Olympic Steel (NASDAQ:ZEUS) Raised to “Overweight” at KeyCorp

Olympic Steel (NASDAQ:ZEUS) was upgraded by equities researchers at KeyCorp from a “sector weight” rating to an “overweight” rating in a report issued on Wednesday, Marketbeat.com reports. The brokerage currently has a $42.00 price objective on the basic materials company’s stock. KeyCorp’s price objective points to a potential upside of 21.35% from the stock’s current price.

Separately, StockNews.com downgraded shares of Olympic Steel from a “buy” rating to a “hold” rating in a research report on Friday, October 25th.

Olympic Steel Price Performance

Shares of NASDAQ:ZEUS opened at $34.61 on Wednesday. The company has a market cap of $385.31 million, a price-to-earnings ratio of 15.18 and a beta of 1.53. The business has a 50 day moving average price of $36.93 and a 200 day moving average price of $39.42. The company has a quick ratio of 1.26, a current ratio of 3.52 and a debt-to-equity ratio of 0.35. Olympic Steel has a twelve month low of $30.29 and a twelve month high of $73.49.

Olympic Steel (NASDAQ:ZEUS) last issued its earnings results on Thursday, October 31st. The basic materials company reported $0.11 EPS for the quarter. The firm had revenue of $470.00 million during the quarter. Olympic Steel had a return on equity of 3.79% and a net margin of 1.32%. Research analysts predict that Olympic Steel will post 1.55 earnings per share for the current year.

Institutional Trading of Olympic Steel

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC boosted its stake in shares of 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 acquiring an additional 37,798 shares during the period. XTX Topco Ltd bought a new position in Olympic Steel during the second quarter worth $201,000. Public Sector Pension Investment Board boosted its position in Olympic Steel by 6.2% during the second quarter. Public Sector Pension Investment Board now owns 21,595 shares of the basic materials company’s stock worth $968,000 after purchasing an additional 1,260 shares during the period. Squarepoint Ops LLC bought a new position in shares of Olympic Steel in the second quarter valued at about $398,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Olympic Steel during the 3rd quarter worth about $245,000. Institutional investors and hedge funds own 87.07% of the company’s stock.

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.