Reliance Steel & Aluminum Co. Downgraded by Credit Suisse to “Neutral” (RS)
Reliance Steel & Aluminum Co. (NYSE:RS) was downgraded by Credit Suisse from an “outperform” rating to a “neutral” rating in a research note issued on Friday, TheFlyOnTheWall.com reports. They currently have a $77.00 price target on the stock. Credit Suisse’s target price indicates a potential upside of 5.26% from the company’s current price. The analysts noted that the move was a valuation call.
A number of other analysts have also recently weighed in on RS. Analysts at Cowen and Company raised their price target on shares of Reliance Steel & Aluminum Co. from $75.00 to $77.00 in a research note to investors on Friday. They now have an “outperform” rating on the stock. Separately, analysts at UBS AG downgraded shares of Reliance Steel & Aluminum Co. from a “buy” rating to a “neutral” rating in a research note to investors on Tuesday. They now have a $75.00 price target on the stock, down previously from $80.00. Finally, analysts at Merrill Lynch downgraded shares of Reliance Steel & Aluminum Co. from a “buy” rating to a “neutral” rating in a research note to investors on Wednesday, September 25th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $76.78.
Shares of Reliance Steel & Aluminum Co. (NYSE:RS) traded down 1.51% during mid-day trading on Friday, hitting $73.15. 656,661 shares of the company’s stock traded hands. Reliance Steel & Aluminum Co. has a 1-year low of $49.72 and a 1-year high of $72.90. The stock’s 50-day moving average is $69.60 and its 200-day moving average is $67.59. The company has a market cap of $5.632 billion and a price-to-earnings ratio of 16.58.
Reliance Steel & Aluminum Co. (NYSE:RS) last issued its quarterly earnings data on Thursday, October 24th. The company reported $1.22 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.20 by $0.02. The company had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter last year, the company posted $1.30 earnings per share. Reliance Steel & Aluminum Co.’s revenue was up 18.9% compared to the same quarter last year. On average, analysts predict that Reliance Steel & Aluminum Co. will post $4.39 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, December 19th. Shareholders of record on Thursday, November 21st will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date of this dividend is Tuesday, November 19th.
Reliance Steel & Aluminum Co (NYSE:RS) is the metals service center company in North America (United States and Canada).
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