Reliance Steel & Aluminum Co (RS) Receives Average Rating of “Buy” from Brokerages

Reliance Steel & Aluminum Co (NYSE:RS) has been assigned an average recommendation of “Buy” from the thirteen research firms that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and eight have given a buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $90.43.

Several equities research analysts recently issued reports on the stock. 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 report on Thursday, February 15th. Zacks Investment Research cut shares of Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a research report on Tuesday, March 13th. ValuEngine raised shares of Reliance Steel & Aluminum from a “hold” rating to a “buy” rating in a research report 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 report on Friday, February 16th. Finally, Goldman Sachs assumed coverage on shares of Reliance Steel & Aluminum in a research report on Tuesday, March 20th. They issued a “neutral” rating and a $103.00 target price on the stock.

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Shares of Reliance Steel & Aluminum stock traded up $0.67 during mid-day trading on Wednesday, hitting $83.70. 132,638 shares of the stock were exchanged, compared to its average volume of 505,779. Reliance Steel & Aluminum has a twelve month low of $68.46 and a twelve month high of $95.97. The stock has a market capitalization of $6,047.08, a P/E ratio of 15.26, a P/E/G ratio of 1.31 and a beta of 1.16. The company has a debt-to-equity ratio of 0.38, a current ratio of 4.34 and a quick ratio of 1.88.

Reliance Steel & Aluminum (NYSE:RS) last released its earnings results on Thursday, February 15th. The industrial products company reported $1.22 earnings per share (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 business had revenue of $2.38 billion for the quarter. During the same period in the prior year, the business posted $0.84 earnings per share. Reliance Steel & Aluminum’s revenue was up 15.3% on a year-over-year basis. analysts forecast that Reliance Steel & Aluminum will post 7.06 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, March 30th. Shareholders of record on Friday, March 16th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.39%. This is a boost from Reliance Steel & Aluminum’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, March 15th. Reliance Steel & Aluminum’s payout ratio is 36.76%.

In other Reliance Steel & Aluminum news, CEO Gregg J. Mollins sold 8,990 shares of Reliance Steel & Aluminum stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $94.89, for a total transaction of $853,061.10. Following the transaction, the chief executive officer now directly owns 201,895 shares of the company’s stock, valued at $19,157,816.55. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Gregg J. Mollins sold 30,332 shares of Reliance Steel & Aluminum stock in a transaction that occurred on Tuesday, March 6th. The shares were sold at an average price of $92.83, for a total transaction of $2,815,719.56. Following the transaction, the insider now directly owns 201,895 shares in the company, valued at $18,741,912.85. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 58,322 shares of company stock worth $5,431,021. 3.18% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Xact Kapitalforvaltning AB purchased a new stake in shares of Reliance Steel & Aluminum during the fourth quarter valued at approximately $633,000. Envestnet Asset Management Inc. raised its stake in shares of Reliance Steel & Aluminum by 11.3% during the fourth quarter. Envestnet Asset Management Inc. now owns 8,476 shares of the industrial products company’s stock valued at $727,000 after purchasing an additional 863 shares during the period. MetLife Investment Advisors LLC purchased a new stake in shares of Reliance Steel & Aluminum during the fourth quarter valued at approximately $3,958,000. Vident Investment Advisory LLC raised its stake in shares of Reliance Steel & Aluminum by 2.4% during the fourth quarter. Vident Investment Advisory LLC now owns 31,873 shares of the industrial products company’s stock valued at $2,734,000 after purchasing an additional 752 shares during the period. Finally, NWQ Investment Management Company LLC raised its stake in shares of Reliance Steel & Aluminum by 44.6% during the fourth quarter. NWQ Investment Management Company LLC now owns 241,565 shares of the industrial products company’s stock valued at $20,724,000 after purchasing an additional 74,492 shares during the period. 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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