Olympic Steel (NASDAQ:ZEUS) Rating Increased to Overweight at KeyCorp

KeyCorp upgraded shares of Olympic Steel (NASDAQ:ZEUS) from a sector weight rating to an overweight rating in a research note issued to investors on Wednesday, Marketbeat reports. The brokerage currently has $42.00 price target on the basic materials company’s stock.

Separately, StockNews.com lowered Olympic Steel from a “buy” rating to a “hold” rating in a report on Friday, October 25th.

Olympic Steel Stock Performance

NASDAQ ZEUS opened at $34.13 on Wednesday. The company has a market cap of $379.87 million, a P/E ratio of 14.97 and a beta of 1.53. The company has a fifty day simple moving average of $36.93 and a 200 day simple moving average of $39.42. The company has a current ratio of 3.52, a quick ratio of 1.26 and a debt-to-equity ratio of 0.35. Olympic Steel has a 12-month low of $30.29 and a 12-month high of $73.49.

Olympic Steel (NASDAQ:ZEUS) last issued its quarterly earnings data on Thursday, October 31st. The basic materials company reported $0.11 earnings per share (EPS) for the quarter. Olympic Steel had a net margin of 1.32% and a return on equity of 3.79%. The firm had revenue of $470.00 million during the quarter. Sell-side analysts predict that Olympic Steel will post 1.55 earnings per share for the current fiscal year.

Olympic Steel Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date was Monday, December 2nd. Olympic Steel’s dividend payout ratio is 26.32%.

Institutional Trading of Olympic Steel

Institutional investors and hedge funds have recently made changes to their positions in the company. Exchange Traded Concepts LLC grew its position in Olympic Steel by 5.6% in the 4th quarter. Exchange Traded Concepts LLC now owns 27,214 shares of the basic materials company’s stock worth $893,000 after purchasing an additional 1,432 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of Olympic Steel by 29.0% in the 4th quarter. SG Americas Securities LLC now owns 8,103 shares of the basic materials company’s stock worth $266,000 after buying an additional 1,820 shares during the last quarter. Wedge Capital Management L L P NC grew its holdings in shares of Olympic Steel by 2.9% in the fourth quarter. Wedge Capital Management L L P NC now owns 25,374 shares of the basic materials company’s stock valued at $833,000 after acquiring an additional 705 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Olympic Steel by 136.1% during the third quarter. JPMorgan Chase & Co. now owns 214,493 shares of the basic materials company’s stock valued at $8,365,000 after acquiring an additional 123,632 shares during the last quarter. Finally, Barclays PLC lifted its holdings in Olympic Steel by 275.2% during the third quarter. Barclays PLC now owns 15,532 shares of the basic materials company’s stock worth $606,000 after acquiring an additional 11,392 shares during the period. Hedge funds and other institutional investors own 87.07% of the company’s stock.

Olympic Steel Company Profile

Olympic Steel, Inc processes, distributes, and stores metal products primarily in the United States, Canada, and Mexico. It operates in three segments: Carbon Flat Products; Specialty Metals Flat Products; and Tubular and Pipe Products. The company offers stainless steel and aluminum coil and sheet products, angles, rounds, and flat bars; alloy, heat treated, and abrasion resistant coils, sheets and plates; coated metals, including galvanized, galvannealed, electro galvanized, advanced high strength steels, aluminized, and automotive grades of steel; commercial quality, advanced high strength steel, drawing steel, and automotive grades cold rolled steel coil and sheet products; hot rolled carbon comprising hot rolled coil, pickled and oiled sheet and plate steel products, automotive grades, advanced high strength steels, and high strength low alloys; tube, pipe, and bar products, including round, square, and rectangular mechanical and structural tubing; hydraulic and stainless tubing; boiler tubing; carbon, stainless, and aluminum pipes; valves and fittings; and tin mill products, such as electrolytic tinplate, electrolytic chromium coated steel, and black plates.