Reliance Steel & Aluminum (RS) Upgraded by Longbow Research to Buy

Longbow Research upgraded shares of Reliance Steel & Aluminum (NYSE:RS) from a neutral rating to a buy rating in a research note issued to investors on Wednesday morning, MarketBeat Ratings reports.

Other equities analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of Reliance Steel & Aluminum from a hold rating to a buy rating and set a $86.00 price objective on the stock in a research note on Monday, October 16th. Bank of America set a $97.00 price objective on shares of Reliance Steel & Aluminum and gave the company a buy rating in a research note on Monday, January 8th. KeyCorp reaffirmed a buy rating and set a $84.00 price target on shares of Reliance Steel & Aluminum in a research note on Thursday, December 7th. ValuEngine raised shares of Reliance Steel & Aluminum from a hold rating to a buy rating in a research note on Friday, December 1st. Finally, Clarkson Capital reaffirmed a buy rating on shares of Reliance Steel & Aluminum in a research note on Wednesday, November 15th. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $83.50.

Reliance Steel & Aluminum (NYSE RS) opened at $82.98 on Wednesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 4.06 and a quick ratio of 1.79. The company has a market cap of $6,050.00, a price-to-earnings ratio of 16.30, a PEG ratio of 1.44 and a beta of 1.26. Reliance Steel & Aluminum has a 1-year low of $68.46 and a 1-year high of $92.64.

Reliance Steel & Aluminum (NYSE:RS) last announced its quarterly earnings data on Thursday, February 15th. The industrial products company reported $0.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.00 by ($0.16). Reliance Steel & Aluminum had a net margin of 3.97% and a return on equity of 8.61%. analysts predict that Reliance Steel & Aluminum will post 5.22 earnings per share for the current fiscal year.

In related news, SVP William A. Smith II sold 1,123 shares of the business’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $82.69, for a total value of $92,860.87. Following the sale, the senior vice president now directly owns 15,320 shares in the company, valued at approximately $1,266,810.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 3.73% of the stock is owned by insiders.

Several institutional investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. boosted its position in shares of Reliance Steel & Aluminum by 14.6% in the 4th quarter. Victory Capital Management Inc. now owns 3,932,819 shares of the industrial products company’s stock worth $337,396,000 after buying an additional 502,007 shares in the last quarter. Lord Abbett & CO. LLC boosted its position in shares of Reliance Steel & Aluminum by 1.5% in the 2nd quarter. Lord Abbett & CO. LLC now owns 1,832,962 shares of the industrial products company’s stock worth $133,458,000 after buying an additional 26,528 shares in the last quarter. LSV Asset Management boosted its position in shares of Reliance Steel & Aluminum by 1.8% in the 4th quarter. LSV Asset Management now owns 861,718 shares of the industrial products company’s stock worth $73,926,000 after buying an additional 15,640 shares in the last quarter. Prudential Financial Inc. boosted its position in shares of Reliance Steel & Aluminum by 2.6% in the 3rd quarter. Prudential Financial Inc. now owns 771,216 shares of the industrial products company’s stock worth $58,744,000 after buying an additional 19,560 shares in the last quarter. Finally, Schroder Investment Management Group boosted its position in shares of Reliance Steel & Aluminum by 1.7% in the 4th quarter. Schroder Investment Management Group now owns 485,301 shares of the industrial products company’s stock worth $41,634,000 after buying an additional 8,014 shares in the last quarter. Institutional investors and hedge funds own 81.86% of the company’s stock.

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Reliance Steel & Aluminum Company Profile

Reliance Steel & Aluminum Co is a metals service center company in North America (the United States and Canada). As of December 31, 2016, the Company’s network of metals service centers operated over 300 locations in 39 states in the United States and in 12 other countries (Australia, Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom).

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

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