Yahoo Finance Olympic Steel (ZEUS) Gains As Market Dips: What You Should Know
In the latest trading session, Olympic Steel (ZEUS) closed at $48.80, marking a +1.56% move from the previous day. This move outpaced the S&P 500's daily loss of 1.04%. Meanwhile, the Dow lost 0.38%, and the Nasdaq, a tech-heavy index, lost 5.88%.
Coming into today, shares of the steel maker had gained 47.3% in the past month. In that same time, the Basic Materials sector gained 11.63%, while the S&P 500 gained 8.97%.
Investors will be hoping for strength from Olympic Steel as it approaches its next earnings release, which is expected to be February 23, 2023. On that day, Olympic Steel is projected to report earnings of $0.21 per share, which would represent a year-over-year decline of 92.47%. Meanwhile, our latest consensus estimate is calling for revenue of $578.9 million, down 7.32% from the prior-year quarter.
Investors might also notice recent changes to analyst estimates for Olympic Steel. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 20.64% higher. Olympic Steel is holding a Zacks Rank of #1 (Strong Buy) right now.
Digging into valuation, Olympic Steel currently has a Forward P/E ratio of 18.27. Its industry sports an average Forward P/E of 11.56, so we one might conclude that Olympic Steel is trading at a premium comparatively.
The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 18, putting it in the top 8% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Olympic Steel, Inc. (ZEUS) : Free Stock Analysis Report
