Several other research firms have also issued reports on RS. Exane BNP Paribas initiated coverage on Reliance Steel & Aluminum in a research note on Thursday, November 14th. They set a neutral rating and a $117.00 target price on the stock. Deutsche Bank downgraded Reliance Steel & Aluminum from a buy rating to a hold rating and lifted their target price for the company from $105.00 to $110.00 in a research report on Wednesday, October 30th. Longbow Research upgraded shares of Reliance Steel & Aluminum from an underperform rating to a neutral rating in a research note on Friday, September 6th. KeyCorp increased their price target on shares of Reliance Steel & Aluminum from $107.00 to $109.00 and gave the stock an overweight rating in a research report on Friday, September 6th. Finally, Zacks Investment Research raised shares of Reliance Steel & Aluminum from a sell rating to a hold rating and set a $103.00 price objective for the company in a research note on Friday, October 4th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. Reliance Steel & Aluminum presently has an average rating of Hold and a consensus price target of $107.40.
Reliance Steel & Aluminum stock traded up $1.56 during trading on Tuesday, hitting $120.21. The company had a trading volume of 31,709 shares, compared to its average volume of 477,438. The stock has a market cap of $7.92 billion, a price-to-earnings ratio of 13.45, a price-to-earnings-growth ratio of 1.37 and a beta of 1.35. The company has a current ratio of 4.01, a quick ratio of 1.90 and a debt-to-equity ratio of 0.31. Reliance Steel & Aluminum has a 1-year low of $68.62 and a 1-year high of $120.85. The company’s 50 day simple moving average is $114.11 and its 200-day simple moving average is $99.73.
Reliance Steel & Aluminum (NYSE:RS) last released its quarterly earnings results on Thursday, October 24th. The industrial products company reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $1.95 by $0.44. Reliance Steel & Aluminum had a return on equity of 12.52% and a net margin of 5.48%. The company had revenue of $2.69 billion for the quarter, compared to analysts’ expectations of $2.67 billion. During the same period in the prior year, the firm earned $2.42 earnings per share. The firm’s revenue was down 9.7% compared to the same quarter last year. As a group, analysts forecast that Reliance Steel & Aluminum will post 9.6 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be paid a dividend of $0.55 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $2.20 annualized dividend and a yield of 1.83%. Reliance Steel & Aluminum’s payout ratio is 24.61%.
In related news, CFO Karla R. Lewis sold 7,800 shares of Reliance Steel & Aluminum stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $116.28, for a total value of $906,984.00. Following the completion of the transaction, the chief financial officer now owns 86,476 shares in the company, valued at $10,055,429.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP William A. Smith II sold 5,320 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $116.36, for a total transaction of $619,035.20. Following the transaction, the senior vice president now owns 11,320 shares of the company’s stock, valued at approximately $1,317,195.20. The disclosure for this sale can be found here. Insiders have sold a total of 19,160 shares of company stock valued at $2,228,532 over the last three months. 3.43% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the business. FMR LLC boosted its holdings in Reliance Steel & Aluminum by 249.2% in the 1st quarter. FMR LLC now owns 227,173 shares of the industrial products company’s stock worth $20,504,000 after buying an additional 162,118 shares during the period. FDx Advisors Inc. bought a new position in shares of Reliance Steel & Aluminum in the second quarter worth about $287,000. Arizona State Retirement System grew its position in shares of Reliance Steel & Aluminum by 1.3% during the second quarter. Arizona State Retirement System now owns 48,798 shares of the industrial products company’s stock worth $4,617,000 after purchasing an additional 632 shares in the last quarter. Strs Ohio grew its position in shares of Reliance Steel & Aluminum by 12.2% during the second quarter. Strs Ohio now owns 5,592 shares of the industrial products company’s stock worth $529,000 after purchasing an additional 610 shares in the last quarter. Finally, Bowling Portfolio Management LLC grew its position in shares of Reliance Steel & Aluminum by 72.9% during the second quarter. Bowling Portfolio Management LLC now owns 6,929 shares of the industrial products company’s stock worth $656,000 after purchasing an additional 2,922 shares in the last quarter. 83.17% of the stock is currently owned by institutional investors.
Reliance Steel & Aluminum Company Profile
Reliance Steel & Aluminum Co operates as a metals service center company. The company provides alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products and related processing services to general manufacturing, non-residential construction, transportation, aerospace and defense, energy, electronics and semiconductor fabrication, auto, and heavy industries.
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