Olympic Steel (NASDAQ:ZEUS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.
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. “
ZEUS has been the subject of several other research reports. ValuEngine cut Olympic Steel from a “sell” rating to a “strong sell” rating in a research report on Friday, September 28th. BidaskClub cut Olympic Steel from a “buy” rating to a “hold” rating in a research report on Saturday, July 28th.
Olympic Steel (NASDAQ:ZEUS) last issued its earnings results on Thursday, November 8th. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.83 by $0.36. The business had revenue of $457.00 million for the quarter, compared to analysts’ expectations of $452.60 million. Olympic Steel had a return on equity of 9.63% and a net margin of 2.04%. The company’s quarterly revenue was up 37.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.20 EPS. As a group, analysts anticipate that Olympic Steel will post 3.2 earnings per share for the current year.
Institutional investors have recently modified their holdings of the company. Sun Life Financial INC acquired a new stake in shares of Olympic Steel in the second quarter worth $171,000. First Trust Advisors LP acquired a new stake in shares of Olympic Steel in the third quarter worth $290,000. Victory Capital Management Inc. acquired a new stake in shares of Olympic Steel in the third quarter worth $301,000. Globeflex Capital L P boosted its position in shares of Olympic Steel by 13.5% in the second quarter. Globeflex Capital L P now owns 26,100 shares of the basic materials company’s stock worth $533,000 after buying an additional 3,100 shares during the period. Finally, GSA Capital Partners LLP boosted its position in shares of Olympic Steel by 44.7% in the second quarter. GSA Capital Partners LLP now owns 27,500 shares of the basic materials company’s stock worth $561,000 after buying an additional 8,500 shares during the period. 65.88% of the stock is owned by institutional investors and hedge funds.
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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