Reliance Steel & Aluminum Co. (NYSE:RS) Given Average Recommendation of “Hold” by Brokerages
Reliance Steel & Aluminum Co. (NYSE:RS) has been given a consensus recommendation of “Hold” by the nine research firms that are currently covering the firm. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $77.29.
RS has been the subject of a number of recent research reports. Cowen and Company raised their price target on Reliance Steel & Aluminum Co. from $78.00 to $86.00 and gave the stock an “outperform” rating in a research note on Friday, July 22nd. Zacks Investment Research raised Reliance Steel & Aluminum Co. from a “hold” rating to a “buy” rating and set a $94.00 price objective on the stock in a report on Friday, July 15th. Jefferies Group reissued a “hold” rating and set a $72.00 price objective (up previously from $68.00) on shares of Reliance Steel & Aluminum Co. in a report on Friday, June 10th. Rosenblatt Securities increased their price objective on Reliance Steel & Aluminum Co. from $69.00 to $76.00 and gave the company a “neutral” rating in a report on Tuesday, July 5th. Finally, Bank of America Corp. raised Reliance Steel & Aluminum Co. from an “underperform” rating to a “neutral” rating and set a $84.00 price objective on the stock in a report on Thursday, July 28th.
Reliance Steel & Aluminum Co. (NYSE:RS) traded down 0.33% during midday trading on Friday, hitting $69.96. The company had a trading volume of 322,802 shares. Reliance Steel & Aluminum Co. has a one year low of $50.08 and a one year high of $84.25. The company’s 50 day moving average is $71.54 and its 200-day moving average is $73.78. The company has a market cap of $5.07 billion, a P/E ratio of 16.31 and a beta of 1.50.
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Reliance Steel & Aluminum Co. (NYSE:RS) last posted its quarterly earnings results on Thursday, July 21st. The company reported $1.36 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.30 by $0.06. Reliance Steel & Aluminum Co. had a return on equity of 8.05% and a net margin of 3.61%. The company earned $2.20 billion during the quarter, compared to the consensus estimate of $2.31 billion. During the same period last year, the business earned $1.21 EPS. The business’s quarterly revenue was down 9.1% on a year-over-year basis. On average, equities analysts predict that Reliance Steel & Aluminum Co. will post $4.78 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Friday, August 12th were issued a $0.425 dividend. The ex-dividend date of this dividend was Wednesday, August 10th. This represents a $1.70 dividend on an annualized basis and a yield of 2.42%. This is a positive change from Reliance Steel & Aluminum Co.’s previous quarterly dividend of $0.40. Reliance Steel & Aluminum Co.’s dividend payout ratio (DPR) is 39.72%.
In other news, Director David H. Hannah sold 8,000 shares of Reliance Steel & Aluminum Co. stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $75.58, for a total transaction of $604,640.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Douglas M. Hayes sold 3,383 shares of Reliance Steel & Aluminum Co. stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $73.43, for a total value of $248,413.69. Following the sale, the director now directly owns 4,709 shares in the company, valued at approximately $345,781.87. The disclosure for this sale can be found here. 3.73% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in the company. C M Bidwell & Associates Ltd. purchased a new stake in shares of Reliance Steel & Aluminum Co. during the second quarter valued at $100,000. Paradigm Asset Management Co. LLC raised its stake in shares of Reliance Steel & Aluminum Co. by 4.9% in the second quarter. Paradigm Asset Management Co. LLC now owns 2,151 shares of the company’s stock valued at $165,000 after buying an additional 100 shares during the last quarter. OMERS ADMINISTRATION Corp purchased a new stake in shares of Reliance Steel & Aluminum Co. during the first quarter valued at $201,000. NTV Asset Management LLC purchased a new stake in shares of Reliance Steel & Aluminum Co. during the second quarter valued at $211,000. Finally, Breton Hill Capital Ltd. purchased a new stake in shares of Reliance Steel & Aluminum Co. during the second quarter valued at $215,000. 84.08% of the stock is currently owned by institutional investors.
About Reliance Steel & Aluminum Co.
Reliance Steel & Aluminum Co is a metals service center company. The Company operates through metals service centers segment. The Company’s network of metals service centers operates over 300 locations in approximately 40 states in the United States and in other countries, including Australia, Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom.
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