Olympic Steel (NASDAQ:ZEUS) Stock Price Passes Above 200 Day Moving Average – Here’s Why

Shares of Olympic Steel, Inc. (NASDAQ:ZEUS) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $32.10 and traded as high as $34.98. Olympic Steel shares last traded at $34.81, with a volume of 84,201 shares traded.

Analyst Ratings Changes

ZEUS has been the topic of a number of research reports. Weiss Ratings restated a “sell (d)” rating on shares of Olympic Steel in a research report on Thursday, November 13th. KeyCorp lowered their price target on shares of Olympic Steel from $40.00 to $38.00 and set an “overweight” rating on the stock in a report on Wednesday, August 6th. Finally, Wall Street Zen cut shares of Olympic Steel from a “buy” rating to a “hold” rating in a research note on Sunday, August 10th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Olympic Steel has a consensus rating of “Hold” and a consensus price target of $38.00.

Olympic Steel Stock Performance

The company has a quick ratio of 1.18, a current ratio of 3.07 and a debt-to-equity ratio of 0.40. The stock has a fifty day simple moving average of $31.70 and a 200-day simple moving average of $32.10. The company has a market capitalization of $389.80 million, a P/E ratio of 29.75 and a beta of 1.80.

Olympic Steel (NASDAQ:ZEUS) last announced its earnings results on Tuesday, October 28th. The basic materials company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.06). Olympic Steel had a return on equity of 2.12% and a net margin of 0.73%.The firm had revenue of $490.66 million for the quarter, compared to analyst estimates of $476.20 million. Equities analysts forecast that Olympic Steel, Inc. will post 2.69 EPS for the current year.

Olympic Steel Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be paid a $0.16 dividend. The ex-dividend date is Monday, December 1st. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.8%. Olympic Steel’s payout ratio is 54.70%.

Institutional Investors Weigh In On Olympic Steel

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. CWM LLC boosted its stake in Olympic Steel by 170.5% in the first quarter. CWM LLC now owns 2,462 shares of the basic materials company’s stock worth $78,000 after purchasing an additional 1,552 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in Olympic Steel during the 1st quarter worth about $454,000. Readystate Asset Management LP bought a new stake in Olympic Steel during the 1st quarter worth about $424,000. Meeder Asset Management Inc. acquired a new stake in Olympic Steel in the 1st quarter valued at about $179,000. Finally, Federated Hermes Inc. raised its stake in shares of Olympic Steel by 18,931.2% in the first quarter. Federated Hermes Inc. now owns 17,699 shares of the basic materials company’s stock worth $558,000 after acquiring an additional 17,606 shares during the last quarter. 87.07% of the stock is owned by institutional investors and hedge funds.

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.