Scotiabank Issues Positive Forecast for Russel Metals (TSE:RUS) Stock Price

Key Points

• Scotiabank raised Russel Metals’ price target from C$89 to C$113 and maintained a “sector outperform” rating, implying 22.63% potential upside.
• Analyst sentiment is broadly positive, with five Buy ratings and three Holds; MarketBeat reports a “Moderate Buy” consensus and an average target of C$81.22.
• Russel Metals shares traded at C$92.15, near their 52-week high of C$95.97, while insiders sold 33,682 shares worth approximately C$2.74 million over the past three months.

Russel Metals (TSE:RUS - Get Free Report) had its price objective raised by research analysts at Scotiabank from C$89.00 to C$113.00 in a research note issued on Monday, BayStreet reports. The brokerage presently has a "sector outperform" rating on the stock. Scotiabank's price target would suggest a potential upside of 22.63% from the company's current price.

Other analysts also recently issued research reports about the stock. Raymond James Financial downgraded shares of Russel Metals from a "moderate buy" rating to a "hold" rating and boosted their price objective for the stock from C$70.00 to C$82.00 in a report on Monday, August 10th. Stifel Nicolaus lifted their price objective on Russel Metals from C$64.00 to C$85.00 and gave the stock a "hold" rating in a research report on Monday, August 10th. National Bank Financial boosted their price target on Russel Metals from C$57.00 to C$75.00 and gave the company a "sector perform" rating in a report on Monday, August 10th. TD set a C$94.00 price objective on shares of Russel Metals and gave the stock a "buy" rating in a report on Monday, September 21st. Finally, Royal Bank Of Canada lifted their target price on Russel Metals from C$92.00 to C$107.00 in a report on Wednesday, September 30th. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of C$81.22.

Russel Metals Stock Performance

Shares of TSE RUS traded down C$3.06 during mid-day trading on Monday, hitting C$92.15. 121,004 shares of the company were exchanged, compared to its average volume of 223,384. The firm has a market cap of C$5.06 billion, a price-to-earnings ratio of 23.51, a price-to-earnings-growth ratio of 0.59 and a beta of 0.95. The company has a quick ratio of 1.44, a current ratio of 2.61 and a debt-to-equity ratio of 27.88. Russel Metals has a 1-year low of C$39.09 and a 1-year high of C$95.97. The stock has a 50 day simple moving average of C$77.10 and a 200-day simple moving average of C$64.36.

Russel Metals (TSE:RUS - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported C$1.63 EPS for the quarter. Russel Metals had a net margin of 4.04% and a return on equity of 13.09%. The company had revenue of C$1.66 billion during the quarter.

Insider Activity

In related news, Director James Francis Dinning sold 3,000 shares of Russel Metals stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of C$80.00, for a total value of C$240,000.00. Following the completion of the transaction, the director directly owned 16,250 shares in the company, valued at approximately C$1,300,000. This trade represents a 15.58% decrease in their ownership of the stock. Also, insider Martin Leb Juravsky sold 5,682 shares of Russel Metals stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of C$80.40, for a total value of C$456,832.80. Following the completion of the transaction, the insider owned 6,674 shares of the company's stock, valued at approximately C$536,589.60. The trade was a 45.99% decrease in their position. In the last three months, insiders sold 33,682 shares of company stock worth $2,735,333. 0.85% of the stock is currently owned by insiders.

Russel Metals Company Profile

Russel Metals is one of the largest metals distribution companies in North America with a growing focus on value-added processing. It carries on business in three segments: metals service centers, energy field stores and steel distributors. Its network of metals service centers carries an extensive line of metal products in a wide range of sizes, shapes and specifications, including carbon hot rolled and cold finished steel, pipe and tubular products, stainless steel, aluminum and other non-ferrous specialty metals.

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