Olympic Steel (NASDAQ:ZEUS) stock rating was downgraded by StockNews.com from a 'strong-buy' rating to a 'buy' rating. Olympic Steel opened at $67.40 on Friday and has a 50-day moving average of $66.95 and a 200-day moving average of $57.89. The company has a market cap of $750.16 million and a P/E ratio of 17.51. Several institutional investors and hedge funds have made changes to their positions in ZEUS. Olympic Steel, Inc processes, distributes, and stores metal products in the United States and internationally [d35f8555].
Invesco Ltd. increased its stake in Olympic Steel, Inc. (NASDAQ:ZEUS) by 4.4% during the third quarter, according to a filing with the Securities and Exchange Commission. The fund now owns 370,966 shares of Olympic Steel, worth $20,852,000. Other institutional investors and hedge funds have also modified their holdings of ZEUS. Olympic Steel's stock has a 52-week low of $40.85 and a 52-week high of $73.49. The company recently declared a quarterly dividend of $0.15 per share, up from the previous dividend of $0.13. Olympic Steel processes, distributes, and stores metal products in the United States and internationally [b85a4628] [d35f8555].
Spanish steelmaker Acerinox reported a 68% decline in net profit to 228 million euros ($246.31 million) in 2023 due to a market adjustment that led to lower stainless steel demand and prices. However, the company expects steel demand to start recovering in the coming months, with CEO Bernardo Velazquez anticipating improvement in the US as early as Q2 2024 and in Europe by Q3 2024. Acerinox recently acquired alloys maker Haynes International for $798 million to capitalize on the strong market for alloys and the faster recovery in the US. The company is currently facing a strike at its Cadiz steel mill, resulting in a loss of 180,000 euros per day. Acerinox plans to propose a dividend of 0.62 euros per share, a 3% increase from the previous year, to be paid out of its 2023 profit [3c121476] [eee06078].
The stainless-steel market is projected to grow from $1.96 billion in 2021 to over $2.6 billion by 2028, driven by strong demand in the Asia-Pacific region. This growth presents an opportunity for investors to consider stainless-steel stocks in 2024 [eee06078].
ZK International Group Co. has announced plans to expand into Southeast Asia and the Middle East, seeking strategic partnerships and contributing to sustainable infrastructure development. This move aligns with the growing demand for stainless steel in these regions [eee06078].
ArcelorMittal has completed the sale of ArcelorMittal Temirtau to Qazaqstan Investment Corporation. This transaction is part of ArcelorMittal's strategy to optimize its portfolio and focus on core assets [eee06078].
Steel Dynamics has authorized an additional $1.5 billion share repurchase program, indicating confidence in the company's future performance [eee06078].
Nucor Corp. has increased its regular quarterly cash dividend, demonstrating its commitment to delivering value to shareholders [eee06078].
Nippon Steel has acquired U.S. Steel in an all-cash transaction at $55.00 per share. This acquisition expands Nippon Steel's presence in the global market [eee06078].
Jefferies has initiated coverage on US Steel stock with a Buy rating and a price target of $45.00. The firm highlights US Steel's growth potential, particularly from its Big River 2 project. Jefferies also sees significant potential for the stock due to its relatively low valuation compared to the offer from Nippon. The firm believes that US Steel will benefit from its position as a blast furnace-basic oxygen furnace (BF-BOF) operator and expects a surge in demand following the resolution of the United Auto Workers strike. The $45.00 price target reflects Jefferies' optimism for the stock's future performance.
Ice Mountain Llc, a major shareholder of Zurn Elkay Water Solutions Co. (NYSE:ZWS), sold 687 shares of the company's stock on June 13th at an average price of $31.25, resulting in a total transaction of $21,468.75. The insider now holds 23,874,164 shares in the company, valued at $746,067,625. Ice Mountain Llc has also made several other recent sales of Zurn Elkay Water Solutions stock. Zurn Elkay Water Solutions Co. is engaged in the design, procurement, manufacture, and marketing of water management solutions. The company reported earnings per share of $0.29 for the last quarter, beating analysts' estimates of $0.26. Zurn Elkay Water Solutions has a market cap of $5.32 billion and a P/E ratio of 43.13. The stock has a 52-week low of $25.09 and a 52-week high of $34.58. The company pays a quarterly dividend of $0.08 per share, with a payout ratio of 45.07%. Several research firms have recently commented on ZWS, with a consensus rating of 'Hold' and an average target price of $33.50. Institutional investors own 83.33% of the company's stock.