Olympic Steel (NASDAQ:ZEUS) Upgraded at KeyCorp

KeyCorp upgraded shares of Olympic Steel (NASDAQ:ZEUS) from a sector weight rating to an overweight rating in a report published on Wednesday, MarketBeat reports. The firm currently has $42.00 price objective on the basic materials company’s stock. KeyCorp also issued estimates for Olympic Steel’s FY2024 earnings at $1.70 EPS and FY2025 earnings at $2.40 EPS.

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

Olympic Steel Stock Performance

NASDAQ ZEUS opened at $35.40 on Wednesday. The firm has a 50-day moving average price of $36.76 and a two-hundred day moving average price of $39.34. Olympic Steel has a 12-month low of $30.29 and a 12-month high of $73.49. The company has a market capitalization of $394.00 million, a P/E ratio of 15.53 and a beta of 1.53. 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 (NASDAQ:ZEUS) last issued its quarterly earnings results on Thursday, October 31st. The basic materials company reported $0.11 earnings per share (EPS) for the quarter. Olympic Steel had a return on equity of 3.79% and a net margin of 1.32%. The business had revenue of $470.00 million during the quarter. Analysts anticipate that Olympic Steel will post 1.55 earnings per share for the current year.

Olympic Steel Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.60 annualized dividend and a dividend yield of 1.69%. Olympic Steel’s dividend payout ratio is 26.32%.

Hedge Funds Weigh In On Olympic Steel

Several hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its position in Olympic Steel by 136.1% in the third quarter. JPMorgan Chase & Co. now owns 214,493 shares of the basic materials company’s stock valued at $8,365,000 after buying an additional 123,632 shares in the last quarter. Jane Street Group LLC boosted its holdings in shares of Olympic Steel by 1,165.8% during the 3rd quarter. Jane Street Group LLC now owns 202,163 shares of the basic materials company’s stock valued at $7,884,000 after acquiring an additional 186,192 shares in the last quarter. Walleye Capital LLC bought a new stake in Olympic Steel during the 3rd quarter worth $3,978,000. Renaissance Technologies LLC increased its holdings in Olympic Steel by 62.0% in 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 in the last quarter. Finally, Assenagon Asset Management S.A. raised its position in Olympic Steel by 1,020.4% in the third quarter. Assenagon Asset Management S.A. now owns 59,135 shares of the basic materials company’s stock valued at $2,306,000 after purchasing an additional 53,857 shares during the last quarter. Institutional investors 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.