Olympic Steel Inc. (ZEUS) Rating Lowered to Neutral at Macquarie
Olympic Steel Inc. (NASDAQ:ZEUS) was downgraded by equities research analysts at Macquarie from an “outperform” rating to a “neutral” rating in a report released on Tuesday. They currently have a $20.00 target price on the stock, down from their prior target price of $30.00. Macquarie’s price target suggests a potential downside of 2.10% from the company’s previous close.
Other research analysts also recently issued research reports about the company. Jefferies Group reaffirmed a “hold” rating on shares of Olympic Steel in a report on Wednesday, August 3rd. Zacks Investment Research downgraded Olympic Steel from a “buy” rating to a “hold” rating in a report on Wednesday, August 24th. Finally, KeyCorp downgraded Olympic Steel from a “sector weight” rating to an “underweight” rating and set a $21.00 price objective on the stock. in a report on Friday, August 19th. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. Olympic Steel currently has a consensus rating of “Hold” and a consensus price target of $20.75.
Shares of Olympic Steel (NASDAQ:ZEUS) opened at 20.43 on Tuesday. The firm’s market cap is $223.97 million. The stock has a 50 day moving average price of $21.49 and a 200 day moving average price of $23.41. Olympic Steel has a 12 month low of $7.98 and a 12 month high of $31.19.
Olympic Steel (NASDAQ:ZEUS) last posted its quarterly earnings data on Thursday, November 3rd. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by $0.55. Olympic Steel had a negative return on equity of 1.28% and a negative net margin of 0.38%. The firm had revenue of $268.30 million for the quarter, compared to analyst estimates of $293.40 million. During the same period in the prior year, the company posted ($0.05) EPS. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. On average, equities research analysts expect that Olympic Steel will post $0.74 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.39%. The ex-dividend date is Tuesday, November 29th. Olympic Steel’s payout ratio is -22.22%.
Hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP boosted its stake in shares of Olympic Steel by 7.5% in the second quarter. Dimensional Fund Advisors LP now owns 928,343 shares of the company’s stock valued at $25,353,000 after buying an additional 65,124 shares during the last quarter. BlackRock Fund Advisors boosted its stake in Olympic Steel by 10.5% in the third quarter. BlackRock Fund Advisors now owns 677,928 shares of the company’s stock worth $14,982,000 after buying an additional 64,613 shares in the last quarter. Numeric Investors LLC boosted its stake in Olympic Steel by 924.0% in the second quarter. Numeric Investors LLC now owns 541,476 shares of the company’s stock worth $14,788,000 after buying an additional 488,596 shares in the last quarter. Vanguard Group Inc. boosted its stake in Olympic Steel by 0.4% in the second quarter. Vanguard Group Inc. now owns 447,819 shares of the company’s stock worth $12,230,000 after buying an additional 1,610 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its stake in Olympic Steel by 0.6% in the third quarter. Acadian Asset Management LLC now owns 434,338 shares of the company’s stock worth $9,599,000 after buying an additional 2,618 shares in the last quarter. Institutional investors own 72.33% of the company’s stock.
Olympic Steel Company Profile
Olympic Steel, Inc is a metals service center. The Company provides metals processing and distribution services for a range of customers. The Company operates through three segments: carbon flat products, specialty metals flat products, and tubular and pipe products. The Company’s carbon flat products segment’s focus is on the direct sale and distribution of large volumes of processed carbon and coated flat-rolled sheet, coil and plate products and fabricated parts.
Receive News & Stock Ratings for Olympic Steel Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Olympic Steel Inc. and related stocks with our FREE daily email newsletter.