Olympic Steel (NASDAQ:ZEUS) Hits New 52-Week High – What’s Next?

Olympic Steel, Inc. (NASDAQ:ZEUS) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $52.60 and last traded at $52.3750, with a volume of 8197 shares changing hands. The stock had previously closed at $49.94.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded Olympic Steel from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, January 16th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $38.00.

Olympic Steel Stock Up 0.8%

The company has a market capitalization of $572.77 million, a price-to-earnings ratio of 43.71 and a beta of 1.75. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.12 and a quick ratio of 1.17. The firm’s fifty day moving average price is $45.50 and its 200-day moving average price is $36.99.

Insider Activity at Olympic Steel

In other news, COO Andrew S. Greiff sold 4,500 shares of the business’s stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $40.42, for a total transaction of $181,890.00. Following the sale, the chief operating officer directly owned 12,018 shares in the company, valued at approximately $485,767.56. The trade was a 27.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 13.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Magnetar Financial LLC bought a new position in Olympic Steel during the second quarter worth $284,000. American Century Companies Inc. boosted its position in Olympic Steel by 4.4% during the second quarter. American Century Companies Inc. now owns 364,690 shares of the basic materials company’s stock valued at $11,885,000 after acquiring an additional 15,533 shares during the last quarter. Hsbc Holdings PLC grew its holdings in Olympic Steel by 64.9% during the 2nd quarter. Hsbc Holdings PLC now owns 34,826 shares of the basic materials company’s stock worth $1,135,000 after acquiring an additional 13,701 shares during the period. SG Americas Securities LLC bought a new position in shares of Olympic Steel in the 3rd quarter worth about $361,000. Finally, Panagora Asset Management Inc. raised its position in shares of Olympic Steel by 96.2% in the 2nd quarter. Panagora Asset Management Inc. now owns 48,522 shares of the basic materials company’s stock worth $1,581,000 after acquiring an additional 23,785 shares in the last quarter. 87.07% of the stock is owned by institutional investors and hedge funds.

About Olympic Steel

Olympic Steel, Inc is a leading metals service center headquartered in Cleveland, Ohio, specializing in the distribution of carbon, stainless, aluminum and alloy sheet, plate, bar, tubing, and piping products. The company offers a broad range of metals in various grades, sizes and dimensions, serving customers across a variety of industries. Olympic Steel operates as a one‐stop source for metals procurement, providing both standard inventory offerings and custom‐cut pieces to meet specific customer requirements.

Through its network of service centers in the United States and Mexico, Olympic Steel provides a suite of value‐added processing services, including precision laser and plasma cutting, shearing, slitting, shearing, forming, plate burning, leveling and robotic welding.