Reliance Steel & Aluminum (RS) Earns Neutral Rating from Analysts at Goldman Sachs

Goldman Sachs started coverage on shares of Reliance Steel & Aluminum (NYSE:RS) in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. The firm issued a neutral rating and a $103.00 price target on the industrial products company’s stock.

Several other research firms have also recently commented on RS. KeyCorp raised their target price on shares of Reliance Steel & Aluminum from $95.00 to $97.00 and gave the stock an overweight rating in a research note on Thursday, February 15th. Zacks Investment Research cut shares of Reliance Steel & Aluminum from a buy rating to a hold rating in a research note on Tuesday, March 13th. ValuEngine upgraded shares of Reliance Steel & Aluminum from a hold rating to a buy rating in a research note on Thursday, March 1st. Cowen raised their target price on shares of Reliance Steel & Aluminum from $101.00 to $107.00 and gave the stock an outperform rating in a research note on Friday, February 16th. Finally, Bank of America set a $97.00 target price on shares of Reliance Steel & Aluminum and gave the stock a buy rating in a research note on Monday, January 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $88.71.

Shares of Reliance Steel & Aluminum (RS) opened at $82.59 on Tuesday. Reliance Steel & Aluminum has a 52 week low of $68.46 and a 52 week high of $95.97. The company has a market cap of $6,526.30, a price-to-earnings ratio of 9.91, a PEG ratio of 1.42 and a beta of 1.17. The company has a quick ratio of 1.88, a current ratio of 4.34 and a debt-to-equity ratio of 0.38.

Reliance Steel & Aluminum (NYSE:RS) last released its earnings results on Thursday, February 15th. The industrial products company reported $1.22 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.00 by $0.22. Reliance Steel & Aluminum had a net margin of 6.31% and a return on equity of 9.00%. The company had revenue of $2.38 billion during the quarter. During the same quarter last year, the business posted $0.84 EPS. The firm’s revenue was up 15.3% on a year-over-year basis. equities research analysts expect that Reliance Steel & Aluminum will post 7.02 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 16th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date is Thursday, March 15th. This is an increase from Reliance Steel & Aluminum’s previous quarterly dividend of $0.45. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is currently 24.01%.

In other news, CEO Gregg J. Mollins sold 8,990 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $94.89, for a total value of $853,061.10. Following the completion of the transaction, the chief executive officer now owns 201,895 shares in the company, valued at approximately $19,157,816.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas W. Gimbel sold 6,000 shares of the stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $92.31, for a total transaction of $553,860.00. Following the completion of the transaction, the director now owns 1,726,425 shares of the company’s stock, valued at approximately $159,366,291.75. The disclosure for this sale can be found here. Insiders sold a total of 58,322 shares of company stock valued at $5,431,021 in the last quarter. Insiders own 3.73% of the company’s stock.

A number of large investors have recently bought and sold shares of the business. Victory Capital Management Inc. increased its holdings in Reliance Steel & Aluminum by 14.6% during the 4th quarter. Victory Capital Management Inc. now owns 3,932,819 shares of the industrial products company’s stock valued at $337,396,000 after acquiring an additional 502,007 shares in the last quarter. Franklin Resources Inc. increased its holdings in Reliance Steel & Aluminum by 151.5% during the 4th quarter. Franklin Resources Inc. now owns 1,115,100 shares of the industrial products company’s stock valued at $95,664,000 after acquiring an additional 671,700 shares in the last quarter. LSV Asset Management increased its holdings in Reliance Steel & Aluminum by 1.8% during the 4th quarter. LSV Asset Management now owns 861,718 shares of the industrial products company’s stock valued at $73,926,000 after acquiring an additional 15,640 shares in the last quarter. Prudential Financial Inc. increased its holdings in Reliance Steel & Aluminum by 2.6% during the 3rd quarter. Prudential Financial Inc. now owns 771,216 shares of the industrial products company’s stock valued at $58,744,000 after acquiring an additional 19,560 shares in the last quarter. Finally, Schroder Investment Management Group increased its holdings in Reliance Steel & Aluminum by 1.7% during the 4th quarter. Schroder Investment Management Group now owns 485,301 shares of the industrial products company’s stock valued at $41,634,000 after acquiring an additional 8,014 shares in the last quarter. Hedge funds and other institutional investors own 82.74% of the company’s stock.

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Reliance Steel & Aluminum Company Profile

Reliance Steel & Aluminum Co operates as a metals service center company in the United States and internationally. The company provides steel, aluminum, stainless, and specialty metals and related processing services to customers in various industries, such as infrastructure and energy; fabricates steel and aluminum products; and provides various precision fabrication services, including laser cutting, shearing, computer numerated control (CNC) punching, and CNC forming and rolling, as well as welding, assembly, painting, inventory management, and engineering expertise.

Analyst Recommendations for Reliance Steel & Aluminum (NYSE:RS)

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