Zacks Investment Research upgraded shares of Reliance Steel & Aluminum (NYSE:RS) from a hold rating to a buy rating in a report issued on Wednesday. They currently have $98.00 price objective on the industrial products company’s stock.

According to Zacks, “Reliance Steel has outperformed the industry it belongs to over a year. The company is seeing continued momentum across aerospace and automotive markets. Aerospace remains a strong market as manifested by solid demand. Reliance Steel should also benefit from its aggressive acquisition strategy, broad and diversified product base and wide geographic footprint. Higher metal pricing is also expected to support its margins in third-quarter 2018.”

Several other analysts have also recently weighed in on RS. ValuEngine upgraded shares of Reliance Steel & Aluminum from a hold rating to a buy rating in a report on Saturday, June 2nd. KeyCorp lifted their price target on shares of Reliance Steel & Aluminum from $97.00 to $100.00 and gave the company an overweight rating in a report on Thursday, June 14th. Jefferies Financial Group upgraded shares of Reliance Steel & Aluminum from a hold rating to a buy rating and set a $72.00 price target on the stock in a report on Tuesday, July 10th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Reliance Steel & Aluminum from $100.00 to $105.00 and gave the company a neutral rating in a report on Friday, July 27th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $97.25.

NYSE:RS opened at $85.27 on Wednesday. The firm has a market capitalization of $6.38 billion, a P/E ratio of 15.67, a P/E/G ratio of 1.00 and a beta of 1.16. Reliance Steel & Aluminum has a twelve month low of $71.17 and a twelve month high of $97.41. The company has a current ratio of 4.06, a quick ratio of 1.76 and a debt-to-equity ratio of 0.39.

Reliance Steel & Aluminum (NYSE:RS) last released its quarterly earnings results on Thursday, July 26th. The industrial products company reported $3.10 earnings per share for the quarter, beating the consensus estimate of $2.75 by $0.35. The business had revenue of $2.99 billion for the quarter. Reliance Steel & Aluminum had a net margin of 7.55% and a return on equity of 12.29%. The business’s revenue was up 20.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.40 EPS. analysts predict that Reliance Steel & Aluminum will post 9.85 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 7th. Stockholders of record on Friday, August 17th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date of this dividend was Thursday, August 16th. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is presently 36.76%.

In other news, Director David H. Hannah sold 25,000 shares of the business’s stock in a transaction on Wednesday, August 1st. The shares were sold at an average price of $90.04, for a total transaction of $2,251,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 3.24% of the company’s stock.

Several hedge funds have recently made changes to their positions in RS. Vident Investment Advisory LLC raised its position in shares of Reliance Steel & Aluminum by 1.5% in the 2nd quarter. Vident Investment Advisory LLC now owns 38,552 shares of the industrial products company’s stock worth $3,375,000 after purchasing an additional 576 shares during the last quarter. Municipal Employees Retirement System of Michigan raised its position in shares of Reliance Steel & Aluminum by 2.6% in the 1st quarter. Municipal Employees Retirement System of Michigan now owns 22,630 shares of the industrial products company’s stock worth $1,940,000 after purchasing an additional 580 shares during the last quarter. Boston Private Wealth LLC raised its position in shares of Reliance Steel & Aluminum by 7.4% in the 1st quarter. Boston Private Wealth LLC now owns 8,513 shares of the industrial products company’s stock worth $730,000 after purchasing an additional 583 shares during the last quarter. Virginia Retirement Systems ET AL raised its position in shares of Reliance Steel & Aluminum by 3.8% in the 2nd quarter. Virginia Retirement Systems ET AL now owns 16,200 shares of the industrial products company’s stock worth $1,418,000 after purchasing an additional 600 shares during the last quarter. Finally, Mason Street Advisors LLC raised its position in shares of Reliance Steel & Aluminum by 1.8% in the 1st quarter. Mason Street Advisors LLC now owns 36,580 shares of the industrial products company’s stock worth $3,136,000 after purchasing an additional 657 shares during the last quarter. Hedge funds and other institutional investors own 84.08% of the company’s stock.

Reliance Steel & Aluminum Company Profile

Reliance Steel & Aluminum Co operates as a metals service center company in the United States and internationally. The company provides steel, aluminum, stainless, and specialty metals and related processing services to customers in various industries, such as infrastructure and energy; fabricates steel and aluminum products; and provides various precision fabrication services, including laser cutting, shearing, computer numerated control (CNC) punching, and CNC forming and rolling, as well as welding, assembly, painting, inventory management, and engineering expertise.

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

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