Reliance Steel & Aluminum Co (RS) Expected to Post Quarterly Sales of $2.96 Billion

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Equities research analysts expect Reliance Steel & Aluminum Co (NYSE:RS) to post $2.96 billion in sales for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Reliance Steel & Aluminum’s earnings. The highest sales estimate is $3.02 billion and the lowest is $2.90 billion. Reliance Steel & Aluminum reported sales of $2.99 billion in the same quarter last year, which indicates a negative year over year growth rate of 1%. The company is scheduled to announce its next earnings results on Thursday, July 25th.

According to Zacks, analysts expect that Reliance Steel & Aluminum will report full year sales of $11.46 billion for the current financial year, with estimates ranging from $11.27 billion to $11.67 billion. For the next fiscal year, analysts expect that the business will report sales of $11.62 billion, with estimates ranging from $11.43 billion to $11.77 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Reliance Steel & Aluminum.

Reliance Steel & Aluminum (NYSE:RS) last posted its quarterly earnings data on Thursday, April 25th. The industrial products company reported $2.80 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.38 by $0.42. The firm had revenue of $2.96 billion for the quarter, compared to analysts’ expectations of $2.97 billion. Reliance Steel & Aluminum had a net margin of 5.58% and a return on equity of 13.70%. The business’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the company posted $2.30 EPS.

A number of equities analysts recently commented on RS shares. Citigroup set a $98.00 target price on shares of Reliance Steel & Aluminum and gave the stock a “hold” rating in a research report on Monday, May 20th. Jefferies Financial Group cut shares of Reliance Steel & Aluminum from a “buy” rating to a “hold” rating and decreased their target price for the stock from $105.00 to $100.00 in a research report on Friday, April 26th. Cowen reiterated an “outperform” rating and issued a $95.00 target price (up previously from $80.00) on shares of Reliance Steel & Aluminum in a research report on Tuesday, February 26th. Finally, Longbow Research cut shares of Reliance Steel & Aluminum from a “neutral” rating to an “underperform” rating and set a $76.00 target price on the stock. in a research report on Thursday, April 18th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $93.20.

Shares of Reliance Steel & Aluminum stock traded up $0.12 on Monday, hitting $84.97. 236,300 shares of the company traded hands, compared to its average volume of 442,743. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.85 and a current ratio of 4.06. The stock has a market cap of $5.71 billion, a P/E ratio of 9.50, a price-to-earnings-growth ratio of 1.02 and a beta of 1.26. Reliance Steel & Aluminum has a 12-month low of $68.62 and a 12-month high of $97.41.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 24th will be given a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date is Thursday, May 23rd. Reliance Steel & Aluminum’s payout ratio is presently 24.61%.

In other Reliance Steel & Aluminum news, Director Andrew G. Sharkey III sold 2,000 shares of the firm’s stock in a transaction on Thursday, February 28th. The shares were sold at an average price of $89.05, for a total value of $178,100.00. Following the sale, the director now owns 6,893 shares of the company’s stock, valued at approximately $613,821.65. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Jeffrey Wayne Durham sold 2,675 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $92.29, for a total transaction of $246,875.75. Following the completion of the sale, the vice president now directly owns 8,255 shares in the company, valued at approximately $761,853.95. The disclosure for this sale can be found here. In the last quarter, insiders sold 114,545 shares of company stock worth $10,345,608. 3.43% of the stock is owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in RS. Oregon Public Employees Retirement Fund boosted its stake in shares of Reliance Steel & Aluminum by 7,017.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,033,327 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 2,004,757 shares in the last quarter. Advisory Services Network LLC boosted its stake in shares of Reliance Steel & Aluminum by 982.9% during the 4th quarter. Advisory Services Network LLC now owns 444 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 403 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Reliance Steel & Aluminum by 279.1% during the 1st quarter. Quadrant Capital Group LLC now owns 436 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 321 shares in the last quarter. Parallel Advisors LLC boosted its stake in shares of Reliance Steel & Aluminum by 166.0% during the 1st quarter. Parallel Advisors LLC now owns 532 shares of the industrial products company’s stock valued at $48,000 after purchasing an additional 332 shares in the last quarter. Finally, Rockefeller Capital Management L.P. boosted its stake in shares of Reliance Steel & Aluminum by 415.9% during the 1st quarter. Rockefeller Capital Management L.P. now owns 583 shares of the industrial products company’s stock valued at $52,000 after purchasing an additional 470 shares in the last quarter. 81.55% of the stock is currently owned by institutional investors and hedge funds.

About Reliance Steel & Aluminum

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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