Olympic Steel (NASDAQ:ZEUS) Raised to “Buy” at StockNews.com

Olympic Steel (NASDAQ:ZEUS) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday.

Olympic Steel Price Performance

Shares of NASDAQ ZEUS traded up $0.66 during midday trading on Tuesday, hitting $38.53. The company had a trading volume of 273,134 shares, compared to its average volume of 115,477. The firm has a market capitalization of $428.95 million, a price-to-earnings ratio of 10.27 and a beta of 1.48. Olympic Steel has a twelve month low of $34.81 and a twelve month high of $73.49. The business has a 50-day simple moving average of $41.88 and a two-hundred day simple moving average of $51.64. The company has a quick ratio of 1.43, a current ratio of 3.77 and a debt-to-equity ratio of 0.37.

Olympic Steel (NASDAQ:ZEUS) last issued its earnings results on Thursday, August 1st. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.05. The company had revenue of $526.25 million during the quarter. Olympic Steel had a net margin of 1.74% and a return on equity of 4.98%. During the same period last year, the business posted $1.24 earnings per share.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Harvest Investment Services LLC purchased a new stake in shares of Olympic Steel in the 4th quarter worth about $395,000. Campbell & CO Investment Adviser LLC lifted its holdings in shares of Olympic Steel by 309.3% in the fourth quarter. Campbell & CO Investment Adviser LLC now owns 25,236 shares of the basic materials company’s stock valued at $1,683,000 after purchasing an additional 19,071 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Olympic Steel by 231.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 7,142 shares of the basic materials company’s stock valued at $506,000 after purchasing an additional 4,985 shares during the last quarter. New York State Teachers Retirement System increased its stake in shares of Olympic Steel by 8.5% during the 1st quarter. New York State Teachers Retirement System now owns 23,581 shares of the basic materials company’s stock worth $1,671,000 after purchasing an additional 1,840 shares in the last quarter. Finally, Cornerstone Investment Partners LLC purchased a new position in shares of Olympic Steel during the 1st quarter worth approximately $207,000. Hedge funds and other institutional investors own 87.07% of the company’s stock.

Olympic Steel Company Profile

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.