Olympic Steel (NASDAQ:ZEUS) Upgraded by StockNews.com to “Buy”

Olympic Steel (NASDAQ:ZEUS) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Tuesday.

Olympic Steel Trading Down 1.9 %

Shares of ZEUS traded down $0.80 on Tuesday, reaching $40.35. 82,040 shares of the company’s stock were exchanged, compared to its average volume of 85,997. The business has a 50 day moving average price of $44.31 and a two-hundred day moving average price of $55.80. Olympic Steel has a 12 month low of $39.08 and a 12 month high of $73.49. The stock has a market capitalization of $449.10 million, a P/E ratio of 10.76 and a beta of 1.52. The company has a current ratio of 3.77, a quick ratio of 1.43 and a debt-to-equity ratio of 0.37.

Olympic Steel (NASDAQ:ZEUS) last posted its quarterly earnings results on Thursday, August 1st. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.05. Olympic Steel had a return on equity of 4.98% and a net margin of 1.74%. The business had revenue of $526.25 million for the quarter. During the same quarter in the prior year, the business earned $1.24 earnings per share.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Olympic Steel by 1.8% during the first quarter. Vanguard Group Inc. now owns 681,512 shares of the basic materials company’s stock worth $48,306,000 after buying an additional 12,242 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Olympic Steel by 10.7% during the 2nd quarter. American Century Companies Inc. now owns 279,940 shares of the basic materials company’s stock worth $12,550,000 after acquiring an additional 27,123 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Olympic Steel by 21.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 141,820 shares of the basic materials company’s stock worth $6,358,000 after acquiring an additional 25,201 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Olympic Steel by 62.0% in the second quarter. Renaissance Technologies LLC now owns 98,798 shares of the basic materials company’s stock valued at $4,429,000 after purchasing an additional 37,798 shares during the last quarter. Finally, Sei Investments Co. lifted its position in shares of Olympic Steel by 5.2% in the first quarter. Sei Investments Co. now owns 76,498 shares of the basic materials company’s stock worth $5,422,000 after purchasing an additional 3,756 shares in the last quarter. Institutional investors and hedge funds own 87.07% of the company’s stock.

About Olympic Steel

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.