Reliance Steel & Aluminum Co. (NYSE:RS – Get Rating) – Research analysts at KeyCorp raised their FY2022 EPS estimates for Reliance Steel & Aluminum in a note issued to investors on Monday, Nov. 21. KeyCorp analyst P. Gibbs now expects the industrial products company to earn $28.65 per share this year, up from their previous forecast of $28.60. KeyCorp has an Overweight rating and a $225.00 price target for the stock. The consensus estimate for Reliance Steel & Aluminum’s current full-year earnings is $28.69 per share. KeyCorp also issued estimates for Reliance Steel & Aluminum’s Q4 2022 earnings at $4.46 EPS and FY2023 earnings at $17.00 EPS.
Reliance Steel & Aluminum (NYSE:RS – Get Rating) last reported earnings results on Thursday, October 27. The industrial products company reported $6.48 earnings per share for the quarter, beating analyst consensus estimates of $6.19 by $0.29. Reliance Steel & Aluminum had a net margin of 10.98% and a return on equity of 29.31%. The company had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.14 billion. In the same quarter last year, the company earned $6.15 in earnings per share. The company’s revenue for the quarter was up 10.4% year over year.
A number of other equity analysts also weighed in on the stock recently. StockNews.com downgraded shares of Reliance Steel & Aluminum from a “strong buy” rating to a “buy” rating in a research note on Thursday, Oct. 6. BMO Capital Markets began coverage of shares of Reliance Steel & Aluminum in a report on Monday, August 15. They set an “outperform” rating and a $230.00 price target for the stock. Finally, the Goldman Sachs Group downgraded shares of Reliance Steel & Aluminum from a “buy” rating to a “neutral” rating and lowered their price target for the company from $218.00 to $201.00 in a report on Thursday, June 6. October. One equity research analyst has rated the stock with a Hold rating and six have given the stock a Buy rating. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $222.40.
Reliance Steel & Aluminum Price Performance
Shares of NYSE RS opened at $212.92 on Wednesday. Reliance Steel & Aluminum has a fifty-two-week low of $145.79 and a fifty-two-week high of $213.37. The company has a 50-day simple moving average of $189.31 and a 200-day simple moving average of $186.35. The company has a market cap of $12.50 billion, a price-to-earnings ratio of 6.97 and a beta of 0.87. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.78 and a current ratio of 3.25.
Institutional inflow and outflow
Several institutional investors have recently increased or decreased their holdings in RS. Park Avenue Securities LLC increased its position in shares of Reliance Steel & Aluminum by 5.5% during the first quarter. Park Avenue Securities LLC now owns 2,315 shares of the company’s industrial products stock valued at $424,000 after purchasing an additional 121 shares during the period. State of New Jersey Common Pension Fund D increased its exposure to shares of Reliance Steel & Aluminum by 3.6% during the first quarter. State of New Jersey Common Pension Fund D now owns 33,203 shares of the company’s industrial products stock valued at $6,088,000 after purchasing an additional 1,167 shares during the period. Envestnet Asset Management Inc. increased its position in shares of Reliance Steel & Aluminum by 126.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 378,085 shares of the company’s industrial products stock valued at $69,322,000 after purchasing an additional 211,146 shares during the period. Advisor Group Holdings Inc. increased its position in shares of Reliance Steel & Aluminum by 67.0% during the 1st quarter. Advisor Group Holdings Inc. now owns 12,434 shares of the company’s industrial products stock valued at $2,253,000 after purchasing an additional 4,989 shares during the period. Finally, Aptus Capital Advisors LLC increased its exposure to shares of Reliance Steel & Aluminum by 32.0% during the first quarter. Aptus Capital Advisors LLC now owns 15,686 shares of the company’s industrial products stock valued at $2,876,000 after purchasing an additional 3,806 shares during the period. 83.16% of the shares are currently held by institutional investors.
Insiders buying and selling
In related news, CEO James Donald Hoffman sold 10,000 shares of the company in a transaction that took place on Thursday, Oct. 6. The shares were sold at an average price of $183.31 for a total value of $1,833,100.00. Following the sale, the CEO now owns 132,738 shares of stock in the company, valued at $24,332,202.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. 0.62% of the shares are currently held by company insiders.
Reliance Steel & Aluminum Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, December 2. Investors with a record on Friday, November 18 will receive a dividend of $0.875. This represents an annual dividend of $3.50 and a yield of 1.64%. The ex-dividend date is Thursday, November 17. Reliance Steel & Aluminum’s dividend payout ratio is currently 11.45%.
Reliance Steel & Aluminum Company Profile
Reliance Steel & Aluminum Co is engaged in the provision of metal processing services and the distribution of metal products. It offers alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and specialty steel products. The company was founded on February 3, 1939 by Thomas J. Neilan and is headquartered in Scottsdale, AZ.
This instant news alert is generated by narrative science technology and financial data from MarketBeat to provide readers with the fastest, most accurate reporting. This story has been reviewed by the MarketBeat editorial team prior to publication. Please send any questions or comments about this story to [email protected]
Before you consider Reliance Steel & Aluminum, you want to hear this first.
MarketBeat tracks Wall Street’s top-rated and best-performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on…and Reliance Steel & Aluminum was not on the list.
While Reliance Steel & Aluminum currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
View the five stocks here