StockNews.com Downgrades Olympic Steel (NASDAQ:ZEUS) to Hold

StockNews.com cut shares of Olympic Steel (NASDAQ:ZEUS) from a buy rating to a hold rating in a research note issued to investors on Friday.

Olympic Steel Stock Performance

Olympic Steel stock opened at $38.07 on Friday. The firm’s 50 day simple moving average is $38.75 and its 200-day simple moving average is $46.77. Olympic Steel has a fifty-two week low of $34.81 and a fifty-two week high of $73.49. The company has a market cap of $423.72 million, a P/E ratio of 12.24 and a beta of 1.46. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.77 and a quick ratio of 1.43.

Olympic Steel (NASDAQ:ZEUS) last announced its quarterly earnings data on Thursday, August 1st. The basic materials company reported $0.60 EPS for the quarter, beating 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 for the quarter. During the same period in the previous year, the firm posted $1.24 earnings per share.

Olympic Steel Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Monday, September 2nd were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date of this dividend was Friday, August 30th. Olympic Steel’s payout ratio is presently 19.29%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ZEUS. nVerses Capital LLC acquired a new position in shares of Olympic Steel during the 3rd quarter valued at about $27,000. Innealta Capital LLC bought a new stake in Olympic Steel during the 2nd quarter valued at approximately $58,000. EntryPoint Capital LLC bought a new stake in Olympic Steel during the 1st quarter valued at approximately $61,000. XTX Topco Ltd bought a new stake in Olympic Steel during the 2nd quarter valued at approximately $201,000. Finally, SG Americas Securities LLC bought a new stake in Olympic Steel during the 3rd quarter valued at approximately $245,000. Institutional investors and hedge funds own 87.07% of the company’s stock.

About Olympic Steel

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.