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In the latest trading session, Olympic Steel (ZEUS) closed at $46.30, marking a +0.81% move from the previous day. This move outpaced the S&P 500’s daily gain of 0.22%. Meanwhile, the Dow gained 0.5%, and the Nasdaq, a tech-heavy index, lost 6.33%.
Olympic Steel will be looking to display strength as it nears its next earnings release, which is expected to be February 23, 2023. In that report, analysts expect Olympic Steel to post earnings of $0.21 per share. This would mark a year-over-year decline of 92.47%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $578.9 million, down 7.32% from the year-ago period.
Any recent changes to analyst estimates for Olympic Steel should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company’s business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 20.64% higher. Olympic Steel is currently a Zacks Rank #1 (Strong Buy).
Valuation is also important, so investors should note that Olympic Steel has a Forward P/E ratio of 17.46 right now. This represents a premium compared to its industry’s average Forward P/E of 10.87.
The Steel – Producers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 19, which puts it in the top 8% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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