Reliance Steel & Aluminum (RS) Research Coverage Started at Citigroup

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Citigroup began coverage on shares of Reliance Steel & Aluminum (NYSE:RS) in a report issued on Monday morning, MarketBeat Ratings reports. The brokerage issued a neutral rating and a $90.00 target price on the industrial products company’s stock.

A number of other equities analysts have also weighed in on RS. ValuEngine lowered Reliance Steel & Aluminum from a buy rating to a hold rating in a research report on Friday, June 29th. Zacks Investment Research raised Reliance Steel & Aluminum from a hold rating to a strong-buy rating and set a $98.00 target price on the stock in a research report on Tuesday, September 11th. JPMorgan Chase & Co. upped their target price on Reliance Steel & Aluminum from $100.00 to $105.00 and gave the stock a neutral rating in a research report on Friday, July 27th. KeyCorp upped their target price on Reliance Steel & Aluminum from $97.00 to $100.00 and gave the stock an overweight rating in a research report on Thursday, June 14th. Finally, Jefferies Financial Group raised Reliance Steel & Aluminum from a hold rating to a buy rating and set a $72.00 target price on the stock in a research report on Tuesday, July 10th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Reliance Steel & Aluminum has a consensus rating of Buy and a consensus price target of $96.11.

Shares of RS opened at $87.73 on Monday. Reliance Steel & Aluminum has a 52-week low of $72.69 and a 52-week high of $97.41. The company has a current ratio of 4.06, a quick ratio of 1.76 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $6.18 billion, a price-to-earnings ratio of 16.13, a price-to-earnings-growth ratio of 0.97 and a beta of 1.16.

Reliance Steel & Aluminum (NYSE:RS) last issued its quarterly earnings results on Thursday, July 26th. The industrial products company reported $3.10 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.75 by $0.35. Reliance Steel & Aluminum had a return on equity of 12.29% and a net margin of 7.55%. The firm had revenue of $2.99 billion for the quarter. During the same period last year, the firm posted $1.40 earnings per share. Reliance Steel & Aluminum’s quarterly revenue was up 20.8% compared to the same quarter last year. equities analysts predict that Reliance Steel & Aluminum will post 9.82 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 7th. Investors of record on Friday, August 17th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, August 16th. This represents a $2.00 annualized dividend and a yield of 2.28%. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is currently 36.76%.

In related news, Director David H. Hannah sold 25,000 shares of the company’s stock in a transaction on Wednesday, August 1st. The stock was sold at an average price of $90.04, for a total transaction of $2,251,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.24% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. grew its holdings in Reliance Steel & Aluminum by 1.7% during the second quarter. BlackRock Inc. now owns 6,880,203 shares of the industrial products company’s stock worth $602,292,000 after buying an additional 115,704 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Reliance Steel & Aluminum by 0.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,581,731 shares of the industrial products company’s stock valued at $226,010,000 after purchasing an additional 18,241 shares during the period. Acadian Asset Management LLC grew its stake in Reliance Steel & Aluminum by 13.7% in the 2nd quarter. Acadian Asset Management LLC now owns 1,637,282 shares of the industrial products company’s stock valued at $143,324,000 after purchasing an additional 196,890 shares during the period. LSV Asset Management grew its stake in Reliance Steel & Aluminum by 8.8% in the 2nd quarter. LSV Asset Management now owns 963,374 shares of the industrial products company’s stock valued at $84,333,000 after purchasing an additional 77,756 shares during the period. Finally, Luminus Management LLC grew its stake in Reliance Steel & Aluminum by 13.1% in the 2nd quarter. Luminus Management LLC now owns 934,905 shares of the industrial products company’s stock valued at $81,842,000 after purchasing an additional 108,400 shares during the period. Institutional investors and hedge funds own 80.99% of the company’s stock.

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

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