Olympic Steel, Inc. (NASDAQ:ZEUS) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Wednesday. The firm presently has a $20.00 price target on the basic materials company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 17.92% from the stock’s previous close.
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. “
Separately, Jefferies Group LLC reissued a “hold” rating on shares of Olympic Steel in a report on Friday, July 7th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Olympic Steel currently has a consensus rating of “Buy” and a consensus price target of $21.75.
Shares of Olympic Steel (NASDAQ ZEUS) opened at 16.96 on Wednesday. The company has a market cap of $186.00 million, a price-to-earnings ratio of 22.29 and a beta of 1.73. The firm has a 50-day moving average of $18.14 and a 200 day moving average of $19.42. Olympic Steel has a one year low of $15.83 and a one year high of $28.67.
Olympic Steel (NASDAQ:ZEUS) last posted its earnings results on Thursday, August 3rd. The basic materials company reported $0.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.06. Olympic Steel had a return on equity of 2.82% and a net margin of 0.71%. The company had revenue of $356.20 million during the quarter, compared to the consensus estimate of $365 million. During the same quarter last year, the firm earned $0.32 earnings per share. Equities research analysts anticipate that Olympic Steel will post $1.22 EPS for the current year.
In related news, CFO Richard T. Marabito purchased 2,000 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The shares were bought at an average price of $17.42 per share, for a total transaction of $34,840.00. Following the completion of the transaction, the chief financial officer now owns 30,614 shares of the company’s stock, valued at $533,295.88. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 18.29% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of ZEUS. Metropolitan Life Insurance Co. NY bought a new position in shares of Olympic Steel during the fourth quarter worth approximately $169,000. The Manufacturers Life Insurance Company boosted its position in shares of Olympic Steel by 12.6% in the second quarter. The Manufacturers Life Insurance Company now owns 8,349 shares of the basic materials company’s stock worth $163,000 after buying an additional 934 shares during the last quarter. State of Tennessee Treasury Department boosted its position in shares of Olympic Steel by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 8,563 shares of the basic materials company’s stock worth $159,000 after buying an additional 1,292 shares during the last quarter. Comerica Bank boosted its position in shares of Olympic Steel by 4.6% in the first quarter. Comerica Bank now owns 10,011 shares of the basic materials company’s stock worth $192,000 after buying an additional 438 shares during the last quarter. Finally, Capstone Asset Management Co. boosted its position in shares of Olympic Steel by 3.5% in the first quarter. Capstone Asset Management Co. now owns 10,936 shares of the basic materials company’s stock worth $203,000 after buying an additional 370 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.
Olympic Steel Company Profile
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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