Wall Street analysts expect that Reliance Steel & Aluminum Co (NYSE:RS) will report sales of $2.70 billion for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Reliance Steel & Aluminum’s earnings, with estimates ranging from $2.65 billion to $2.73 billion. Reliance Steel & Aluminum posted sales of $2.42 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 11.6%. The business is scheduled to announce its next quarterly earnings results before the market opens on Thursday, April 26th.
According to Zacks, analysts expect that Reliance Steel & Aluminum will report full-year sales of $10.93 billion for the current fiscal year, with estimates ranging from $10.61 billion to $11.09 billion. For the next fiscal year, analysts expect that the company will report sales of $11.09 billion per share, with estimates ranging from $10.84 billion to $11.40 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Reliance Steel & Aluminum.
Reliance Steel & Aluminum (NYSE:RS) last posted its quarterly earnings data on Thursday, February 15th. The industrial products company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.22. The company had revenue of $2.38 billion during the quarter. Reliance Steel & Aluminum had a net margin of 6.31% and a return on equity of 9.00%. The business’s quarterly revenue was up 15.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.84 earnings per share.
A number of equities analysts have weighed in on RS shares. Bank of America set a $97.00 price objective on shares of Reliance Steel & Aluminum and gave the company a “buy” rating in a research report on Monday, January 8th. KeyCorp set a $95.00 price objective on shares of Reliance Steel & Aluminum and gave the company a “buy” rating in a research report on Wednesday, January 10th. Cowen upped their price objective on shares of Reliance Steel & Aluminum from $101.00 to $107.00 and gave the company an “outperform” rating in a research report on Friday, February 16th. Zacks Investment Research cut shares of Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a research report on Monday, January 8th. Finally, Longbow Research raised shares of Reliance Steel & Aluminum from a “neutral” rating to a “buy” rating in a research report on Wednesday, February 7th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the stock. Reliance Steel & Aluminum presently has a consensus rating of “Buy” and a consensus price target of $89.88.
In other Reliance Steel & Aluminum news, CEO Gregg J. Mollins sold 8,990 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $94.89, for a total value of $853,061.10. Following the transaction, the chief executive officer now owns 201,895 shares of the company’s stock, valued at $19,157,816.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO James Donald Hoffman sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $92.30, for a total transaction of $461,500.00. Following the completion of the transaction, the chief operating officer now directly owns 30,105 shares in the company, valued at approximately $2,778,691.50. The disclosure for this sale can be found here. Insiders have sold 58,322 shares of company stock worth $5,431,021 in the last ninety days. Corporate insiders own 3.24% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the business. Cerebellum GP LLC bought a new position in Reliance Steel & Aluminum in the fourth quarter worth about $106,000. Barrow Hanley Mewhinney & Strauss LLC increased its stake in shares of Reliance Steel & Aluminum by 633.3% in the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,552 shares of the industrial products company’s stock valued at $194,000 after purchasing an additional 2,204 shares during the period. Mitchell Capital Management Co. acquired a new stake in shares of Reliance Steel & Aluminum in the fourth quarter valued at approximately $240,000. Virtu Financial LLC acquired a new stake in shares of Reliance Steel & Aluminum in the fourth quarter valued at approximately $240,000. Finally, Paloma Partners Management Co acquired a new stake in shares of Reliance Steel & Aluminum in the fourth quarter valued at approximately $246,000. 82.75% of the stock is currently owned by hedge funds and other institutional investors.
NYSE:RS opened at $87.53 on Tuesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 4.34 and a quick ratio of 1.88. The stock has a market capitalization of $6,308.54, a price-to-earnings ratio of 16.09, a PEG ratio of 1.34 and a beta of 1.16. Reliance Steel & Aluminum has a 1-year low of $68.46 and a 1-year high of $95.97.
The business also recently declared a quarterly dividend, which was paid on Friday, March 30th. Stockholders of record on Friday, March 16th were given a dividend of $0.50 per share. This is a boost from Reliance Steel & Aluminum’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, March 15th. This represents a $2.00 annualized dividend and a dividend yield of 2.28%. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is presently 36.76%.
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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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