Jefferies Group restated their hold rating on shares of Reliance Steel & Aluminum Co. (NYSE:RS) in a report released on Friday morning. They currently have a $72.00 price objective on the stock.

Several other equities research analysts also recently commented on the stock. 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 report on Friday, July 15th. Rosenblatt Securities upped 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 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 objective on the stock in a report on Thursday, July 28th. Finally, Cowen and Company upped 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 report on Friday, July 22nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. Reliance Steel & Aluminum Co. has an average rating of Hold and an average price target of $78.56.

Shares of Reliance Steel & Aluminum Co. (NYSE:RS) opened at 70.75 on Friday. The firm has a 50-day moving average of $72.75 and a 200 day moving average of $73.49. Reliance Steel & Aluminum Co. has a 52 week low of $50.08 and a 52 week high of $84.25. The firm has a market cap of $5.13 billion, a PE ratio of 16.50 and a beta of 1.59.

Reliance Steel & Aluminum Co. (NYSE:RS) last posted its earnings results 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. Reliance Steel & Aluminum Co. had a net margin of 3.61% and a return on equity of 8.05%. The firm earned $2.20 billion during the quarter, compared to analyst estimates of $2.31 billion. During the same quarter in the prior year, the business posted $1.21 EPS. The business’s revenue was down 9.1% compared to the same quarter last year. Equities research analysts predict that Reliance Steel & Aluminum Co. will post $4.79 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Friday, August 12th were given a dividend of $0.425 per share. This is a boost from Reliance Steel & Aluminum Co.’s previous quarterly dividend of $0.40. This represents a $1.70 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date was Wednesday, August 10th. Reliance Steel & Aluminum Co.’s dividend payout ratio (DPR) is presently 39.72%.

In other Reliance Steel & Aluminum Co. news, Director David H. Hannah sold 36,782 shares of the stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $77.29, for a total transaction of $2,842,880.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director David H. Hannah sold 8,000 shares of the stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $75.58, for a total transaction of $604,640.00. The disclosure for this sale can be found here. Company insiders own 3.73% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of RS. Prudential Financial Inc. boosted its position in shares of Reliance Steel & Aluminum Co. by 4.7% in the first quarter. Prudential Financial Inc. now owns 814,030 shares of the company’s stock valued at $56,323,000 after buying an additional 36,890 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Reliance Steel & Aluminum Co. by 17.8% in the first quarter. Canada Pension Plan Investment Board now owns 326,512 shares of the company’s stock valued at $22,591,000 after buying an additional 49,400 shares in the last quarter. BlackRock Japan Co. Ltd boosted its position in shares of Reliance Steel & Aluminum Co. by 59.4% in the first quarter. BlackRock Japan Co. Ltd now owns 7,190 shares of the company’s stock valued at $497,000 after buying an additional 2,680 shares in the last quarter. HBK Investments L P purchased a new position in shares of Reliance Steel & Aluminum Co. during the first quarter valued at about $491,000. Finally, Norges Bank purchased a new position in shares of Reliance Steel & Aluminum Co. during the fourth quarter valued at about $37,260,000. Institutional investors and hedge funds own 84.08% of the company’s stock.

About Reliance Steel & Aluminum Co.

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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