Brokerages Set Reliance Steel & Aluminum Co (RS) Price Target at $98.13

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Shares of Reliance Steel & Aluminum Co (NYSE:RS) have received an average recommendation of “Buy” from the eleven analysts that are presently covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation and seven have issued a buy recommendation on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $97.25.

Several research firms have weighed in on RS. Bank of America downgraded Reliance Steel & Aluminum from a “buy” rating to an “underperform” rating and set a $90.00 price target for the company. in a research report on Friday. Zacks Investment Research downgraded Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a research report on Monday. KeyCorp lifted their price objective on Reliance Steel & Aluminum from $97.00 to $100.00 and gave the company an “overweight” rating in a research report on Thursday, June 14th. JPMorgan Chase & Co. lifted their price objective on Reliance Steel & Aluminum from $100.00 to $105.00 and gave the company a “neutral” rating in a research report on Friday, July 27th. Finally, ValuEngine raised Reliance Steel & Aluminum from a “hold” rating to a “buy” rating in a research report on Saturday, June 2nd.

In other news, Director David H. Hannah sold 25,000 shares of Reliance Steel & Aluminum stock in a transaction on Wednesday, August 1st. The stock was sold at an average price of $90.04, for a total value of $2,251,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 3.24% of the stock is owned by insiders.

A number of institutional investors have recently modified their holdings of the stock. BlackRock Inc. boosted its holdings in Reliance Steel & Aluminum by 1.7% in the second quarter. BlackRock Inc. now owns 6,880,203 shares of the industrial products company’s stock valued at $602,292,000 after acquiring an additional 115,704 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Reliance Steel & Aluminum by 0.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,581,731 shares of the industrial products company’s stock valued at $226,010,000 after acquiring an additional 18,241 shares during the last quarter. Acadian Asset Management LLC boosted its holdings in Reliance Steel & Aluminum by 13.7% in the second quarter. Acadian Asset Management LLC now owns 1,637,282 shares of the industrial products company’s stock valued at $143,324,000 after acquiring an additional 196,890 shares during the last quarter. LSV Asset Management boosted its holdings in Reliance Steel & Aluminum by 8.8% in the second quarter. LSV Asset Management now owns 963,374 shares of the industrial products company’s stock valued at $84,333,000 after acquiring an additional 77,756 shares during the last quarter. Finally, Luminus Management LLC boosted its holdings in Reliance Steel & Aluminum by 13.1% in the second quarter. Luminus Management LLC now owns 934,905 shares of the industrial products company’s stock valued at $81,842,000 after acquiring an additional 108,400 shares during the last quarter. Hedge funds and other institutional investors own 84.08% of the company’s stock.

Reliance Steel & Aluminum stock traded down $2.98 during mid-day trading on Friday, hitting $85.27. 1,234,900 shares of the company were exchanged, compared to its average volume of 501,572. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.76 and a current ratio of 4.06. The company has a market capitalization of $6.37 billion, a price-to-earnings ratio of 15.69, a PEG ratio of 0.99 and a beta of 1.16. Reliance Steel & Aluminum has a 12-month low of $71.17 and a 12-month high of $97.41.

Reliance Steel & Aluminum (NYSE:RS) last released its quarterly earnings results on Thursday, July 26th. The industrial products company reported $3.10 earnings per share for the quarter, topping the consensus estimate of $2.75 by $0.35. The company had revenue of $2.99 billion during the quarter. Reliance Steel & Aluminum had a return on equity of 12.29% and a net margin of 7.55%. The business’s quarterly revenue was up 20.8% on a year-over-year basis. During the same period in the previous year, the business posted $1.40 EPS. analysts forecast that Reliance Steel & Aluminum will post 9.85 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 7th. Stockholders of record on Friday, August 17th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date of this dividend is Thursday, August 16th. Reliance Steel & Aluminum’s dividend payout ratio is currently 36.76%.

Reliance Steel & Aluminum Company Profile

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

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