$2.95 Billion in Sales Expected for Reliance Steel & Aluminum Co (RS) This Quarter

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Equities research analysts forecast that Reliance Steel & Aluminum Co (NYSE:RS) will announce $2.95 billion in sales for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Reliance Steel & Aluminum’s earnings, with the lowest sales estimate coming in at $2.93 billion and the highest estimate coming in at $2.98 billion. Reliance Steel & Aluminum posted sales of $2.45 billion during the same quarter last year, which indicates a positive year over year growth rate of 20.4%. The firm is expected to issue its next earnings results on Thursday, October 25th.

On average, analysts expect that Reliance Steel & Aluminum will report full year sales of $11.41 billion for the current fiscal year, with estimates ranging from $11.29 billion to $11.53 billion. For the next fiscal year, analysts forecast that the firm will post sales of $11.59 billion per share, with estimates ranging from $11.02 billion to $12.04 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Reliance Steel & Aluminum.

Reliance Steel & Aluminum (NYSE:RS) last announced its quarterly earnings results on Thursday, July 26th. The industrial products company reported $3.10 EPS for the quarter, beating the consensus estimate of $2.75 by $0.35. Reliance Steel & Aluminum had a net margin of 7.55% and a return on equity of 12.29%. The company had revenue of $2.99 billion for the quarter. During the same quarter in the previous year, the business posted $1.40 EPS. Reliance Steel & Aluminum’s revenue for the quarter was up 20.8% compared to the same quarter last year.

Several research firms have recently issued reports on RS. JPMorgan Chase & Co. increased their price objective on shares of Reliance Steel & Aluminum from $100.00 to $105.00 and gave the company a “neutral” rating in a report on Friday, July 27th. Jefferies Financial Group upgraded shares of Reliance Steel & Aluminum from a “hold” rating to a “buy” rating and set a $72.00 price objective for the company in a report on Tuesday, July 10th. ValuEngine cut shares of Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a report on Friday, June 29th. KeyCorp increased their price objective on shares of Reliance Steel & Aluminum from $97.00 to $100.00 and gave the company an “overweight” rating in a report on Thursday, June 14th. Finally, Cowen increased their price objective on shares of Reliance Steel & Aluminum from $107.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, April 30th. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Reliance Steel & Aluminum has an average rating of “Buy” and a consensus target price of $98.13.

In related news, Director David H. Hannah sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $90.04, for a total transaction of $2,251,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Patrick Shanley sold 4,069 shares of the firm’s stock in a transaction that occurred on Wednesday, June 6th. The stock was sold at an average price of $96.50, for a total transaction of $392,658.50. Following the sale, the vice president now owns 27,890 shares of the company’s stock, valued at $2,691,385. The disclosure for this sale can be found here. Company insiders own 3.24% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Moneta Group Investment Advisors LLC boosted its stake in Reliance Steel & Aluminum by 107.9% in the 2nd quarter. Moneta Group Investment Advisors LLC now owns 1,445 shares of the industrial products company’s stock worth $126,000 after purchasing an additional 750 shares during the period. Quantbot Technologies LP purchased a new stake in Reliance Steel & Aluminum in the 1st quarter worth approximately $135,000. Itau Unibanco Holding S.A. lifted its position in Reliance Steel & Aluminum by 130.1% in the 2nd quarter. Itau Unibanco Holding S.A. now owns 2,391 shares of the industrial products company’s stock worth $209,000 after buying an additional 1,352 shares in the last quarter. Raymond James Financial Services Advisors Inc. purchased a new stake in Reliance Steel & Aluminum in the 2nd quarter worth approximately $237,000. Finally, GAM Holding AG purchased a new stake in Reliance Steel & Aluminum in the 2nd quarter worth approximately $245,000. 83.57% of the stock is owned by hedge funds and other institutional investors.

Shares of Reliance Steel & Aluminum stock traded up $1.46 on Thursday, hitting $90.74. The company had a trading volume of 575,700 shares, compared to its average volume of 502,998. The company has a debt-to-equity ratio of 0.39, a current ratio of 4.06 and a quick ratio of 1.76. The stock has a market capitalization of $6.41 billion, a PE ratio of 16.57, a price-to-earnings-growth ratio of 1.00 and a beta of 1.19. Reliance Steel & Aluminum has a 52 week low of $69.66 and a 52 week high of $97.41.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 7th. Investors of record on Friday, August 17th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend is Thursday, August 16th. Reliance Steel & Aluminum’s payout ratio is 36.76%.

About Reliance Steel & Aluminum

Reliance Steel & Aluminum Co operates as a metals service center company in the United States and internationally. The company provides steel, aluminum, stainless, and specialty metals and related processing services to customers in various industries, such as infrastructure and energy; fabricates steel and aluminum products; and provides various precision fabrication services, including laser cutting, shearing, computer numerated control (CNC) punching, and CNC forming and rolling, as well as welding, assembly, painting, inventory management, and engineering expertise.

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