Posted by admin on Jul 21st, 2022

Reliance Steel & Aluminum (NYSE:RS – Get Rating) had its target price cut by investment analysts at KeyCorp from $215.00 to $207.00 in a research note issued on Tuesday, The Fly reports. The firm currently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s price target would suggest a potential upside of 15.25% from the company’s current price.

A number of other analysts have also weighed in on the stock. BNP Paribas upgraded shares of Reliance Steel & Aluminum from a “neutral” rating to an “outperform” rating in a research note on Thursday, April 14th. Exane BNP Paribas upgraded shares of Reliance Steel & Aluminum from a “neutral” rating to an “outperform” rating in a research note on Thursday, April 14th. Wolfe Research upgraded shares of Reliance Steel & Aluminum from a “market perform” rating to an “outperform” rating and set a $226.00 price objective for the company in a research note on Thursday, April 28th. Citigroup lifted their price target on shares of Reliance Steel & Aluminum from $200.00 to $230.00 in a research note on Friday, April 29th. Finally, The Goldman Sachs Group reduced their price target on shares of Reliance Steel & Aluminum from $234.00 to $218.00 in a research note on Tuesday, July 12th. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Reliance Steel & Aluminum presently has a consensus rating of “Buy” and a consensus target price of $203.50.

Shares of Reliance Steel & Aluminum stock opened at $179.61 on Tuesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 3.96 and a quick ratio of 2.28. The company has a 50-day moving average of $180.63 and a 200 day moving average of $179.47. The firm has a market cap of $11.13 billion, a price-to-earnings ratio of 6.86 and a beta of 0.81. Reliance Steel & Aluminum has a 1 year low of $135.46 and a 1 year high of $211.65.

Reliance Steel & Aluminum (NYSE:RS – Get Rating) last released 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. The business had revenue of $4.49 billion during the quarter, compared to analyst estimates of $4.03 billion. Reliance Steel & Aluminum had a net margin of 10.61% and a return on equity of 27.94%. Reliance Steel & Aluminum’s revenue was up 58.0% compared to the same quarter last year. During the same period last year, the business earned $4.10 EPS. As a group, sell-side analysts anticipate that Reliance Steel & Aluminum will post 27.9 earnings per share for the current fiscal year.

In related news, VP Jeffrey Wayne Durham sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, May 6th. The shares were sold at an average price of $196.06, for a total value of $1,960,600.00. Following the transaction, the vice president now owns 19,071 shares of the company’s stock, valued at $3,739,060.26. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.62% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. lifted its holdings in Reliance Steel & Aluminum by 6.5% during the first quarter. BlackRock Inc. now owns 6,370,754 shares of the industrial products company’s stock valued at $1,168,079,000 after purchasing an additional 389,942 shares in the last quarter. State Street Corp lifted its holdings in Reliance Steel & Aluminum by 16.4% during the first quarter. State Street Corp now owns 2,549,898 shares of the industrial products company’s stock valued at $467,524,000 after purchasing an additional 359,364 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Reliance Steel & Aluminum by 2.0% during the first quarter. Dimensional Fund Advisors LP now owns 2,242,803 shares of the industrial products company’s stock valued at $411,223,000 after purchasing an additional 44,267 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in Reliance Steel & Aluminum by 19.9% during the fourth quarter. Victory Capital Management Inc. now owns 2,196,588 shares of the industrial products company’s stock valued at $356,330,000 after purchasing an additional 364,582 shares in the last quarter. Finally, Yacktman Asset Management LP lifted its holdings in Reliance Steel & Aluminum by 19.9% during the first quarter. Yacktman Asset Management LP now owns 1,263,336 shares of the industrial products company’s stock valued at $231,633,000 after purchasing an additional 209,836 shares in the last quarter. Hedge funds and other institutional investors own 81.84% of the company’s stock.

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.

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