Shares of Reliance Steel & Aluminum Co. (NYSE:RS) gapped up prior to trading on Tuesday . The stock had previously closed at $73.32, but opened at $73.49. Reliance Steel & Aluminum Co. shares last traded at $73.92, with a volume of 373,905 shares trading hands.

Several analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of Reliance Steel & Aluminum Co. from a “hold” rating to a “buy” rating and set a $94.00 price objective for the company in a research note on Friday, July 15th. Rosenblatt Securities lifted their price target on shares of Reliance Steel & Aluminum Co. from $69.00 to $76.00 and gave the company a “neutral” rating in a research report on Tuesday, July 5th. 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 target for the company in a research report on Thursday, July 28th. Cowen and Company lifted their price target on shares of Reliance Steel & Aluminum Co. from $78.00 to $86.00 and gave the company an “outperform” rating in a research report on Friday, July 22nd. Finally, Jefferies Group reissued a “hold” rating and issued a $72.00 price target (up previously from $68.00) on shares of Reliance Steel & Aluminum Co. in a research report on Friday, June 10th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. Reliance Steel & Aluminum Co. currently has a consensus rating of “Hold” and an average target price of $78.56.

The stock has a 50-day moving average price of $77.59 and a 200-day moving average price of $72.00. The stock has a market cap of $5.36 billion and a PE ratio of 17.23.

Reliance Steel & Aluminum Co. (NYSE:RS) last announced its earnings results on Thursday, July 21st. The company reported $1.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.06. During the same period in the previous year, the business posted $1.21 earnings per share. The firm earned $2.20 billion during the quarter, compared to analysts’ expectations of $2.31 billion. The company’s revenue for the quarter was down 9.1% on a year-over-year basis. On average, analysts anticipate that Reliance Steel & Aluminum Co. will post $4.80 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 9th. Shareholders of record on Friday, August 12th will be given a $0.425 dividend. 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. This represents a $1.70 annualized dividend and a yield of 2.30%.

In other news, Director Robert Ambrose Mcevoy sold 12,193 shares of the firm’s stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $74.72, for a total value of $911,060.96. Following the transaction, the director now owns 20,193 shares of the company’s stock, valued at $1,508,820.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP William A. Smith II sold 1,183 shares of the firm’s stock in a transaction dated Wednesday, June 8th. The stock was sold at an average price of $77.92, for a total value of $92,179.36. Following the completion of the transaction, the senior vice president now directly owns 10,000 shares in the company, valued at approximately $779,200. The disclosure for this sale can be found here.

Several hedge funds and institutional investors recently bought and sold shares of RS. Schroder Investment Management Group increased its position 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 valued at $21,822,000 after buying an additional 60,000 shares during the period. BlackRock Advisors LLC increased its stake in shares of Reliance Steel & Aluminum Co. by 290.2% in the fourth quarter. BlackRock Advisors LLC now owns 305,555 shares of the company’s stock valued at $17,695,000 after buying an additional 227,255 shares during the period. Principal Financial Group Inc. increased its stake in shares of 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 valued at $13,352,000 after buying an additional 1,226 shares during the period. Finally, Calvert Investment Management Inc. acquired a new stake in shares of Reliance Steel & Aluminum Co. during the fourth quarter valued at about $2,217,000.

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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