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Zacks: Analysts Anticipate Reliance Steel & Aluminum Co. (NYSE:RS) Will Announce Quarterly Sales of $3.44 Billion

Last updated on Saturday, November 27, 2021 | 2021 MarketBeat

Equities research analysts forecast that Reliance Steel & Aluminum Co. (NYSE:RS) will post sales of $3.44 billion for the current fiscal quarter, according to Zacks Investment Research. Four analysts have made estimates for Reliance Steel & Aluminum's earnings. The highest sales estimate is $3.84 billion and the lowest is $2.89 billion. Reliance Steel & Aluminum posted sales of $2.13 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 61.5%. The business is expected to announce its next quarterly earnings report on Thursday, February 17th.

According to Zacks, analysts expect that Reliance Steel & Aluminum will report full-year sales of $13.46 billion for the current financial year, with estimates ranging from $12.83 billion to $13.94 billion. For the next year, analysts forecast that the company will post sales of $12.04 billion, with estimates ranging from $11.19 billion to $12.49 billion. Zacks' sales averages are a mean average based on a survey of sell-side research firms that cover Reliance Steel & Aluminum.

Reliance Steel & Aluminum (NYSE:RS) last issued its quarterly earnings results on Wednesday, October 27th. The industrial products company reported $6.15 EPS for the quarter, topping analysts' consensus estimates of $5.95 by $0.20. Reliance Steel & Aluminum had a return on equity of 20.36% and a net margin of 9.16%. The firm had revenue of $3.85 billion for the quarter, compared to analysts' expectations of $3.75 billion. During the same period in the previous year, the firm posted $1.87 EPS. The business's revenue for the quarter was up 84.5% compared to the same quarter last year.

A number of brokerages have recently commented on RS. Seaport Global Securities initiated coverage on Reliance Steel & Aluminum in a research report on Monday, August 23rd. They issued a "buy" rating and a $165.00 price target on the stock. Zacks Investment Research cut Reliance Steel & Aluminum from a "strong-buy" rating to a "hold" rating and set a $152.00 price objective on the stock. in a research report on Friday, September 24th. Wolfe Research initiated coverage on Reliance Steel & Aluminum in a research report on Tuesday, November 16th. They issued an "underperform" rating and a $158.00 price objective on the stock. KeyCorp upped their price objective on Reliance Steel & Aluminum from $165.00 to $175.00 and gave the company an "overweight" rating in a research report on Tuesday. Finally, The Goldman Sachs Group raised Reliance Steel & Aluminum from a "neutral" rating to a "buy" rating and upped their price objective for the company from $162.00 to $190.00 in a research report on Wednesday, November 3rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $172.89.

In other Reliance Steel & Aluminum news, SVP William A. Smith II sold 5,598 shares of the stock in a transaction on Tuesday, November 9th. The stock was sold at an average price of $164.93, for a total value of $923,278.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO James Donald Hoffman sold 5,000 shares of the stock in a transaction on Wednesday, October 6th. The stock was sold at an average price of $141.43, for a total value of $707,150.00. The disclosure for this sale can be found here. Corporate insiders own 3.43% of the company's stock.

Institutional investors have recently modified their holdings of the company. Ameritas Investment Company LLC purchased a new position in shares of Reliance Steel & Aluminum during the first quarter valued at about $25,000. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Reliance Steel & Aluminum by 126.7% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the industrial products company's stock valued at $26,000 after acquiring an additional 95 shares during the last quarter. Koshinski Asset Management Inc. bought a new position in shares of Reliance Steel & Aluminum in the 3rd quarter valued at about $26,000. Fifth Third Bancorp lifted its holdings in shares of Reliance Steel & Aluminum by 29.4% in the 3rd quarter. Fifth Third Bancorp now owns 321 shares of the industrial products company's stock valued at $46,000 after acquiring an additional 73 shares during the last quarter. Finally, IndexIQ Advisors LLC lifted its holdings in shares of Reliance Steel & Aluminum by 62.4% in the 3rd quarter. IndexIQ Advisors LLC now owns 328 shares of the industrial products company's stock valued at $47,000 after acquiring an additional 126 shares during the last quarter. Hedge funds and other institutional investors own 81.57% of the company's stock.

Shares of RS opened at $158.20 on Friday. The company has a quick ratio of 2.39, a current ratio of 4.25 and a debt-to-equity ratio of 0.28. The business's 50 day moving average price is $151.67 and its 200-day moving average price is $154.80. Reliance Steel & Aluminum has a 52 week low of $114.26 and a 52 week high of $181.21. The stock has a market cap of $9.91 billion, a P/E ratio of 9.11 and a beta of 1.01.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 3rd. Stockholders of record on Friday, November 19th will be paid a $0.688 dividend. The ex-dividend date is Thursday, November 18th. This represents a $2.75 annualized dividend and a dividend yield of 1.74%. Reliance Steel & Aluminum's dividend payout ratio (DPR) is 15.84%.

About Reliance Steel & Aluminum

Reliance Steel & Aluminum Co engages in the provision of metals processing services and distribution of metal products. It offers alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and specialty steel products. The company was founded by Thomas J. Neilan on February 3, 1939 and is headquartered in Los Angeles, CA.

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

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