Reliance Steel & Aluminum Co. (NYSE:RS) - Equities researchers at Jefferies Group lowered their Q2 2017 earnings estimates for shares of Reliance Steel & Aluminum Co. in a report issued on Wednesday. Jefferies Group analyst S. Rosenfeld now anticipates that the industrial products company will post earnings of $1.38 per share for the quarter, down from their previous forecast of $1.65. Jefferies Group has a “Hold” rating and a $72.00 price objective on the stock. Jefferies Group also issued estimates for Reliance Steel & Aluminum Co.’s FY2017 earnings at $4.86 EPS and FY2018 earnings at $5.63 EPS.
Other equities analysts have also issued reports about the stock. Deutsche Bank AG reiterated a “buy” rating on shares of Reliance Steel & Aluminum Co. in a report on Saturday, June 24th. BidaskClub lowered shares of Reliance Steel & Aluminum Co. from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 21st. Longbow Research began coverage on shares of Reliance Steel & Aluminum Co. in a report on Wednesday, April 19th. They issued a “neutral” rating on the stock. KeyCorp reiterated an “overweight” rating and issued a $81.00 target price (down from $85.00) on shares of Reliance Steel & Aluminum Co. in a report on Monday, June 26th. Finally, Bank of America Corporation upgraded shares of Reliance Steel & Aluminum Co. from a “neutral” rating to a “buy” rating and set a $88.00 target price on the stock in a report on Tuesday, May 23rd. They noted that the move was a valuation call. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $81.33.
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Shares of Reliance Steel & Aluminum Co. (RS) opened at 75.09 on Friday. The company has a 50-day moving average of $73.37 and a 200-day moving average of $77.98. The stock has a market capitalization of $5.47 billion, a price-to-earnings ratio of 17.02 and a beta of 1.23. Reliance Steel & Aluminum Co. has a 52-week low of $65.10 and a 52-week high of $88.58.
Reliance Steel & Aluminum Co. (NYSE:RS) last posted its quarterly earnings data on Thursday, April 27th. The industrial products company reported $1.52 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.42 by $0.10. Reliance Steel & Aluminum Co. had a net margin of 3.65% and a return on equity of 8.71%. The company had revenue of $2.42 billion for the quarter. During the same period last year, the company earned $1.03 earnings per share. The business’s revenue for the quarter was up 11.9% compared to the same quarter last year.
Several institutional investors have recently modified their holdings of RS. BlackRock Inc. raised its position in shares of Reliance Steel & Aluminum Co. by 11,996.1% in the first quarter. BlackRock Inc. now owns 6,681,296 shares of the industrial products company’s stock valued at $534,635,000 after buying an additional 6,626,061 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Reliance Steel & Aluminum Co. by 4.2% in the first quarter. Vanguard Group Inc. now owns 5,934,721 shares of the industrial products company’s stock valued at $474,896,000 after buying an additional 239,449 shares in the last quarter. State Street Corp raised its position in shares of Reliance Steel & Aluminum Co. by 2.2% in the first quarter. State Street Corp now owns 2,558,032 shares of the industrial products company’s stock valued at $204,690,000 after buying an additional 55,262 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Reliance Steel & Aluminum Co. by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 2,500,776 shares of the industrial products company’s stock valued at $200,111,000 after buying an additional 23,898 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of Reliance Steel & Aluminum Co. by 22.7% in the first quarter. Victory Capital Management Inc. now owns 2,127,546 shares of the industrial products company’s stock valued at $170,245,000 after buying an additional 393,700 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.
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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