Reliance Steel & Aluminum Co. (NYSE:RS) released its quarterly earnings results on Thursday, July 27th. The industrial products company reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.02, Bloomberg Earnings reports. Reliance Steel & Aluminum Co. had a return on equity of 8.67% and a net margin of 3.57%. The business had revenue of $2.48 billion during the quarter. During the same quarter in the prior year, the company posted $1.36 earnings per share. The business’s revenue for the quarter was up 12.3% compared to the same quarter last year. Reliance Steel & Aluminum Co. updated its Q3 guidance to $1.15-1.25 EPS.
Reliance Steel & Aluminum Co. (NYSE RS) traded down 0.34% during mid-day trading on Tuesday, hitting $72.96. The company had a trading volume of 266,292 shares. Reliance Steel & Aluminum Co. has a 52-week low of $65.10 and a 52-week high of $88.58. The stock’s 50 day moving average price is $72.96 and its 200 day moving average price is $77.39. The firm has a market cap of $5.32 billion, a P/E ratio of 16.45 and a beta of 1.23.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 18th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.47%. Reliance Steel & Aluminum Co.’s dividend payout ratio (DPR) is presently 40.54%.
A number of institutional investors have recently made changes to their positions in the company. CrestPoint Capital Management LLC bought a new position in shares of Reliance Steel & Aluminum Co. during the first quarter worth $208,000. Capstone Asset Management Co. boosted its stake in shares of Reliance Steel & Aluminum Co. by 3.6% in the first quarter. Capstone Asset Management Co. now owns 8,086 shares of the industrial products company’s stock valued at $647,000 after buying an additional 280 shares during the period. Fox Run Management L.L.C. acquired a new stake in shares of Reliance Steel & Aluminum Co. during the first quarter valued at approximately $688,000. Louisiana State Employees Retirement System boosted its stake in shares of Reliance Steel & Aluminum Co. by 2.8% in the first quarter. Louisiana State Employees Retirement System now owns 18,400 shares of the industrial products company’s stock valued at $1,472,000 after buying an additional 500 shares during the period. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Reliance Steel & Aluminum Co. during the first quarter valued at approximately $764,000. 83.28% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts recently commented on RS shares. BidaskClub cut Reliance Steel & Aluminum Co. from a “hold” rating to a “sell” rating in a report on Friday, July 28th. KeyCorp reaffirmed an “overweight” rating and issued a $81.00 price target (down previously from $85.00) on shares of Reliance Steel & Aluminum Co. in a research report on Monday, June 26th. Bank of America Corporation raised Reliance Steel & Aluminum Co. from a “neutral” rating to a “buy” rating and set a $88.00 target price on the stock in a research report on Tuesday, May 23rd. They noted that the move was a valuation call. Barclays PLC reissued a “hold” rating and set a $59.00 target price on shares of Reliance Steel & Aluminum Co. in a research report on Monday, May 1st. Finally, Cowen and Company set a $92.00 target price on Reliance Steel & Aluminum Co. and gave the stock an “outperform” rating in a research report on Thursday, July 27th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $82.86.
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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