Wall Street analysts forecast that Olympic Steel, Inc. (NASDAQ:ZEUS) will post sales of $595.40 million for the current quarter, Zacks reports. Two analysts have made estimates for Olympic Steel’s earnings, with the lowest sales estimate coming in at $585.30 million and the highest estimate coming in at $605.50 million. Olympic Steel reported sales of $331.55 million in the same quarter last year, which would suggest a positive year over year growth rate of 79.6%. The firm is expected to issue its next earnings report on Thursday, February 24th.
On average, analysts expect that Olympic Steel will report full-year sales of $2.27 billion for the current year, with estimates ranging from $2.24 billion to $2.29 billion. For the next financial year, analysts forecast that the firm will report sales of $1.92 billion, with estimates ranging from $1.77 billion to $2.06 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that follow Olympic Steel.
Olympic Steel (NASDAQ:ZEUS) last issued its quarterly earnings results on Thursday, November 4th. The basic materials company reported $4.09 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.62 by $1.47. Olympic Steel had a return on equity of 30.19% and a net margin of 4.85%. The company had revenue of $668.47 million for the quarter, compared to the consensus estimate of $645.35 million.
In other news, insider David A. Wolfort sold 8,000 shares of Olympic Steel stock in a transaction dated Monday, November 22nd. The shares were sold at an average price of $23.90, for a total transaction of $191,200.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider David A. Wolfort sold 4,000 shares of Olympic Steel stock in a transaction dated Monday, November 8th. The shares were sold at an average price of $27.00, for a total transaction of $108,000.00. The disclosure for this sale can be found here. Insiders sold a total of 14,169 shares of company stock worth $351,366 over the last 90 days. Company insiders own 17.40% of the company’s stock.
A number of hedge funds have recently made changes to their positions in ZEUS. Invesco Ltd. lifted its holdings in Olympic Steel by 57.9% during the 2nd quarter. Invesco Ltd. now owns 383,336 shares of the basic materials company’s stock valued at $11,266,000 after purchasing an additional 140,516 shares during the last quarter. Bridgeway Capital Management LLC lifted its holdings in Olympic Steel by 47.0% during the 2nd quarter. Bridgeway Capital Management LLC now owns 264,500 shares of the basic materials company’s stock valued at $7,774,000 after purchasing an additional 84,600 shares during the last quarter. Putnam Investments LLC lifted its holdings in Olympic Steel by 181.3% during the 3rd quarter. Putnam Investments LLC now owns 129,420 shares of the basic materials company’s stock valued at $3,153,000 after purchasing an additional 83,420 shares during the last quarter. Morgan Stanley lifted its holdings in Olympic Steel by 54.0% during the 2nd quarter. Morgan Stanley now owns 218,385 shares of the basic materials company’s stock valued at $6,418,000 after purchasing an additional 76,600 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Olympic Steel by 187.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 113,004 shares of the basic materials company’s stock valued at $3,321,000 after purchasing an additional 73,678 shares during the last quarter. 70.82% of the stock is owned by hedge funds and other institutional investors.
ZEUS stock traded down $0.46 on Thursday, reaching $23.27. 45,193 shares of the company were exchanged, compared to its average volume of 108,367. The stock has a market capitalization of $257.76 million, a price-to-earnings ratio of 2.73 and a beta of 1.63. Olympic Steel has a 12 month low of $13.00 and a 12 month high of $40.00. The company has a fifty day simple moving average of $25.03. The company has a quick ratio of 1.44, a current ratio of 3.26 and a debt-to-equity ratio of 0.75.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 15th. Shareholders of record on Wednesday, December 1st will be given a $0.02 dividend. The ex-dividend date is Tuesday, November 30th. This represents a $0.08 annualized dividend and a yield of 0.34%. Olympic Steel’s dividend payout ratio is 0.94%.
About Olympic Steel
Olympic Steel, Inc engages in the processing, sale, and distribution of metal products. It operates through the following segments: Carbon Flat Products, Specialty Metals Flat Products, and Tubular and Pipe Products. The Carbon Flat Products includes large volumes of processed carbon and coated flat-rolled sheet, coil and plate products, and fabricated parts.
Read More: What are earnings reports?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Olympic Steel Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Olympic Steel and related companies with MarketBeat.com's FREE daily email newsletter.