Wall Street brokerages forecast that Reliance Steel & Aluminum Co. (NYSE:RS) will report $2.41 billion in sales for the current quarter, Zacks reports. Three analysts have provided estimates for Reliance Steel & Aluminum Co.’s earnings, with the lowest sales estimate coming in at $2.40 billion and the highest estimate coming in at $2.42 billion. Reliance Steel & Aluminum Co. reported sales of $2.19 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 10%. The business is expected to issue its next earnings report on Thursday, October 19th.

According to Zacks, analysts expect that Reliance Steel & Aluminum Co. will report full year sales of $2.41 billion for the current fiscal year, with estimates ranging from $9.55 billion to $9.69 billion. For the next year, analysts forecast that the firm will post sales of $10.11 billion per share, with estimates ranging from $9.96 billion to $10.33 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that cover Reliance Steel & Aluminum Co..

Reliance Steel & Aluminum Co. (NYSE:RS) last posted its quarterly earnings data on Thursday, July 27th. The industrial products company reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.02. The business had revenue of $2.48 billion during the quarter. Reliance Steel & Aluminum Co. had a net margin of 3.57% and a return on equity of 8.67%. The company’s revenue was up 12.3% on a year-over-year basis. During the same quarter last year, the business earned $1.36 earnings per share.

RS has been the subject of several analyst reports. Deutsche Bank AG reiterated a “buy” rating on shares of Reliance Steel & Aluminum Co. in a research report on Saturday, June 24th. Bank of America Corporation upgraded shares of Reliance Steel & Aluminum Co. from a “neutral” rating to a “buy” rating and set a $88.00 price target for the company in a research report on Tuesday, May 23rd. They noted that the move was a valuation call. Jefferies Group LLC reiterated a “hold” rating and set a $72.00 price target on shares of Reliance Steel & Aluminum Co. in a research report on Wednesday, July 19th. BidaskClub upgraded shares of Reliance Steel & Aluminum Co. from a “sell” rating to a “hold” rating in a research report on Thursday, July 6th. Finally, Barclays PLC reiterated a “hold” rating and set a $59.00 price target on shares of Reliance Steel & Aluminum Co. in a research report on Monday, May 1st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $82.86.

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A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Global X Management Co. LLC boosted its position in shares of Reliance Steel & Aluminum Co. by 220.0% in the second quarter. Global X Management Co. LLC now owns 2,304 shares of the industrial products company’s stock worth $168,000 after buying an additional 1,584 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Reliance Steel & Aluminum Co. by 15.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,788 shares of the industrial products company’s stock worth $203,000 after buying an additional 382 shares in the last quarter. CrestPoint Capital Management LLC purchased a new position in shares of Reliance Steel & Aluminum Co. during the first quarter worth about $208,000. BB&T Securities LLC boosted its position in shares of Reliance Steel & Aluminum Co. by 25.5% in the second quarter. BB&T Securities LLC now owns 3,266 shares of the industrial products company’s stock worth $237,000 after buying an additional 664 shares in the last quarter. Finally, Two Sigma Securities LLC purchased a new position in shares of Reliance Steel & Aluminum Co. during the first quarter worth about $248,000. Hedge funds and other institutional investors own 83.28% of the company’s stock.

Reliance Steel & Aluminum Co. (NYSE RS) traded down 1.62% on Friday, hitting $70.24. 392,370 shares of the stock traded hands. The stock has a 50-day moving average price of $73.07 and a 200 day moving average price of $77.09. Reliance Steel & Aluminum Co. has a 12-month low of $65.10 and a 12-month high of $88.58. The stock has a market cap of $5.12 billion, a P/E ratio of 15.84 and a beta of 1.23.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 18th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date is Wednesday, August 16th. Reliance Steel & Aluminum Co.’s dividend payout ratio is currently 40.54%.

About Reliance Steel & Aluminum Co.

Reliance Steel & Aluminum Co is a metals service center company in North America (the United States and Canada). As of December 31, 2016, the Company’s network of metals service centers operated over 300 locations in 39 states in the United States and in 12 other countries (Australia, Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom).

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Earnings History and Estimates for Reliance Steel & Aluminum Co. (NYSE:RS)

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