Olympic Steel, Inc. Forecasted to Post Q3 2023 Earnings of $0.79 Per Share (NASDAQ:ZEUS)

Olympic Steel, Inc. (NASDAQ:ZEUS - Free Report) - Equities researchers at KeyCorp boosted their Q3 2023 earnings per share (EPS) estimates for Olympic Steel in a research report issued to clients and investors on Sunday, August 6th. KeyCorp analyst P. Gibbs now forecasts that the basic materials company will post earnings per share of $0.79 for the quarter, up from their previous forecast of $0.73. The consensus estimate for Olympic Steel's current full-year earnings is $3.63 per share. KeyCorp also issued estimates for Olympic Steel's FY2023 earnings at $3.35 EPS and FY2024 earnings at $2.75 EPS.

Separately, StockNews.com raised shares of Olympic Steel from a "hold" rating to a "buy" rating in a report on Friday, July 7th.

View Our Latest Analysis on ZEUS

NASDAQ ZEUS opened at $50.89 on Tuesday. Olympic Steel has a fifty-two week low of $22.62 and a fifty-two week high of $58.84. The stock's 50-day moving average is $49.31 and its two-hundred day moving average is $48.46. The firm has a market cap of $566.41 million, a P/E ratio of 14.42 and a beta of 1.80. The company has a debt-to-equity ratio of 0.44, a current ratio of 3.69 and a quick ratio of 1.42.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Invesco Ltd. grew its holdings in Olympic Steel by 36.2% during the first quarter. Invesco Ltd. now owns 957,825 shares of the basic materials company's stock valued at $36,838,000 after purchasing an additional 254,383 shares during the period. State Street Corp lifted its stake in Olympic Steel by 49.2% in the first quarter. State Street Corp now owns 633,865 shares of the basic materials company's stock valued at $33,094,000 after acquiring an additional 209,031 shares during the last quarter. BlackRock Inc. grew its holdings in Olympic Steel by 10.8% during the first quarter. BlackRock Inc. now owns 1,918,096 shares of the basic materials company's stock worth $73,769,000 after purchasing an additional 186,607 shares during the period. Pacer Advisors Inc. increased its position in Olympic Steel by 126.1% during the first quarter. Pacer Advisors Inc. now owns 278,236 shares of the basic materials company's stock worth $14,527,000 after buying an additional 155,177 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Olympic Steel by 165.4% in the second quarter. JPMorgan Chase & Co. now owns 203,051 shares of the basic materials company's stock valued at $5,228,000 after buying an additional 126,545 shares during the period. 82.19% of the stock is owned by institutional investors and hedge funds.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a $0.125 dividend. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.98%. Olympic Steel's dividend payout ratio (DPR) is presently 14.16%.

Olympic Steel, Inc processes, distributes, and stores metal products in the United States and internationally. 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.

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