Olympic Steel (NASDAQ:ZEUS) Upgraded at StockNews.com

StockNews.com upgraded shares of Olympic Steel (NASDAQ:ZEUS) from a hold rating to a buy rating in a report released on Tuesday.

Olympic Steel Price Performance

ZEUS stock opened at $39.36 on Tuesday. Olympic Steel has a 1 year low of $34.81 and a 1 year high of $73.49. The firm has a market capitalization of $438.08 million, a PE ratio of 10.50 and a beta of 1.48. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.77 and a quick ratio of 1.43. The business has a 50 day simple moving average of $41.32 and a 200-day simple moving average of $51.28.

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, topping analysts’ consensus estimates of $0.55 by $0.05. Olympic Steel had a return on equity of 4.98% and a net margin of 1.74%. The business had revenue of $526.25 million during the quarter. During the same period last year, the business earned $1.24 earnings per share.

Olympic Steel Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Monday, September 2nd were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date was Friday, August 30th. Olympic Steel’s dividend payout ratio is presently 16.00%.

Institutional Investors Weigh In On Olympic Steel

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ZEUS. Bank of New York Mellon Corp grew its holdings in shares of Olympic Steel by 21.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 141,820 shares of the basic materials company’s stock worth $6,358,000 after purchasing an additional 25,201 shares during the period. Vanguard Group Inc. boosted its position in shares of Olympic Steel by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 681,512 shares of the basic materials company’s stock worth $48,306,000 after purchasing an additional 12,242 shares during the period. Harvest Investment Services LLC acquired a new stake in Olympic Steel in the 4th quarter valued at approximately $395,000. EntryPoint Capital LLC purchased a new stake in Olympic Steel in the first quarter valued at approximately $61,000. Finally, Sei Investments Co. lifted its stake in Olympic Steel by 5.2% during the first quarter. Sei Investments Co. now owns 76,498 shares of the basic materials company’s stock worth $5,422,000 after purchasing an additional 3,756 shares in the last quarter. 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.