KeyCorp Analysts Boost Earnings Estimates for Reliance Steel & Aluminum Co. (NYSE:RS)

Reliance Steel & Aluminum Co. (NYSE:RSGet Rating) – Stock analysts at KeyCorp upped their FY2023 earnings per share (EPS) estimates for Reliance Steel & Aluminum in a note issued to investors on Thursday, July 28th. KeyCorp analyst P. Gibbs now forecasts that the industrial products company will post earnings per share of $15.75 for the year, up from their previous forecast of $15.00. KeyCorp has a “Overweight” rating and a $207.00 price objective on the stock. The consensus estimate for Reliance Steel & Aluminum’s current full-year earnings is $26.50 per share.

RS has been the subject of a number of other reports. Citigroup raised their price target on Reliance Steel & Aluminum from $200.00 to $230.00 in a research note on Friday, April 29th. The Goldman Sachs Group cut their price target on Reliance Steel & Aluminum from $234.00 to $218.00 in a research note on Tuesday, July 12th. StockNews.com downgraded Reliance Steel & Aluminum from a “strong-buy” rating to a “buy” rating in a research note on Friday. Wolfe Research raised Reliance Steel & Aluminum from a “market perform” rating to an “outperform” rating and set a $226.00 price objective on the stock in a research note on Thursday, April 28th. Finally, Exane BNP Paribas raised Reliance Steel & Aluminum from a “neutral” rating to an “outperform” rating in a research note on Thursday, April 14th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Reliance Steel & Aluminum presently has an average rating of “Moderate Buy” and an average target price of $203.50.

Reliance Steel & Aluminum Trading Up 2.1 %

NYSE:RS opened at $190.25 on Monday. The stock has a fifty day simple moving average of $180.76 and a 200 day simple moving average of $180.68. The firm has a market capitalization of $11.79 billion, a price-to-earnings ratio of 7.26 and a beta of 0.81. The company has a quick ratio of 2.28, a current ratio of 3.96 and a debt-to-equity ratio of 0.25. Reliance Steel & Aluminum has a 1-year low of $135.46 and a 1-year high of $211.65.

Reliance Steel & Aluminum (NYSE:RSGet Rating) last announced its earnings results on Thursday, July 28th. The industrial products company reported $9.15 earnings per share for the quarter, beating the consensus estimate of $9.02 by $0.13. Reliance Steel & Aluminum had a return on equity of 27.94% and a net margin of 10.61%. The business had revenue of $4.68 billion during the quarter, compared to analysts’ expectations of $4.61 billion. During the same quarter last year, the business posted $5.06 earnings per share. The company’s quarterly revenue was up 36.9% on a year-over-year basis.

Reliance Steel & Aluminum Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 2nd. Stockholders of record on Friday, August 19th will be given a dividend of $0.875 per share. The ex-dividend date of this dividend is Thursday, August 18th. This represents a $3.50 dividend on an annualized basis and a dividend yield of 1.84%. Reliance Steel & Aluminum’s payout ratio is currently 13.36%.

Insider Transactions at Reliance Steel & Aluminum

In related news, CEO James Donald Hoffman sold 10,000 shares of Reliance Steel & Aluminum stock in a transaction on Wednesday, July 6th. The stock was sold at an average price of $167.78, for a total transaction of $1,677,800.00. Following the completion of the sale, the chief executive officer now directly owns 142,738 shares of the company’s stock, valued at $23,948,581.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.62% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of RS. Schroder Investment Management Group raised its holdings in Reliance Steel & Aluminum by 7.1% during the fourth quarter. Schroder Investment Management Group now owns 950 shares of the industrial products company’s stock worth $154,000 after acquiring an additional 63 shares in the last quarter. CWM LLC raised its holdings in Reliance Steel & Aluminum by 11.2% during the first quarter. CWM LLC now owns 715 shares of the industrial products company’s stock worth $131,000 after acquiring an additional 72 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in Reliance Steel & Aluminum by 1.5% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 4,989 shares of the industrial products company’s stock valued at $809,000 after buying an additional 73 shares during the period. Quadrant Capital Group LLC raised its stake in Reliance Steel & Aluminum by 14.3% in the fourth quarter. Quadrant Capital Group LLC now owns 601 shares of the industrial products company’s stock valued at $97,000 after buying an additional 75 shares during the period. Finally, Pacer Advisors Inc. raised its stake in Reliance Steel & Aluminum by 1.2% in the fourth quarter. Pacer Advisors Inc. now owns 6,634 shares of the industrial products company’s stock valued at $1,076,000 after buying an additional 80 shares during the period. 81.84% of the stock is owned by institutional investors and hedge funds.

About Reliance Steel & Aluminum

(Get Rating)

Reliance Steel & Aluminum Co operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.

Featured Articles

Earnings History and Estimates for Reliance Steel & Aluminum (NYSE:RS)

Want More Great Investing Ideas?

Receive News & Ratings for Reliance Steel & Aluminum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Reliance Steel & Aluminum and related companies with MarketBeat.com's FREE daily email newsletter.