last issued its earnings results on Friday, March 2nd. The basic materials company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.15). Olympic Steel had a return on equity of 4.89% and a net margin of 1.42%. The firm had revenue of $308.17 million during the quarter, compared to the consensus estimate of $313.00 million. During the same quarter in the prior year, the business earned ($0.23) earnings per share. Olympic Steel’s revenue for the quarter was up 20.9% on a year-over-year basis. analysts expect that Olympic Steel will post 2 EPS for the current year.
Large investors have recently modified their holdings of the business. Globeflex Capital L P bought a new position in Olympic Steel during the 4th quarter valued at $132,000. The Manufacturers Life Insurance Company increased its position in shares of Olympic Steel by 12.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,349 shares of the basic materials company’s stock valued at $163,000 after purchasing an additional 934 shares during the last quarter. Comerica Bank purchased a new stake in shares of Olympic Steel during the 4th quarter valued at $228,000. Algert Global LLC purchased a new stake in shares of Olympic Steel during the 3rd quarter valued at $261,000. Finally, Crossmark Global Holdings Inc. purchased a new stake in shares of Olympic Steel during the 3rd quarter valued at $264,000. Institutional investors and hedge funds own 65.55% of the company’s stock.
COPYRIGHT VIOLATION NOTICE: “Olympic Steel (ZEUS) Downgraded by Zacks Investment Research to Hold” was originally reported by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are viewing this story on another site, it was stolen and republished in violation of international copyright and trademark law. The legal version of this story can be viewed at https://www.dispatchtribunal.com/2018/04/08/olympic-steel-zeus-stock-rating-lowered-by-zacks-investment-research.html.
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.
Get a free copy of the Zacks research report on Olympic Steel (ZEUS)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Olympic Steel Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Olympic Steel and related companies with MarketBeat.com's FREE daily email newsletter.