Olympic Steel (NASDAQ:ZEUS) rating downgraded to hold on StockNews.com

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Olympic Steel (NASDAQ:ZEUS – Get a Rating) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research report released on Friday.

Olympic steel inventory up 6.8%

ZEUS traded at $1.86 during Friday’s trading, reaching $29.07. The company had a trading volume of 42,447 shares, compared to an average volume of 81,929. The company’s 50-day moving average price is $25.42 and its 200-day moving average price is 28. $87. Olympic Steel has a 1-year low of $19.92 and a 1-year high of $43.18. The company has a market capitalization of $323.49 million, a PE ratio of 2.32 and a beta of 1.74. The company has a quick ratio of 1.41, a current ratio of 3.50 and a debt ratio of 0.58.

Olympic Steel Inc (NASDAQ:ZEUS – Get Rating) last released quarterly earnings data on Thursday, August 4. The basic materials company reported earnings per share (EPS) of $3.26 for the quarter, beating analysts’ consensus estimate of $2.80 by $0.46. The company posted revenue of $709.18 million in the quarter, versus a consensus estimate of $655.10 million. Olympic Steel had a return on equity of 34.19% and a net margin of 5.35%. As a group, stock analysts expect Olympic Steel to post earnings per share of 7.32 for the current year.

Hedge funds weigh on Olympic Steel

Several hedge funds have recently changed their positions in the company. Bailard Inc. increased its stake in Olympic Steel shares by 14.4% in the 1st quarter. Bailard inc. now owns 11,900 shares of the basic materials company valued at $458,000 after buying an additional 1,500 shares in the last quarter. Exchange Traded Concepts LLC acquired a new stake in Olympic Steel stock in Q1 worth approximately $587,000. Comerica Bank acquired a new stake in Olympic Steel stock in Q1 worth approximately $343,000. Commonwealth Equity Services LLC acquired a new stake in Olympic Steel stock in Q1 valued at approximately $297,000. Finally, Janney Montgomery Scott LLC increased its stake in Olympic Steel shares by 16.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 18,980 shares of the basic materials company valued at $730,000 after buying 2,642 additional shares in the last quarter. 78.53% of the shares are held by institutional investors.

Olympic Steel Company Profile

(Get a rating)

Olympic Steel, Inc. is engaged in the processing, sale and distribution of metal products. It operates through the following segments: Carbon Flat Products, Special Metal Flat Products, and Tubular and Piping Products. The Carbon Flat Products segment includes large volumes of processed carbon and coated flat rolled sheets, coil and plate products, and fabricated parts.

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