Reliance Steel & Aluminum Co (RS) Receives $90.29 Average Price Target from Analysts

Shares of Reliance Steel & Aluminum Co (NYSE:RS) have earned an average rating of “Hold” from the eleven ratings firms that are currently covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $88.50.

Several research analysts have commented on RS shares. Cowen started coverage on shares of Reliance Steel & Aluminum in a research report on Tuesday, January 8th. They issued an “outperform” rating and a $80.00 target price for the company. Zacks Investment Research cut shares of Reliance Steel & Aluminum from a “hold” rating to a “sell” rating in a research report on Monday, December 31st. Finally, Longbow Research cut shares of Reliance Steel & Aluminum from a “neutral” rating to an “underperform” rating and set a $76.00 target price for the company. in a research report on Thursday.

In other news, Director David H. Hannah sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 20th. The shares were sold at an average price of $85.51, for a total value of $2,137,750.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP William A. Smith II sold 3,025 shares of the company’s stock in a transaction that occurred on Monday, February 25th. The stock was sold at an average price of $90.63, for a total transaction of $274,155.75. Following the completion of the sale, the senior vice president now directly owns 25,505 shares of the company’s stock, valued at $2,311,518.15. The disclosure for this sale can be found here. In the last 90 days, insiders sold 103,562 shares of company stock valued at $9,177,058. 3.24% of the stock is owned by insiders.

Several large investors have recently modified their holdings of RS. Janus Henderson Group PLC lifted its stake in shares of Reliance Steel & Aluminum by 75.6% in the 3rd quarter. Janus Henderson Group PLC now owns 15,800 shares of the industrial products company’s stock worth $1,348,000 after acquiring an additional 6,800 shares during the period. Riverhead Capital Management LLC lifted its stake in Reliance Steel & Aluminum by 22.4% during the third quarter. Riverhead Capital Management LLC now owns 4,918 shares of the industrial products company’s stock valued at $419,000 after purchasing an additional 900 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Reliance Steel & Aluminum by 47.8% during the third quarter. Renaissance Technologies LLC now owns 146,812 shares of the industrial products company’s stock valued at $12,522,000 after purchasing an additional 47,500 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Reliance Steel & Aluminum by 3.9% during the third quarter. The Manufacturers Life Insurance Company now owns 119,609 shares of the industrial products company’s stock valued at $10,201,000 after purchasing an additional 4,506 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its stake in Reliance Steel & Aluminum by 12.4% during the third quarter. Pacer Advisors Inc. now owns 25,721 shares of the industrial products company’s stock valued at $2,194,000 after purchasing an additional 2,838 shares during the last quarter. 83.00% of the stock is owned by institutional investors.

Shares of NYSE:RS traded down $1.13 during trading on Monday, reaching $90.00. 359,339 shares of the company’s stock traded hands, compared to its average volume of 433,517. The company has a quick ratio of 2.10, a current ratio of 4.70 and a debt-to-equity ratio of 0.46. Reliance Steel & Aluminum has a 12 month low of $68.62 and a 12 month high of $97.41. The company has a market cap of $6.05 billion, a PE ratio of 10.07, a P/E/G ratio of 1.17 and a beta of 1.27.

Reliance Steel & Aluminum (NYSE:RS) last announced its quarterly earnings data on Thursday, February 21st. The industrial products company reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $1.71 by ($0.63). Reliance Steel & Aluminum had a net margin of 5.49% and a return on equity of 13.30%. The business had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same period in the prior year, the company earned $1.22 EPS. Reliance Steel & Aluminum’s quarterly revenue was up 18.4% on a year-over-year basis. As a group, research analysts forecast that Reliance Steel & Aluminum will post 8.67 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a $0.55 dividend. This is a boost from Reliance Steel & Aluminum’s previous quarterly dividend of $0.50. The ex-dividend date was Thursday, March 14th. This represents a $2.20 annualized dividend and a yield of 2.44%. Reliance Steel & Aluminum’s dividend payout ratio is 24.61%.

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 related processing services to general manufacturing, non-residential construction, transportation, aerospace and defense, energy, electronics and semiconductor fabrication, auto, and heavy industries.

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

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