Olympic Steel (NASDAQ:ZEUS) Downgraded to “Hold” at StockNews.com

StockNews.com cut shares of Olympic Steel (NASDAQ:ZEUSFree Report) from a buy rating to a hold rating in a report published on Friday morning.

Olympic Steel Price Performance

NASDAQ:ZEUS opened at $36.59 on Friday. Olympic Steel has a 1-year low of $34.81 and a 1-year high of $73.49. The company has a current ratio of 3.77, a quick ratio of 1.43 and a debt-to-equity ratio of 0.37. The firm has a fifty day simple moving average of $38.75 and a 200 day simple moving average of $46.77. The stock has a market capitalization of $407.36 million, a PE ratio of 9.76 and a beta of 1.46.

Olympic Steel (NASDAQ:ZEUSGet Free Report) last released its quarterly earnings data on Thursday, August 1st. The basic materials company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.05. Olympic Steel had a net margin of 1.74% and a return on equity of 4.98%. The firm had revenue of $526.25 million during the quarter. During the same period last year, the firm earned $1.24 earnings per share.

Olympic Steel Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, September 2nd were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date was Friday, August 30th. Olympic Steel’s dividend payout ratio is currently 16.00%.

Institutional Investors Weigh In On Olympic Steel

A number of hedge funds and other institutional investors have recently modified their holdings of ZEUS. Allspring Global Investments Holdings LLC raised its stake in Olympic Steel by 231.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 7,142 shares of the basic materials company’s stock worth $506,000 after acquiring an additional 4,985 shares in the last quarter. BNP Paribas Financial Markets raised its position in shares of Olympic Steel by 32.9% during the first quarter. BNP Paribas Financial Markets now owns 7,362 shares of the basic materials company’s stock worth $522,000 after purchasing an additional 1,822 shares during the period. Janney Montgomery Scott LLC raised its position in shares of Olympic Steel by 0.6% during the first quarter. Janney Montgomery Scott LLC now owns 28,710 shares of the basic materials company’s stock worth $2,035,000 after purchasing an additional 181 shares during the period. Empowered Funds LLC boosted its holdings in Olympic Steel by 8.2% during the 1st quarter. Empowered Funds LLC now owns 50,963 shares of the basic materials company’s stock worth $3,612,000 after acquiring an additional 3,850 shares during the last quarter. Finally, Illinois Municipal Retirement Fund grew its holdings in shares of Olympic Steel by 3.3% in the first quarter. Illinois Municipal Retirement Fund now owns 6,134 shares of the basic materials company’s stock valued at $435,000 after acquiring an additional 197 shares in the last quarter. Institutional investors and hedge funds own 87.07% of the company’s stock.

About Olympic Steel

(Get Free Report)

Olympic Steel, Inc processes, distributes, and stores metal products primarily in the United States, Canada, and Mexico. It operates in three segments: Carbon Flat Products; Specialty Metals Flat Products; and Tubular and Pipe Products. The company offers stainless steel and aluminum coil and sheet products, angles, rounds, and flat bars; alloy, heat treated, and abrasion resistant coils, sheets and plates; coated metals, including galvanized, galvannealed, electro galvanized, advanced high strength steels, aluminized, and automotive grades of steel; commercial quality, advanced high strength steel, drawing steel, and automotive grades cold rolled steel coil and sheet products; hot rolled carbon comprising hot rolled coil, pickled and oiled sheet and plate steel products, automotive grades, advanced high strength steels, and high strength low alloys; tube, pipe, and bar products, including round, square, and rectangular mechanical and structural tubing; hydraulic and stainless tubing; boiler tubing; carbon, stainless, and aluminum pipes; valves and fittings; and tin mill products, such as electrolytic tinplate, electrolytic chromium coated steel, and black plates.

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