Olympic Steel (NASDAQ:ZEUS) Rating Increased to Buy at StockNews.com

Olympic Steel (NASDAQ:ZEUS) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.

Olympic Steel Price Performance

Shares of ZEUS stock opened at $38.05 on Tuesday. The company’s 50-day simple moving average is $41.67 and its two-hundred day simple moving average is $51.55. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.77 and a quick ratio of 1.43. Olympic Steel has a one year low of $34.81 and a one year high of $73.49. The company has a market capitalization of $423.61 million, a P/E ratio of 10.15 and a beta of 1.48.

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

Institutional Trading of Olympic Steel

A number of hedge funds have recently bought and sold shares of the stock. Squarepoint Ops LLC acquired a new position in Olympic Steel during the second quarter valued at $398,000. Public Sector Pension Investment Board raised its stake in shares of Olympic Steel by 6.2% during the 2nd quarter. Public Sector Pension Investment Board now owns 21,595 shares of the basic materials company’s stock valued at $968,000 after buying an additional 1,260 shares during the last quarter. XTX Topco Ltd acquired a new position in shares of Olympic Steel in the 2nd quarter valued at about $201,000. Renaissance Technologies LLC boosted its stake in Olympic Steel by 62.0% during the 2nd quarter. Renaissance Technologies LLC now owns 98,798 shares of the basic materials company’s stock worth $4,429,000 after purchasing an additional 37,798 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Olympic Steel by 3.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 40,301 shares of the basic materials company’s stock valued at $1,807,000 after buying an additional 1,353 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.