Olympic Steel (ZEUS) Downgraded by Zacks Investment Research to Hold

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. “

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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.

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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.

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