Olympic Steel, Inc. (NASDAQ:ZEUS) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Friday.

According to Zacks, “OLYMPIC STEEL INC. is a specialized steel service center that processes and distributes flat- rolled carbon, stainless and tubular steel products. Co. operates as an intermediary between steel producers and manufacturers that require processed steel for their operations. Co. purchases flat-rolled steel typically from steel producers and responds to its customers’ needs by processing steel to customer specifications and by providing critical inventory and just-in-time delivery services. “

Other analysts also recently issued reports about the company. KeyCorp restated a “hold” rating on shares of Olympic Steel in a research report on Tuesday, September 19th. Jefferies Group LLC restated a “hold” rating on shares of Olympic Steel in a research report on Friday, July 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $21.75.

Olympic Steel (NASDAQ ZEUS) opened at 19.77 on Friday. The company has a market capitalization of $216.82 million, a PE ratio of 25.98 and a beta of 1.74. The firm’s 50 day moving average price is $19.95 and its 200-day moving average price is $18.60. Olympic Steel has a one year low of $15.83 and a one year high of $28.67.

Olympic Steel (NASDAQ:ZEUS) last announced its quarterly earnings data on Thursday, August 3rd. The basic materials company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.06. Olympic Steel had a return on equity of 2.82% and a net margin of 0.71%. The business had revenue of $356.20 million during the quarter, compared to the consensus estimate of $365.00 million. During the same period in the prior year, the company earned $0.32 EPS. Equities analysts forecast that Olympic Steel will post $1.32 earnings per share for the current fiscal year.

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In other Olympic Steel news, COO Andrew S. Greiff acquired 3,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The stock was acquired at an average cost of $17.75 per share, for a total transaction of $62,125.00. Following the transaction, the chief operating officer now directly owns 9,021 shares in the company, valued at $160,122.75. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Richard T. Marabito acquired 2,000 shares of the company’s stock in a transaction that occurred on Friday, August 11th. The shares were acquired at an average price of $17.42 per share, with a total value of $34,840.00. Following the completion of the transaction, the chief financial officer now owns 30,614 shares in the company, valued at $533,295.88. The disclosure for this purchase can be found here. 18.29% of the stock is owned by corporate insiders.

Several hedge funds have recently made changes to their positions in the stock. PNC Financial Services Group Inc. lifted its position in shares of Olympic Steel by 0.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 12,676 shares of the basic materials company’s stock worth $246,000 after buying an additional 39 shares during the last quarter. Rhumbline Advisers raised its position in Olympic Steel by 0.8% in the second quarter. Rhumbline Advisers now owns 18,007 shares of the basic materials company’s stock valued at $351,000 after purchasing an additional 135 shares during the last quarter. Parametric Portfolio Associates LLC raised its position in Olympic Steel by 0.4% in the second quarter. Parametric Portfolio Associates LLC now owns 47,363 shares of the basic materials company’s stock valued at $923,000 after purchasing an additional 196 shares during the last quarter. Comerica Bank raised its position in Olympic Steel by 4.6% in the first quarter. Comerica Bank now owns 10,011 shares of the basic materials company’s stock valued at $192,000 after purchasing an additional 438 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in Olympic Steel by 1.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 38,462 shares of the basic materials company’s stock valued at $714,000 after purchasing an additional 457 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

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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