KeyCorp Equities Analysts Boost Earnings Estimates for Reliance Steel & Aluminum Co. (RS)

Reliance Steel & Aluminum Co. (NYSE:RS) – KeyCorp upped their FY2017 earnings estimates for Reliance Steel & Aluminum in a note issued to investors on Tuesday. KeyCorp analyst P. Gibbs now anticipates that the industrial products company will post earnings of $5.30 per share for the year, up from their prior forecast of $5.28. KeyCorp has a “Buy” rating and a $84.00 price target on the stock. KeyCorp also issued estimates for Reliance Steel & Aluminum’s Q4 2017 earnings at $0.98 EPS and FY2018 earnings at $5.75 EPS.

Several other research firms have also recently commented on RS. ValuEngine raised shares of Reliance Steel & Aluminum from a “hold” rating to a “buy” rating in a research note on Friday, October 27th. Bank of America reissued a “buy” rating and set a $89.00 price target (up from $88.00) on shares of Reliance Steel & Aluminum in a research note on Tuesday, September 5th. Jefferies Group reissued a “hold” rating on shares of Reliance Steel & Aluminum in a research note on Thursday, August 31st. Cowen reissued a “buy” rating and set a $92.00 price target on shares of Reliance Steel & Aluminum in a research note on Friday, September 1st. Finally, Zacks Investment Research cut shares of Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a research note on Wednesday, October 18th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. Reliance Steel & Aluminum currently has an average rating of “Buy” and an average price target of $80.33.

Shares of Reliance Steel & Aluminum (NYSE RS) opened at $81.80 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.79 and a current ratio of 4.06. The firm has a market cap of $5,920.00, a PE ratio of 15.90, a price-to-earnings-growth ratio of 1.72 and a beta of 1.29. Reliance Steel & Aluminum has a 52 week low of $68.46 and a 52 week high of $88.58.

Reliance Steel & Aluminum (NYSE:RS) last issued its quarterly earnings data on Thursday, October 26th. The industrial products company reported $1.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.11. The firm had revenue of $2.45 billion for the quarter. Reliance Steel & Aluminum had a net margin of 3.97% and a return on equity of 8.61%. Reliance Steel & Aluminum’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.25 earnings per share.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Grove Bank & Trust raised its holdings in Reliance Steel & Aluminum by 117.8% in the third quarter. Grove Bank & Trust now owns 1,590 shares of the industrial products company’s stock worth $121,000 after purchasing an additional 860 shares during the period. Huntington National Bank raised its holdings in Reliance Steel & Aluminum by 267.8% in the third quarter. Huntington National Bank now owns 1,611 shares of the industrial products company’s stock worth $123,000 after purchasing an additional 1,173 shares during the period. Zions Bancorporation acquired a new stake in Reliance Steel & Aluminum in the third quarter worth $144,000. Global X Management Co. LLC raised its holdings in Reliance Steel & Aluminum by 220.0% in the second quarter. Global X Management Co. LLC now owns 2,304 shares of the industrial products company’s stock worth $168,000 after purchasing an additional 1,584 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC raised its holdings in Reliance Steel & Aluminum by 633.3% in the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,552 shares of the industrial products company’s stock worth $194,000 after purchasing an additional 2,204 shares during the period. Institutional investors and hedge funds own 82.34% of the company’s stock.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Friday, November 17th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $1.80 annualized dividend and a yield of 2.20%. Reliance Steel & Aluminum’s dividend payout ratio is currently 35.36%.

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Reliance Steel & Aluminum Company Profile

Reliance Steel & Aluminum Co is a metals service center company in North America (the United States and Canada). As of December 31, 2016, the Company’s network of metals service centers operated over 300 locations in 39 states in the United States and in 12 other countries (Australia, Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom).

Earnings History and Estimates for Reliance Steel & Aluminum (NYSE:RS)

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