FY2016 EPS Estimates for Olympic Steel Inc. (ZEUS) Decreased by Analyst
Olympic Steel Inc. (NASDAQ:ZEUS) – Analysts at KeyCorp dropped their FY2016 earnings per share estimates for Olympic Steel in a research note issued to investors on Wednesday. KeyCorp analyst P. Gibbs now anticipates that the brokerage will post earnings of $0.01 per share for the year, down from their previous estimate of $0.65. KeyCorp has a “Underweight” rating and a $21.00 price objective on the stock. KeyCorp also issued estimates for Olympic Steel’s Q4 2016 earnings at ($0.24) EPS.
A number of other brokerages have also recently issued reports on ZEUS. Zacks Investment Research cut shares of Olympic Steel from a “hold” rating to a “sell” rating in a report on Tuesday, September 20th. Jefferies Group restated a “hold” rating on shares of Olympic Steel in a report on Wednesday, August 3rd. Finally, Macquarie cut shares of Olympic Steel from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $30.00 to $20.00 in a report on Tuesday, November 8th. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. The company has a consensus rating of “Hold” and an average target price of $20.75.
Olympic Steel (NASDAQ:ZEUS) opened at 22.43 on Monday. Olympic Steel has a 52 week low of $7.98 and a 52 week high of $31.19. The stock’s 50 day moving average is $21.74 and its 200 day moving average is $23.45. The firm’s market cap is $245.90 million.
Olympic Steel (NASDAQ:ZEUS) last released its earnings results on Thursday, November 3rd. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company earned $268.30 million during the quarter, compared to analysts’ expectations of $293.40 million. During the same quarter in the previous year, the company earned ($0.05) EPS. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, December 1st will be given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date of this dividend is Tuesday, November 29th. Olympic Steel’s dividend payout ratio is presently -22.22%.
Hedge funds have recently made changes to their positions in the company. BlackRock Advisors LLC raised its stake in Olympic Steel by 8.7% in the third quarter. BlackRock Advisors LLC now owns 4,800 shares of the company’s stock valued at $106,000 after buying an additional 384 shares during the period. BlackRock Group LTD raised its stake in Olympic Steel by 7.8% in the third quarter. BlackRock Group LTD now owns 6,265 shares of the company’s stock valued at $138,000 after buying an additional 455 shares during the period. KBC Group NV purchased a new stake in Olympic Steel during the second quarter valued at about $142,000. The Manufacturers Life Insurance Company purchased a new stake in Olympic Steel during the third quarter valued at about $151,000. Finally, Walleye Trading LLC raised its stake in Olympic Steel by 70.6% in the second quarter. Walleye Trading LLC now owns 5,800 shares of the company’s stock valued at $158,000 after buying an additional 2,400 shares during the period. 72.51% of the stock is currently owned by institutional investors and hedge funds.
About Olympic Steel
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.
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