Reliance Steel & Aluminum (NYSE:RS) Sets New 1-Year High on Analyst Upgrade

Reliance Steel & Aluminum Co. (NYSE:RSGet Rating)’s stock price reached a new 52-week high on Tuesday after KeyCorp raised their price target on the stock from $210.00 to $225.00. KeyCorp currently has an overweight rating on the stock. Reliance Steel & Aluminum traded as high as $212.55 and last traded at $212.24, with a volume of 750 shares trading hands. The stock had previously closed at $208.34.

Several other equities research analysts have also recently commented on RS. BMO Capital Markets started coverage on Reliance Steel & Aluminum in a research note on Monday, August 15th. They issued an “outperform” rating and a $230.00 target price on the stock. StockNews.com lowered Reliance Steel & Aluminum from a “strong-buy” rating to a “buy” rating in a research report on Thursday, October 6th. Finally, The Goldman Sachs Group lowered Reliance Steel & Aluminum from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $218.00 to $201.00 in a research report on Thursday, October 6th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $222.40.

Insider Activity at Reliance Steel & Aluminum

In other news, CEO James Donald Hoffman sold 10,000 shares of the company’s stock in a transaction on Thursday, October 6th. The stock was sold at an average price of $183.31, for a total transaction of $1,833,100.00. Following the completion of the sale, the chief executive officer now directly owns 132,738 shares in the company, valued at approximately $24,332,202.78. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.62% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Reliance Steel & Aluminum

Several institutional investors and hedge funds have recently made changes to their positions in RS. BlackRock Inc. lifted its holdings in shares of Reliance Steel & Aluminum by 6.5% in the first quarter. BlackRock Inc. now owns 6,370,754 shares of the industrial products company’s stock valued at $1,168,079,000 after purchasing an additional 389,942 shares in the last quarter. State Street Corp boosted its stake in Reliance Steel & Aluminum by 16.4% during the first quarter. State Street Corp now owns 2,549,898 shares of the industrial products company’s stock valued at $467,524,000 after buying an additional 359,364 shares during the period. First Trust Advisors LP boosted its stake in Reliance Steel & Aluminum by 121.1% during the first quarter. First Trust Advisors LP now owns 515,735 shares of the industrial products company’s stock valued at $94,560,000 after buying an additional 282,481 shares during the period. Royal London Asset Management Ltd. lifted its stake in Reliance Steel & Aluminum by 28.0% during the second quarter. Royal London Asset Management Ltd. now owns 1,194,848 shares of the industrial products company’s stock worth $202,963,000 after purchasing an additional 261,250 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in Reliance Steel & Aluminum by 15.0% during the second quarter. Price T Rowe Associates Inc. MD now owns 1,981,575 shares of the industrial products company’s stock worth $336,590,000 after purchasing an additional 258,662 shares during the last quarter. Institutional investors and hedge funds own 83.16% of the company’s stock.

Reliance Steel & Aluminum Stock Performance

The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.78 and a current ratio of 3.25. The business has a 50 day moving average price of $189.31 and a two-hundred day moving average price of $186.35. The company has a market cap of $12.50 billion, a P/E ratio of 6.97 and a beta of 0.87.

Reliance Steel & Aluminum (NYSE:RSGet Rating) last posted its earnings results on Thursday, October 27th. The industrial products company reported $6.48 earnings per share for the quarter, topping analysts’ consensus estimates of $6.19 by $0.29. Reliance Steel & Aluminum had a return on equity of 29.31% and a net margin of 10.98%. The firm had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $4.14 billion. During the same quarter in the prior year, the business earned $6.15 EPS. The business’s revenue for the quarter was up 10.4% on a year-over-year basis. On average, sell-side analysts anticipate that Reliance Steel & Aluminum Co. will post 28.69 earnings per share for the current year.

Reliance Steel & Aluminum Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 2nd. Stockholders of record on Friday, November 18th will be issued a dividend of $0.875 per share. The ex-dividend date of this dividend is Thursday, November 17th. This represents a $3.50 annualized dividend and a dividend yield of 1.64%. Reliance Steel & Aluminum’s payout ratio is 11.45%.

Reliance Steel & Aluminum Company Profile

(Get Rating)

Reliance Steel & Aluminum Co engages in the provision of metals processing services and distribution of metal products. It offers alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and specialty steel products. The company was founded by Thomas J. Neilan on February 3, 1939, and is headquartered in Scottsdale, AZ.

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