Reliance Steel & Aluminum Co. (NYSE:RS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage currently has a $93.00 price target on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 14.29% from the stock’s current price.

According to Zacks, “Estimates for Reliance Steel have been going up lately. Reliance Steel is well placed to leverage the strong momentum across a number of end markets, including aerospace and automotive. It should also gain from its broad and diversified product base, wide geographic footprint and aggressive acquisition strategy. The company also remains committed to increasing shareholder returns through share repurchases and dividends. “

Other research analysts have also recently issued research reports about the stock. Deutsche Bank AG upped their price target on shares of Reliance Steel & Aluminum Co. from $78.00 to $95.00 and gave the stock a “buy” rating in a report on Monday, December 5th. Clarkson Capital raised shares of Reliance Steel & Aluminum Co. from a “neutral” rating to a “buy” rating in a report on Tuesday, October 18th. TheStreet raised shares of Reliance Steel & Aluminum Co. from a “hold” rating to a “buy” rating in a report on Tuesday, November 22nd. Jefferies Group reaffirmed a “hold” rating and issued a $70.00 price target (down previously from $72.00) on shares of Reliance Steel & Aluminum Co. in a report on Monday, October 24th. Finally, Macquarie cut shares of Reliance Steel & Aluminum Co. from an “outperform” rating to a “neutral” rating in a report on Tuesday, November 29th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. Reliance Steel & Aluminum Co. has an average rating of “Hold” and an average target price of $82.10.

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

Reliance Steel & Aluminum Co. (NYSE:RS) opened at 81.37 on Wednesday. The stock has a 50 day moving average price of $82.44 and a 200 day moving average price of $75.88. Reliance Steel & Aluminum Co. has a 52-week low of $50.08 and a 52-week high of $87.58. The company has a market capitalization of $5.90 billion, a price-to-earnings ratio of 19.07 and a beta of 1.34.

Reliance Steel & Aluminum Co. (NYSE:RS) last released its quarterly earnings results on Thursday, October 20th. The company reported $1.25 earnings per share for the quarter, missing the consensus estimate of $1.32 by $0.07. The firm earned $2.19 billion during the quarter, compared to the consensus estimate of $1.84 billion. Reliance Steel & Aluminum Co. had a return on equity of 8.10% and a net margin of 3.63%. The company’s revenue for the quarter was down 4.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.16 EPS. Equities research analysts forecast that Reliance Steel & Aluminum Co. will post $4.41 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, December 16th. Investors of record on Friday, November 18th were paid a $0.425 dividend. The ex-dividend date of this dividend was Wednesday, November 16th. This represents a $1.70 dividend on an annualized basis and a yield of 2.09%. Reliance Steel & Aluminum Co.’s dividend payout ratio is presently 39.81%.

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In other Reliance Steel & Aluminum Co. news, COO James Donald Hoffman sold 5,000 shares of the company’s stock in a transaction dated Thursday, December 8th. The shares were sold at an average price of $86.57, for a total transaction of $432,850.00. Following the completion of the sale, the chief operating officer now directly owns 28,923 shares in the company, valued at $2,503,864.11. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Gregg J. Mollins sold 10,000 shares of the company’s stock in a transaction dated Thursday, December 8th. The shares were sold at an average price of $86.79, for a total transaction of $867,900.00. The disclosure for this sale can be found here. 3.73% of the stock is owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of RS. C M Bidwell & Associates Ltd. acquired a new stake in Reliance Steel & Aluminum Co. during the second quarter valued at about $100,000. Advisor Group Inc. raised its stake in Reliance Steel & Aluminum Co. by 86.1% in the third quarter. Advisor Group Inc. now owns 1,530 shares of the company’s stock valued at $108,000 after buying an additional 708 shares during the last quarter. Paradigm Asset Management Co. LLC raised its stake in Reliance Steel & Aluminum Co. by 4.9% in the second quarter. Paradigm Asset Management Co. LLC now owns 2,151 shares of the company’s stock valued at $165,000 after buying an additional 100 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Reliance Steel & Aluminum Co. by 13.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,406 shares of the company’s stock valued at $173,000 after buying an additional 285 shares during the last quarter. Finally, BKS Advisors LLC acquired a new stake in Reliance Steel & Aluminum Co. during the third quarter valued at about $180,000. Institutional investors and hedge funds own 83.15% of the company’s stock.

Reliance Steel & Aluminum Co. Company Profile

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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