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. It also distributes non-ferrous metals products and tubular building products; and manufactures specialty extruded metals, fabricated parts, and welded components. As of December 31, 2021, the company operated a network of approximately 315 locations in 40 states in the United States and 13 in other countries. It sells its products directly to original equipment manufacturers, which primarily include small machine shops and fabricators. The company was founded in 1939 and is headquartered in Los Angeles, California.
Analyst Ratings Changes
A number of brokerages recently commented on RS. Citigroup upped their price target on shares of Reliance Steel & Aluminum from $200.00 to $230.00 in a research note on Friday, April 29th. StockNews.com cut shares of Reliance Steel & Aluminum from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 29th. KeyCorp dropped their price target on shares of Reliance Steel & Aluminum from $215.00 to $207.00 and set an "overweight" rating on the stock 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 target on the stock in a research note on Thursday, April 28th. Finally, BMO Capital Markets began coverage on shares of Reliance Steel & Aluminum in a research note on Monday. They set an "outperform" rating and a $230.00 price target on the stock. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $207.29.
Reliance Steel & Aluminum Price Performance
NYSE:RS traded up $0.28 on Thursday, hitting $195.08. The stock had a trading volume of 201,341 shares, compared to its average volume of 413,421. Reliance Steel & Aluminum has a 52-week low of $135.46 and a 52-week high of $211.65. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.60 and a current ratio of 3.02. The company has a market capitalization of $11.76 billion, a price-to-earnings ratio of 6.44 and a beta of 0.83. The firm has a 50-day moving average of $179.91 and a 200-day moving average of $183.44.
Reliance Steel & Aluminum (NYSE:RS - Get Rating) last posted its earnings results on Thursday, July 28th. The industrial products company reported $9.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.02 by $0.13. Reliance Steel & Aluminum had a net margin of 11.25% and a return on equity of 30.46%. The business had revenue of $4.68 billion for the quarter, compared to analysts' expectations of $4.61 billion. During the same period in the prior year, the company posted $5.06 EPS. The business's revenue for the quarter was up 36.9% compared to the same quarter last year. Equities analysts expect that Reliance Steel & Aluminum will post 28.26 EPS for the current year.
Reliance Steel & Aluminum Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 2nd. Stockholders of record on Friday, August 19th will be given a dividend of $0.875 per share. This represents a $3.50 annualized dividend and a dividend yield of 1.79%. The ex-dividend date is Thursday, August 18th. Reliance Steel & Aluminum's dividend payout ratio (DPR) is currently 11.56%.
Insider Activity
In other news, CEO James Donald Hoffman sold 10,000 shares of the firm's stock in a transaction on Wednesday, July 6th. The shares were sold at an average price of $167.78, for a total transaction of $1,677,800.00. Following the sale, the chief executive officer now owns 142,738 shares in the company, valued at approximately $23,948,581.64. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CFO Arthur Ajemyan sold 1,000 shares of the firm's stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $198.39, for a total transaction of $198,390.00. Following the sale, the chief financial officer now owns 12,870 shares in the company, valued at approximately $2,553,279.30. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO James Donald Hoffman sold 10,000 shares of the stock in a transaction on Wednesday, July 6th. The shares were sold at an average price of $167.78, for a total transaction of $1,677,800.00. Following the transaction, the chief executive officer now directly owns 142,738 shares in the company, valued at approximately $23,948,581.64. The disclosure for this sale can be found here. Corporate insiders own 0.62% of the company's stock.
