Olympic Steel (NASDAQ:ZEUS) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Olympic Steel (NASDAQ:ZEUS) from a hold rating to a sell rating in a report released on Sunday morning, Zacks.com reports.

According to Zacks, “Olympic Steel, Inc. is a leading U.S. metals service center focused on the direct sale and distribution of large volumes of processed carbon, coated and stainless flat-rolled sheet, coil and plate steel and aluminum products. The Company’s CTI subsidiary is a leading distributor of steel tubing, bar, pipe, valves and fittings, and fabricates pressure parts for the electric utility industry. “

Separately, ValuEngine upgraded Olympic Steel from a strong sell rating to a sell rating in a report on Thursday, August 1st.

NASDAQ:ZEUS opened at $15.02 on Friday. Olympic Steel has a 52 week low of $9.99 and a 52 week high of $21.94. The firm has a 50 day moving average of $11.39 and a 200 day moving average of $14.16. The company has a quick ratio of 1.95, a current ratio of 4.75 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $136.46 million, a price-to-earnings ratio of 4.28 and a beta of 2.15.

Olympic Steel (NASDAQ:ZEUS) last released its quarterly earnings results on Thursday, August 1st. The basic materials company reported $0.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.03. The business had revenue of $429.15 million for the quarter, compared to analyst estimates of $412.40 million. Olympic Steel had a net margin of 0.82% and a return on equity of 6.23%. The business’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.49 earnings per share. As a group, analysts expect that Olympic Steel will post 0.5 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date is Friday, August 30th. Olympic Steel’s dividend payout ratio (DPR) is presently 2.28%.

Hedge funds and other institutional investors have recently modified their holdings of the business. United Services Automobile Association raised its holdings in shares of Olympic Steel by 4.5% in the second quarter. United Services Automobile Association now owns 66,997 shares of the basic materials company’s stock worth $915,000 after buying an additional 2,900 shares during the last quarter. D. E. Shaw & Co. Inc. increased its position in shares of Olympic Steel by 29.2% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 63,708 shares of the basic materials company’s stock valued at $870,000 after acquiring an additional 14,394 shares during the period. Zebra Capital Management LLC acquired a new position in shares of Olympic Steel in the 2nd quarter valued at $228,000. Invesco Ltd. increased its position in shares of Olympic Steel by 27.0% in the 2nd quarter. Invesco Ltd. now owns 242,498 shares of the basic materials company’s stock valued at $3,310,000 after acquiring an additional 51,541 shares during the period. Finally, Vanguard Group Inc. raised its stake in Olympic Steel by 21.7% in the 2nd quarter. Vanguard Group Inc. now owns 804,006 shares of the basic materials company’s stock worth $10,975,000 after acquiring an additional 143,100 shares during the last quarter. 67.57% of the stock is owned by institutional investors and hedge funds.

Olympic Steel Company Profile

Olympic Steel, Inc processes and distributes metal products in the United States and internationally. It operates in three segments: Carbon Flat Products; Specialty Metals Flat Products; and Tubular and Pipe Products. The Carbon Flat Products segment sells and distributes processed carbon and coated flat-rolled sheets, coil and plate products, and fabricated parts.

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