Reliance Steel & Aluminum Co. (NYSE:RS)’s share price fell 2.8% during mid-day trading on Friday . The stock traded as low as $72.47 and last traded at $72.49, with a volume of 285,579 shares changing hands. The stock had previously closed at $74.61.

Several brokerages have issued reports on RS. Bank of America Corp. raised shares of Reliance Steel & Aluminum Co. from an “underperform” rating to a “neutral” rating and set a $84.00 price objective on the stock in a research note on Thursday, July 28th. Cowen and Company boosted their price objective on shares of Reliance Steel & Aluminum Co. from $78.00 to $86.00 and gave the company an “outperform” rating in a research note on Friday, July 22nd. Zacks Investment Research raised shares of Reliance Steel & Aluminum Co. from a “hold” rating to a “buy” rating and set a $94.00 price objective on the stock in a research note on Friday, July 15th. Rosenblatt Securities boosted their price objective on shares of Reliance Steel & Aluminum Co. from $69.00 to $76.00 and gave the company a “neutral” rating in a research note on Tuesday, July 5th. Finally, Jefferies Group reaffirmed a “hold” rating and set a $72.00 price target (up from $68.00) on shares of Reliance Steel & Aluminum Co. in a research note on Friday, June 10th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $78.56.

The company has a 50 day moving average of $77.83 and a 200-day moving average of $71.57. The firm has a market cap of $5.29 billion and a price-to-earnings ratio of 17.02.

Reliance Steel & Aluminum Co. (NYSE:RS) last announced its quarterly earnings data on Thursday, July 21st. The company reported $1.36 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.30 by $0.06. During the same quarter last year, the business earned $1.21 earnings per share. The firm had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.31 billion. The business’s revenue for the quarter was down 9.1% compared to the same quarter last year. Equities research analysts anticipate that Reliance Steel & Aluminum Co. will post $4.80 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 9th. Investors of record on Friday, August 12th will be paid a dividend of $0.425 per share. This represents a $1.70 annualized dividend and a yield of 2.33%. The ex-dividend date is Wednesday, August 10th. This is a positive change from Reliance Steel & Aluminum Co.’s previous quarterly dividend of $0.40.

In other Reliance Steel & Aluminum Co. news, Chairman David H. Hannah sold 30,000 shares of the firm’s stock in a transaction on Wednesday, May 25th. The stock was sold at an average price of $73.81, for a total value of $2,214,300.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Douglas M. Hayes sold 5,000 shares of the firm’s stock in a transaction on Wednesday, May 25th. The shares were sold at an average price of $73.78, for a total value of $368,900.00. Following the completion of the sale, the director now owns 4,709 shares in the company, valued at $347,430.02. The disclosure for this sale can be found here.

A number of large investors recently bought and sold shares of the stock. Calvert Investment Management Inc. bought a new stake in Reliance Steel & Aluminum Co. during the fourth quarter worth about $2,217,000. BlackRock Advisors LLC boosted its stake in Reliance Steel & Aluminum Co. by 290.2% in the fourth quarter. BlackRock Advisors LLC now owns 305,555 shares of the company’s stock worth $17,695,000 after buying an additional 227,255 shares during the last quarter. Schroder Investment Management Group boosted its stake in Reliance Steel & Aluminum Co. by 18.9% in the fourth quarter. Schroder Investment Management Group now owns 376,820 shares of the company’s stock worth $21,822,000 after buying an additional 60,000 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Reliance Steel & Aluminum Co. by 0.5% in the fourth quarter. Principal Financial Group Inc. now owns 230,557 shares of the company’s stock worth $13,352,000 after buying an additional 1,226 shares during the last quarter.

Reliance Steel & Aluminum Co is a metals service center company. The Company operates through metals service centers segment. The Company’s network of metals service centers operates over 300 locations in approximately 40 states in the United States and in other countries, including Australia, Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom.

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