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 published on Wednesday, Marketbeat.com reports. The firm currently has $42.00 price objective on the basic materials company’s stock.

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

Olympic Steel Stock Performance

Shares of Olympic Steel stock opened at $34.13 on Wednesday. The company’s 50 day moving average price is $36.93 and its two-hundred day moving average price is $39.42. The firm has a market capitalization of $379.87 million, a P/E ratio of 14.97 and a beta of 1.53. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.52 and a quick ratio of 1.26. Olympic Steel has a fifty-two week low of $30.29 and a fifty-two week high of $73.49.

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

Olympic Steel Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were paid 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 of this dividend was Monday, December 2nd. Olympic Steel’s dividend payout ratio is presently 26.32%.

Institutional Trading of Olympic Steel

A number of institutional investors have recently bought and sold shares of ZEUS. Exchange Traded Concepts LLC lifted its stake in shares of 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 valued at $893,000 after purchasing an additional 1,432 shares during the period. SG Americas Securities LLC increased its holdings in Olympic Steel by 29.0% in the fourth quarter. SG Americas Securities LLC now owns 8,103 shares of the basic materials company’s stock worth $266,000 after purchasing an additional 1,820 shares in the last quarter. Wedge Capital Management L L P NC lifted its stake in 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 buying an additional 705 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Olympic Steel by 136.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 214,493 shares of the basic materials company’s stock worth $8,365,000 after buying an additional 123,632 shares in the last quarter. Finally, Barclays PLC boosted its holdings in shares of Olympic Steel by 275.2% during the 3rd quarter. Barclays PLC now owns 15,532 shares of the basic materials company’s stock worth $606,000 after buying an additional 11,392 shares in the last quarter. 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.