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 price target decreased by KeyCorp from $40.00 to $38.00 in a research report report published on Wednesday,Benzinga reports. KeyCorp currently has an overweight rating on the basic materials company's stock.

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

Olympic Steel Stock Performance

Shares of ZEUS stock traded up $0.33 during mid-day trading on Wednesday, reaching $31.04. The stock had a trading volume of 3,345 shares, compared to its average volume of 83,140. Olympic Steel has a 1-year low of $26.32 and a 1-year high of $43.60. The firm has a market cap of $347.59 million, a price-to-earnings ratio of 25.44 and a beta of 1.72. The company has a current ratio of 3.07, a quick ratio of 1.18 and a debt-to-equity ratio of 0.40. The business's fifty day moving average is $32.36 and its 200-day moving average is $32.48.

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

Olympic Steel Dividend Announcement

The business also recently declared 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 of this dividend 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 currently 52.46%.

Institutional Investors Weigh In On Olympic Steel

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Olympic Steel in the fourth quarter valued at about $3,035,000. Alliancebernstein L.P. lifted its stake in Olympic Steel by 33.7% in the 4th quarter. Alliancebernstein L.P. now owns 71,560 shares of the basic materials company's stock valued at $2,348,000 after buying an additional 18,020 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Olympic Steel by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 233,615 shares of the basic materials company's stock worth $7,667,000 after buying an additional 1,300 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in Olympic Steel by 6.5% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 41,906 shares of the basic materials company's stock worth $1,375,000 after buying an additional 2,559 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings in shares of Olympic Steel by 16.0% during the fourth quarter. Wells Fargo & Company MN now owns 9,090 shares of the basic materials company's stock valued at $298,000 after acquiring an additional 1,257 shares during the last quarter. Hedge funds and other institutional investors 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.