Reliance Steel & Aluminum (NYSE:RS) announced its quarterly earnings results on Thursday. The industrial products company reported $5.06 EPS for the quarter, beating the Zacks' consensus estimate of $4.89 by $0.17, MarketWatch Earnings reports. Reliance Steel & Aluminum had a return on equity of 11.80% and a net margin of 6.33%. The company had revenue of $3.42 billion during the quarter, compared to analysts' expectations of $3.19 billion. During the same period in the prior year, the company earned $1.36 EPS. Reliance Steel & Aluminum's revenue was up 69.3% compared to the same quarter last year. Reliance Steel & Aluminum updated its Q3 2021 guidance to $5.550-$5.750 EPS and its Q3 guidance to $5.55-5.75 EPS.
Shares of Reliance Steel & Aluminum stock traded down $1.11 during mid-day trading on Thursday, hitting $149.73. 4,122 shares of the stock were exchanged, compared to its average volume of 322,223. Reliance Steel & Aluminum has a 12 month low of $94.47 and a 12 month high of $181.21. The firm's 50-day moving average is $159.71. The company has a quick ratio of 2.56, a current ratio of 4.35 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $9.54 billion, a P/E ratio of 16.67, a P/E/G ratio of 1.02 and a beta of 1.06.
The firm also recently declared a quarterly dividend, which was paid on Friday, June 11th. Investors of record on Friday, May 28th were given a $0.6875 dividend. The ex-dividend date of this dividend was Thursday, May 27th. This represents a $2.75 annualized dividend and a yield of 1.84%. Reliance Steel & Aluminum's payout ratio is 35.67%.
In other Reliance Steel & Aluminum news, CEO James Donald Hoffman sold 5,000 shares of Reliance Steel & Aluminum stock in a transaction that occurred on Tuesday, July 6th. The shares were sold at an average price of $151.57, for a total transaction of $757,850.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 3.43% of the stock is owned by company insiders.
RS has been the subject of a number of research reports. The Goldman Sachs Group started coverage on Reliance Steel & Aluminum in a research note on Friday, April 9th. They issued a "neutral" rating and a $153.00 price target for the company. increased their price target on Reliance Steel & Aluminum from $135.00 to $160.00 in a report on Friday, April 23rd. Deutsche Bank Aktiengesellschaft increased their price target on Reliance Steel & Aluminum from $152.00 to $162.00 and gave the stock a "hold" rating in a report on Thursday, July 1st. JPMorgan Chase & Co. started coverage on Reliance Steel & Aluminum in a report on Wednesday, June 16th. They set an "overweight" rating and a $181.00 price target for the company. Finally, Citigroup increased their price target on Reliance Steel & Aluminum from $135.00 to $160.00 in a report on Friday, April 23rd. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company presently has an average rating of "Hold" and a consensus target price of $154.43.
About Reliance Steel & Aluminum
Reliance Steel & Aluminum Co operates as a metals service center company. The company provides alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products and processing services to general manufacturing, non-residential construction, transportation, aerospace and defense, energy, electronics and semiconductor fabrication, and heavy industries.
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