Equities research analysts forecast that Reliance Steel & Aluminum Co (NYSE:RS) will post sales of $2.99 billion for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Reliance Steel & Aluminum’s earnings. The lowest sales estimate is $2.97 billion and the highest is $2.99 billion. Reliance Steel & Aluminum reported sales of $2.76 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 8.3%. The company is expected to report its next quarterly earnings results on Thursday, April 25th.

According to Zacks, analysts expect that Reliance Steel & Aluminum will report full-year sales of $11.63 billion for the current year, with estimates ranging from $11.39 billion to $11.78 billion. For the next fiscal year, analysts forecast that the company will report sales of $11.83 billion, with estimates ranging from $11.71 billion to $11.97 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that follow Reliance Steel & Aluminum.

Reliance Steel & Aluminum (NYSE:RS) last announced its quarterly earnings results on Thursday, February 21st. The industrial products company reported $1.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.71 by ($0.63). The firm had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.76 billion. Reliance Steel & Aluminum had a net margin of 5.49% and a return on equity of 13.30%. The firm’s revenue for the quarter was up 18.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.22 EPS.

RS has been the subject of a number of research reports. KeyCorp reiterated a “buy” rating and issued a $90.00 price target on shares of Reliance Steel & Aluminum in a report on Friday, November 30th. Bank of America upgraded Reliance Steel & Aluminum from an “underperform” rating to a “neutral” rating and set a $84.00 price target for the company in a report on Thursday, December 13th. Cowen initiated coverage on Reliance Steel & Aluminum in a report on Tuesday, January 8th. They issued an “outperform” rating and a $80.00 price target for the company. Zacks Investment Research lowered Reliance Steel & Aluminum from a “hold” rating to a “sell” rating in a report on Tuesday, January 8th. Finally, ValuEngine lowered Reliance Steel & Aluminum from a “hold” rating to a “sell” rating in a report on Tuesday, November 27th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $92.30.

In other news, Director Gregg J. Mollins sold 49,290 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $89.34, for a total transaction of $4,403,568.60. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Michael Patrick Shanley sold 8,870 shares of the company’s stock in a transaction on Tuesday, February 26th. The stock was sold at an average price of $90.62, for a total value of $803,799.40. Following the transaction, the vice president now directly owns 38,137 shares in the company, valued at $3,455,974.94. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 103,562 shares of company stock valued at $9,177,058. 3.24% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the company. Advisory Services Network LLC increased its position in shares of Reliance Steel & Aluminum by 982.9% during the fourth quarter. Advisory Services Network LLC now owns 444 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 403 shares in the last quarter. First Mercantile Trust Co. increased its position in shares of Reliance Steel & Aluminum by 49.1% in the 4th quarter. First Mercantile Trust Co. now owns 790 shares of the industrial products company’s stock valued at $56,000 after acquiring an additional 260 shares during the period. Bell Rock Capital LLC increased its position in shares of Reliance Steel & Aluminum by 70.5% in the 4th quarter. Bell Rock Capital LLC now owns 856 shares of the industrial products company’s stock valued at $61,000 after acquiring an additional 354 shares during the period. Huntington National Bank increased its position in shares of Reliance Steel & Aluminum by 354.2% in the 4th quarter. Huntington National Bank now owns 1,199 shares of the industrial products company’s stock valued at $85,000 after acquiring an additional 935 shares during the period. Finally, ETF Managers Group LLC increased its position in shares of Reliance Steel & Aluminum by 18.4% in the 4th quarter. ETF Managers Group LLC now owns 1,554 shares of the industrial products company’s stock valued at $111,000 after acquiring an additional 241 shares during the period. 81.88% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE RS traded down $0.24 during trading hours on Wednesday, reaching $88.69. The stock had a trading volume of 372,000 shares, compared to its average volume of 438,259. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.10 and a current ratio of 4.70. The firm has a market capitalization of $5.94 billion, a price-to-earnings ratio of 9.92, a PEG ratio of 1.13 and a beta of 1.27. Reliance Steel & Aluminum has a 52-week low of $68.62 and a 52-week high of $97.41.

The business also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be issued a dividend of $0.55 per share. The ex-dividend date is Thursday, March 14th. This represents a $2.20 dividend on an annualized basis and a yield of 2.48%. This is a positive change from Reliance Steel & Aluminum’s previous quarterly dividend of $0.50. Reliance Steel & Aluminum’s dividend payout ratio is currently 24.61%.

About Reliance Steel & Aluminum

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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