Brokerages Anticipate Reliance Steel & Aluminum Co (RS) to Announce $2.00 Earnings Per Share

Brokerages forecast that Reliance Steel & Aluminum Co (NYSE:RS) will announce $2.00 earnings per share (EPS) for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Reliance Steel & Aluminum’s earnings, with estimates ranging from $1.95 to $2.05. Reliance Steel & Aluminum posted earnings per share of $1.52 in the same quarter last year, which would suggest a positive year over year growth rate of 31.6%. The company is scheduled to issue its next earnings report before the market opens on Thursday, April 26th.

According to Zacks, analysts expect that Reliance Steel & Aluminum will report full year earnings of $7.20 per share for the current financial year, with EPS estimates ranging from $6.58 to $7.50. For the next fiscal year, analysts forecast that the business will post earnings of $7.64 per share, with EPS estimates ranging from $7.15 to $8.30. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research firms that cover Reliance Steel & Aluminum.

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Reliance Steel & Aluminum (NYSE:RS) last issued its quarterly earnings data on Thursday, February 15th. The industrial products company reported $1.22 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.00 by $0.22. Reliance Steel & Aluminum had a return on equity of 9.00% and a net margin of 6.31%. The business had revenue of $2.38 billion during the quarter. During the same quarter in the prior year, the firm posted $0.84 earnings per share. Reliance Steel & Aluminum’s revenue for the quarter was up 15.3% compared to the same quarter last year.

RS has been the subject of a number of recent research reports. ValuEngine raised Reliance Steel & Aluminum from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Bank of America set a $97.00 price target on Reliance Steel & Aluminum and gave the stock a “buy” rating in a research report on Monday, January 8th. Longbow Research raised Reliance Steel & Aluminum from a “neutral” rating to a “buy” rating in a research report on Wednesday, February 7th. KeyCorp set a $95.00 price target on Reliance Steel & Aluminum and gave the stock a “buy” rating in a research report on Wednesday, January 10th. Finally, Zacks Investment Research downgraded Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a research report on Monday, January 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the company’s stock. Reliance Steel & Aluminum currently has a consensus rating of “Buy” and an average price target of $89.88.

NYSE:RS opened at $86.62 on Friday. Reliance Steel & Aluminum has a twelve month low of $68.46 and a twelve month high of $95.97. The company has a debt-to-equity ratio of 0.38, a current ratio of 4.34 and a quick ratio of 1.88. The company has a market cap of $6,326.75, a price-to-earnings ratio of 15.92, a PEG ratio of 1.34 and a beta of 1.16.

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 30th. Stockholders of record on Friday, March 16th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend was Thursday, March 15th. This is an increase from Reliance Steel & Aluminum’s previous quarterly dividend of $0.45. Reliance Steel & Aluminum’s dividend payout ratio is presently 36.76%.

In other news, CEO Gregg J. Mollins sold 8,990 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $94.89, for a total value of $853,061.10. Following the completion of the sale, the chief executive officer now owns 201,895 shares of the company’s stock, valued at approximately $19,157,816.55. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Gregg J. Mollins sold 30,332 shares of the stock in a transaction that occurred on Tuesday, March 6th. The shares were sold at an average price of $92.83, for a total value of $2,815,719.56. Following the completion of the sale, the insider now directly owns 201,895 shares of the company’s stock, valued at approximately $18,741,912.85. The disclosure for this sale can be found here. In the last three months, insiders sold 58,322 shares of company stock valued at $5,431,021. 3.73% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Cerebellum GP LLC bought a new stake in Reliance Steel & Aluminum in the 4th quarter valued at $106,000. Barrow Hanley Mewhinney & Strauss LLC raised its stake in Reliance Steel & Aluminum by 633.3% in the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,552 shares of the industrial products company’s stock valued at $194,000 after acquiring an additional 2,204 shares during the period. Private Advisor Group LLC bought a new stake in Reliance Steel & Aluminum in the 3rd quarter valued at $201,000. Mitchell Capital Management Co. bought a new stake in Reliance Steel & Aluminum in the 4th quarter valued at $240,000. Finally, Virtu Financial LLC bought a new stake in Reliance Steel & Aluminum in the 4th quarter valued at $240,000. Institutional investors and hedge funds own 82.74% of the company’s stock.

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About Reliance Steel & Aluminum

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.

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