KeyBanc Downgrades Olympic Steel to Underweight

Brokerage firm KeyBanc Downgrades its rating on Olympic Steel(NASDAQ:ZEUS). The shares have been rated Underweight. Previously, the analysts had a Sector Weight rating on the shares. The rating by KeyBanc was issued on Aug 19, 2016.

In a different note, On Jun 10, 2016, Jefferies said it Maintains its rating on Olympic Steel. In the research note, the firm Raises the price-target to $20.00 per share. The shares have been rated ‘Hold’ by the firm.

Olympic Steel (ZEUS) made into the market gainers list on Mondays trading session with the shares advancing 1.61% or 0.32 points. Due to strong positive momentum, the stock ended at $20.18, which is also near the day’s high of $20.23. The stock began the session at $19.85 and the volume stood at 1,19,501 shares. The 52-week high of the shares is $31.19 and the 52 week low is $7.98. The company has a current market capitalization of $221 M and it has 1,09,59,293 shares in outstanding.

Olympic Steel(ZEUS) last announced its earnings results on Aug 2, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $273.61M. Analysts had an estimated revenue of $305.66M. Earnings per share were $0.38. Analysts had estimated an EPS of $0.39.

Several Insider Transactions has been reported to the SEC. On Sep 15, 2015, Michael G Rippey (director) purchased 300 shares at $11.40 per share price.Also, On Sep 15, 2015, Dirk A Kempthorne (director) purchased 1,000 shares at $11.84 per share price.On May 7, 2015, Ratta Ralph M Jr Della (director) purchased 750 shares at $16.99 per share price, according to the Form-4 filing with the securities and exchange commission.

Olympic Steel Inc. is a metals service center. The Company provides metals processing and distribution services for a range of customers. The Company operates in two segments: flat products and tubular and pipe products. The Company’s primary flat products focus is on the direct sale and distribution of processed carbon coated aluminum and stainless flat-rolled sheet coil and plate products. CTI is a subsidiary of the Company. The tubular and pipe products segment consists of the CTI business. Through its tubular and pipe products segment the Company distributes metals tubing pipe bar valve and fittings and fabricate pressure parts supplied to various industrial markets. The Company also performs toll processing of customer-owned metals. The Company sells certain products internationally primarily in North Central and South America.

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