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Reliance Steel & Aluminum (RS) PT Set at $97.00 by KeyCorp

Reliance Steel & Aluminum (NYSE:RS) has been assigned a $97.00 price target by equities researchers at KeyCorp in a note issued to investors on Monday. The firm presently has a “buy” rating on the industrial products company’s stock. KeyCorp’s price target would indicate a potential upside of 13.76% from the company’s current price.

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Several other equities analysts have also commented on the stock. Bank of America lowered shares of Reliance Steel & Aluminum from a “buy” rating to an “underperform” rating and set a $90.00 price objective for the company. in a research report on Friday. Zacks Investment Research upgraded shares of Reliance Steel & Aluminum from a “hold” rating to a “buy” rating and set a $98.00 price objective for the company in a research report on Wednesday, September 5th. JPMorgan Chase & Co. raised their target price on shares of Reliance Steel & Aluminum from $100.00 to $105.00 and gave the stock a “neutral” rating in a report on Friday, July 27th. Jefferies Financial Group upgraded shares of Reliance Steel & Aluminum from a “hold” rating to a “buy” rating and set a $72.00 target price for the company in a report on Tuesday, July 10th. Finally, ValuEngine lowered shares of Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a report on Friday, June 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $96.88.

RS stock opened at $85.27 on Monday. Reliance Steel & Aluminum has a 52 week low of $71.17 and a 52 week high of $97.41. The company has a debt-to-equity ratio of 0.39, a current ratio of 4.06 and a quick ratio of 1.76. The firm has a market cap of $6.17 billion, a price-to-earnings ratio of 15.67, a price-to-earnings-growth ratio of 0.96 and a beta of 1.16.

Reliance Steel & Aluminum (NYSE:RS) last released its quarterly earnings data on Thursday, July 26th. The industrial products company reported $3.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.75 by $0.35. Reliance Steel & Aluminum had a net margin of 7.55% and a return on equity of 12.29%. The business had revenue of $2.99 billion during the quarter. During the same quarter last year, the business earned $1.40 EPS. Reliance Steel & Aluminum’s revenue for the quarter was up 20.8% compared to the same quarter last year. research analysts anticipate that Reliance Steel & Aluminum will post 9.85 EPS for the current fiscal year.

In other news, Director David H. Hannah sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, August 1st. The shares were sold at an average price of $90.04, for a total value of $2,251,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.24% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. lifted its holdings in Reliance Steel & Aluminum by 1.7% during the 2nd quarter. BlackRock Inc. now owns 6,880,203 shares of the industrial products company’s stock valued at $602,292,000 after buying an additional 115,704 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Reliance Steel & Aluminum by 0.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,581,731 shares of the industrial products company’s stock valued at $226,010,000 after buying an additional 18,241 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in Reliance Steel & Aluminum by 13.7% during the 2nd quarter. Acadian Asset Management LLC now owns 1,637,282 shares of the industrial products company’s stock valued at $143,324,000 after buying an additional 196,890 shares in the last quarter. LSV Asset Management lifted its holdings in Reliance Steel & Aluminum by 8.8% during the 2nd quarter. LSV Asset Management now owns 963,374 shares of the industrial products company’s stock valued at $84,333,000 after buying an additional 77,756 shares in the last quarter. Finally, Luminus Management LLC lifted its holdings in Reliance Steel & Aluminum by 13.1% during the 2nd quarter. Luminus Management LLC now owns 934,905 shares of the industrial products company’s stock valued at $81,842,000 after buying an additional 108,400 shares in the last quarter. Institutional investors own 81.00% of the company’s stock.

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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