Weiss Ratings Reaffirms "Hold (C-)" Rating for Olympic Steel (NASDAQ:ZEUS)

Key Points

• Weiss Ratings has reaffirmed a "Hold (C-)" rating for Olympic Steel (NASDAQ: ZEUS), indicating a cautious stance on the stock.
• Olympic Steel reported earnings of $0.50 per share, missing the consensus estimate of $0.59, with quarterly revenue of $496.48 million, below expectations.
• KeyCorp has lowered its price target for the stock from $40.00 to $38.00, while one analyst has rated it a Buy and another a Hold, reflecting mixed investor sentiment.

Olympic Steel (NASDAQ:ZEUS - Get Free Report)'s stock had its "hold (c-)" rating reissued by Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

Other research analysts also recently issued research reports about the company. KeyCorp dropped their price objective on Olympic Steel from $40.00 to $38.00 and set an "overweight" rating on the stock in a report on Wednesday, August 6th. Wall Street Zen cut Olympic Steel from a "buy" rating to a "hold" rating in a research report on Sunday, August 10th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $38.00.

Olympic Steel Stock Up 0.3%

NASDAQ ZEUS traded up $0.09 during trading hours on Wednesday, hitting $29.83. 10,462 shares of the company were exchanged, compared to its average volume of 77,454. The company has a 50 day moving average of $32.11 and a two-hundred day moving average of $31.92. 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 52-week low of $26.32 and a 52-week high of $43.60. The firm has a market cap of $334.10 million, a price-to-earnings ratio of 24.56 and a beta of 1.77.

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 company had revenue of $496.48 million for the quarter, compared to analysts' expectations of $506.60 million. Equities research analysts anticipate that Olympic Steel will post 2.69 earnings per share for the current year.

Institutional Trading of Olympic Steel

Hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC lifted its holdings in shares of Olympic Steel by 823.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 831 shares of the basic materials company's stock valued at $27,000 after buying an additional 741 shares during the period. New Age Alpha Advisors LLC raised its holdings in Olympic Steel by 33.6% during the first 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 during the last quarter. CWM LLC raised its holdings in Olympic Steel by 170.5% during the first quarter. CWM LLC now owns 2,462 shares of the basic materials company's stock worth $78,000 after purchasing an additional 1,552 shares during the last quarter. Quantbot Technologies LP raised its holdings in Olympic Steel by 20.1% during the first 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 during the last quarter. Finally, Meeder Asset Management Inc. acquired a new position in Olympic Steel during the first quarter worth $179,000. 87.07% of the stock is 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.

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