Olympic Steel (NASDAQ:ZEUS) Price Target Lowered to $38.00 at KeyCorp

Key Points

• KeyCorp has reduced its price target for Olympic Steel from $40.00 to $38.00, while maintaining an "overweight" rating on the stock, indicating a potential upside of 23.58% from its current price.
• Olympic Steel reported quarterly earnings of $0.50 per share, falling short of analysts' expectations of $0.59, and its revenue of $496.48 million also missed the estimated $506.60 million.
• Institutional investors have shown increased interest in Olympic Steel, with several firms significantly boosting their holdings in the company over the last quarter.

Olympic Steel (NASDAQ:ZEUS - Free Report) had its target price reduced by KeyCorp from $40.00 to $38.00 in a report released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the basic materials company's stock.

Separately, Wall Street Zen raised shares of Olympic Steel from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd.

Olympic Steel Stock Up 1.4%

Shares of Olympic Steel stock traded up $0.42 on Wednesday, reaching $31.13. The stock had a trading volume of 47,908 shares, compared to its average volume of 74,709. The company has a 50 day moving average price of $32.38 and a 200 day moving average price of $32.43. The company has a quick ratio of 1.18, a current ratio of 3.07 and a debt-to-equity ratio of 0.40. Olympic Steel has a 1 year low of $26.32 and a 1 year high of $43.60. The stock has a market capitalization of $348.66 million, a P/E ratio of 25.52 and a beta of 1.72.

Olympic Steel (NASDAQ:ZEUS - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The basic materials company reported $0.50 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.59 by ($0.09). Olympic Steel had a return on equity of 1.95% and a net margin of 0.77%. The firm had revenue of $496.48 million during the quarter, compared to analysts' expectations of $506.60 million. As a group, equities research analysts forecast that Olympic Steel will post 2.69 EPS for the current year.

Olympic Steel Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be paid a $0.16 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.64 dividend on an annualized basis and a yield of 2.1%. Olympic Steel's dividend payout ratio (DPR) is 52.46%.

Institutional Trading of Olympic Steel

A number of institutional investors have recently bought and sold shares of the stock. SummerHaven Investment Management LLC boosted its stake in Olympic Steel by 2.2% in the 1st quarter. SummerHaven Investment Management LLC now owns 19,059 shares of the basic materials company's stock worth $601,000 after purchasing an additional 417 shares in the last quarter. Versant Capital Management Inc boosted its stake in Olympic Steel by 178.7% in the 1st quarter. Versant Capital Management Inc now owns 914 shares of the basic materials company's stock worth $29,000 after purchasing an additional 586 shares in the last quarter. New Age Alpha Advisors LLC boosted its stake in Olympic Steel by 33.6% in the 1st quarter. New Age Alpha Advisors LLC now owns 2,406 shares of the basic materials company's stock worth $76,000 after purchasing an additional 605 shares in the last quarter. Quantbot Technologies LP boosted its stake in Olympic Steel by 20.1% in the 1st quarter. Quantbot Technologies LP now owns 4,954 shares of the basic materials company's stock worth $156,000 after purchasing an additional 830 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in Olympic Steel by 6.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 13,891 shares of the basic materials company's stock valued at $456,000 after acquiring an additional 839 shares during the period. 87.07% of the stock is currently owned by institutional investors and hedge funds.

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.