Posted by admin on Jul 31st, 2022

Shares of Reliance Steel & Aluminum Co. (NYSE:RS – Get Rating) have been assigned an average recommendation of “Moderate Buy” from the ten brokerages that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $203.50.

A number of brokerages have weighed in on RS. Citigroup increased their price target on shares of Reliance Steel & Aluminum from $200.00 to $230.00 in a report on Friday, April 29th. KeyCorp dropped their price objective on shares of Reliance Steel & Aluminum from $215.00 to $207.00 and set an “overweight” rating for the company in a research note on Tuesday, July 19th. Wolfe Research upgraded shares of Reliance Steel & Aluminum from a “market perform” rating to an “outperform” rating and set a $226.00 price objective for the company in a research note on Thursday, April 28th. BNP Paribas upgraded shares of Reliance Steel & Aluminum from a “neutral” rating to an “outperform” rating in a research note on Thursday, April 14th. Finally, Exane BNP Paribas upgraded shares of Reliance Steel & Aluminum from a “neutral” rating to an “outperform” rating in a research note on Thursday, April 14th.

In related news, VP Jeffrey Wayne Durham sold 10,000 shares of the stock in a transaction dated Friday, May 6th. The shares were sold at an average price of $196.06, for a total transaction of $1,960,600.00. Following the completion of the sale, the vice president now owns 19,071 shares in the company, valued at approximately $3,739,060.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.62% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RS. Yacktman Asset Management LP acquired a new stake in Reliance Steel & Aluminum in the 4th quarter valued at about $170,899,000. BlackRock Inc. increased its position in Reliance Steel & Aluminum by 6.5% in the 1st quarter. BlackRock Inc. now owns 6,370,754 shares of the industrial products company’s stock valued at $1,168,079,000 after acquiring an additional 389,942 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Reliance Steel & Aluminum by 19.9% in the 4th quarter. Victory Capital Management Inc. now owns 2,196,588 shares of the industrial products company’s stock valued at $356,330,000 after purchasing an additional 364,582 shares during the last quarter. State Street Corp boosted its stake in shares of Reliance Steel & Aluminum by 16.4% in the 1st quarter. State Street Corp now owns 2,549,898 shares of the industrial products company’s stock valued at $467,524,000 after purchasing an additional 359,364 shares during the last quarter. Finally, Ardevora Asset Management LLP acquired a new stake in shares of Reliance Steel & Aluminum during the 1st quarter worth approximately $59,498,000. Institutional investors and hedge funds own 81.84% of the company’s stock.

NYSE RS opened at $190.25 on Thursday. The company has a current ratio of 3.96, a quick ratio of 2.28 and a debt-to-equity ratio of 0.25. Reliance Steel & Aluminum has a 1 year low of $135.46 and a 1 year high of $211.65. The company has a fifty day simple moving average of $180.76 and a 200 day simple moving average of $180.58. The company has a market cap of $11.79 billion, a P/E ratio of 7.26 and a beta of 0.81.

Reliance Steel & Aluminum (NYSE:RS – Get Rating) last issued its quarterly earnings results on Thursday, July 28th. The industrial products company reported $9.15 earnings per share for the quarter, beating analysts’ consensus estimates of $9.02 by $0.13. Reliance Steel & Aluminum had a net margin of 10.61% and a return on equity of 27.94%. The firm had revenue of $4.68 billion during the quarter, compared to the consensus estimate of $4.61 billion. During the same period in the prior year, the firm earned $5.06 EPS. The business’s revenue was up 36.9% on a year-over-year basis. On average, sell-side analysts predict that Reliance Steel & Aluminum will post 26.5 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 2nd. Investors of record on Friday, August 19th will be given a dividend of $0.875 per share. This represents a $3.50 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date of this dividend is Thursday, August 18th. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is currently 13.36%.

Reliance Steel & Aluminum Co operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.

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