Zacks Investment Research downgraded shares of Reliance Steel & Aluminum (NYSE:RS) from a buy rating to a hold rating in a report published on Monday.
According to Zacks, “Reliance Steel is seeing continued momentum across aerospace and automotive markets. Aerospace remains a strong market as manifested by healthy demand. Demand in this market is expected to be supported by higher commercial aerospace build rates. Strong demand is also witnessed in the automotive market, backed by the company’s toll processing businesses in the U.S. and Mexico as well as increased use of aluminum in the industry. Reliance Steel should also benefit from its aggressive acquisition strategy, broad and diversified product base and wide geographic footprint. However, Reliance Steel is expected to face some pricing and volume pressure in the fourth quarter of 2017, as reflected in its guidance. The company remains challenged by the weak steel industry fundamentals. “
A number of other analysts also recently weighed in on the company. Bank of America set a $97.00 price objective on Reliance Steel & Aluminum and gave the company a buy rating in a report on Monday. KeyCorp restated a buy rating and issued a $84.00 price objective on shares of Reliance Steel & Aluminum in a report on Thursday, December 7th. ValuEngine upgraded Reliance Steel & Aluminum from a hold rating to a buy rating in a report on Friday, December 1st. Jefferies Group restated a hold rating and issued a $72.00 price objective on shares of Reliance Steel & Aluminum in a report on Friday, October 6th. Finally, Cowen restated a buy rating and issued a $92.00 price objective on shares of Reliance Steel & Aluminum in a report on Wednesday, October 4th. One equities 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 stock. The stock has a consensus rating of Buy and an average target price of $83.50.
Shares of Reliance Steel & Aluminum (RS) traded down $0.38 on Monday, hitting $90.45. The stock had a trading volume of 334,825 shares, compared to its average volume of 438,378. Reliance Steel & Aluminum has a one year low of $68.46 and a one year high of $91.24. The company has a market cap of $6,600.00, a PE ratio of 17.77, a price-to-earnings-growth ratio of 1.64 and a beta of 1.29. The company has a quick ratio of 1.79, a current ratio of 4.06 and a debt-to-equity ratio of 0.43.
Reliance Steel & Aluminum (NYSE:RS) last announced its quarterly earnings results on Thursday, October 26th. The industrial products company reported $1.30 EPS for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.11. Reliance Steel & Aluminum had a return on equity of 8.61% and a net margin of 3.97%. The company had revenue of $2.45 billion during the quarter. During the same quarter in the previous year, the company posted $1.25 earnings per share. The firm’s revenue was up 12.1% on a year-over-year basis. research analysts anticipate that Reliance Steel & Aluminum will post 5.21 earnings per share for the current fiscal year.
In related news, SVP William A. Smith II sold 1,123 shares of the stock in a transaction on Friday, December 8th. The stock was sold at an average price of $82.69, for a total value of $92,860.87. Following the completion of the sale, the senior vice president now directly owns 15,320 shares in the company, valued at $1,266,810.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.18% of the company’s stock.
A number of institutional investors have recently modified their holdings of RS. Victory Capital Management Inc. grew its holdings in Reliance Steel & Aluminum by 26.2% during the 3rd quarter. Victory Capital Management Inc. now owns 3,430,812 shares of the industrial products company’s stock worth $261,326,000 after acquiring an additional 711,994 shares during the period. Koch Industries Inc. acquired a new stake in Reliance Steel & Aluminum during the 2nd quarter worth about $393,000. FMR LLC grew its holdings in Reliance Steel & Aluminum by 820.5% during the 2nd quarter. FMR LLC now owns 433,536 shares of the industrial products company’s stock worth $31,566,000 after acquiring an additional 386,436 shares during the period. Third Avenue Management LLC acquired a new stake in Reliance Steel & Aluminum during the 2nd quarter worth about $22,914,000. Finally, BlackRock Inc. grew its holdings in Reliance Steel & Aluminum by 4.2% during the 2nd quarter. BlackRock Inc. now owns 6,959,142 shares of the industrial products company’s stock worth $506,694,000 after acquiring an additional 277,846 shares during the period. Hedge funds and other institutional investors own 82.30% of the company’s stock.
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Reliance Steel & Aluminum Company Profile
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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