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Reliance Steel & Aluminum Co. (NYSE:RS) Receives Average Recommendation of "Buy" from Analysts

Last updated on Saturday, May 14, 2022 | 2022 MarketBeat

Reliance Steel & Aluminum Co. (NYSE:RS - Get Rating) has received an average recommendation of "Buy" from the twelve ratings firms that are currently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $191.75.

Several equities research analysts have recently commented on the stock. Exane BNP Paribas upgraded shares of Reliance Steel & Aluminum from a "neutral" rating to an "outperform" rating in a report on Thursday, April 14th. StockNews.com upgraded shares of Reliance Steel & Aluminum from a "buy" rating to a "strong-buy" rating in a report 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. Citigroup boosted their price objective on shares of Reliance Steel & Aluminum from $200.00 to $230.00 in a research note on Friday, April 29th. Finally, KeyCorp boosted their price objective on shares of Reliance Steel & Aluminum from $200.00 to $215.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 20th.


RS traded down $0.76 on Friday, reaching $186.49. 388,246 shares of the company traded hands, compared to its average volume of 438,235. Reliance Steel & Aluminum has a one year low of $135.46 and a one year high of $211.65. The firm has a fifty day simple moving average of $190.71 and a two-hundred day simple moving average of $172.02. The company has a market cap of $11.55 billion, a P/E ratio of 7.12 and a beta of 0.76. The company has a quick ratio of 2.28, a current ratio of 3.96 and a debt-to-equity ratio of 0.25.

Reliance Steel & Aluminum (NYSE:RS - Get Rating) last announced its quarterly earnings data on Thursday, April 28th. The industrial products company reported $8.42 earnings per share for the quarter, beating analysts' consensus estimates of $7.20 by $1.22. Reliance Steel & Aluminum had a net margin of 10.61% and a return on equity of 27.94%. The company had revenue of $4.49 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same quarter last year, the business posted $4.10 EPS. The firm's revenue for the quarter was up 58.0% on a year-over-year basis. On average, equities analysts forecast that Reliance Steel & Aluminum will post 25.8 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 10th. Investors of record on Friday, May 27th will be paid a $0.875 dividend. This represents a $3.50 annualized dividend and a dividend yield of 1.88%. The ex-dividend date is Thursday, May 26th. Reliance Steel & Aluminum's dividend payout ratio is currently 13.36%.

In other Reliance Steel & Aluminum news, VP Jeffrey Wayne Durham sold 10,000 shares of the company's stock in a transaction on 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 transaction, the vice president now directly owns 19,071 shares in the company, valued at $3,739,060.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Arthur Ajemyan sold 4,540 shares of the company's stock in a transaction on Tuesday, February 22nd. The stock was sold at an average price of $175.72, for a total transaction of $797,768.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 135,634 shares of company stock valued at $24,280,557. Company insiders own 0.62% of the company's stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. SVB Wealth LLC grew its holdings in shares of Reliance Steel & Aluminum by 37.4% in the first quarter. SVB Wealth LLC now owns 2,048 shares of the industrial products company's stock valued at $375,000 after purchasing an additional 558 shares during the period. Renaissance Technologies LLC purchased a new position in Reliance Steel & Aluminum during the first quarter worth about $22,389,000. Ontario Teachers Pension Plan Board boosted its stake in Reliance Steel & Aluminum by 53.4% during the first quarter. Ontario Teachers Pension Plan Board now owns 5,108 shares of the industrial products company's stock worth $937,000 after buying an additional 1,778 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Reliance Steel & Aluminum by 3.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 400,099 shares of the industrial products company's stock worth $73,359,000 after buying an additional 14,082 shares during the period. Finally, Private Advisory Group LLC purchased a new position in Reliance Steel & Aluminum during the first quarter worth about $735,000. Institutional investors and hedge funds own 81.84% of the company's stock.

About Reliance Steel & Aluminum (Get Rating)

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.

See Also

Analyst Recommendations for Reliance Steel & Aluminum (NYSE:RS)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]

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