Reliance Steel & Aluminum Co. (RS) Expected to Post Quarterly Sales of $2.29 Billion

Equities analysts expect Reliance Steel & Aluminum Co. (NYSE:RS) to post sales of $2.29 billion for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Reliance Steel & Aluminum’s earnings, with estimates ranging from $2.28 billion to $2.29 billion. Reliance Steel & Aluminum reported sales of $2.06 billion in the same quarter last year, which would suggest a positive year over year growth rate of 11.2%. The company is scheduled to report its next earnings report on Thursday, February 15th.

According to Zacks, analysts expect that Reliance Steel & Aluminum will report full year sales of $2.29 billion for the current year, with estimates ranging from $9.54 billion to $9.64 billion. For the next year, analysts expect that the business will post sales of $10.09 billion per share, with estimates ranging from $9.83 billion to $10.32 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Reliance Steel & Aluminum.

Reliance Steel & Aluminum (NYSE:RS) last announced its earnings results on Thursday, October 26th. The industrial products company reported $1.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.11. Reliance Steel & Aluminum had a net margin of 3.97% and a return on equity of 8.61%. The company had revenue of $2.45 billion during the quarter. During the same quarter last year, the business earned $1.25 earnings per share. Reliance Steel & Aluminum’s revenue was up 12.1% on a year-over-year basis.

A number of brokerages have commented on RS. Clarkson Capital restated a “buy” rating on shares of Reliance Steel & Aluminum in a research report on Wednesday, November 15th. Zacks Investment Research downgraded shares of Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a report on Wednesday, October 18th. ValuEngine cut shares of Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a research note on Thursday, November 9th. Cowen reissued a “buy” rating and issued a $92.00 target price on shares of Reliance Steel & Aluminum in a research report on Wednesday, October 4th. Finally, Jefferies Group reissued a “hold” rating and issued a $72.00 target price on shares of Reliance Steel & Aluminum in a research report on Friday, October 6th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $80.33.

Reliance Steel & Aluminum (NYSE RS) opened at $88.83 on Friday. The stock has a market cap of $6,436.23, a price-to-earnings ratio of 17.49, a P/E/G ratio of 1.63 and a beta of 1.29. Reliance Steel & Aluminum has a fifty-two week low of $68.46 and a fifty-two week high of $89.19. The company has a current ratio of 4.06, a quick ratio of 1.79 and a debt-to-equity ratio of 0.43.

The company also recently declared a quarterly dividend, which was paid on Friday, December 8th. Investors of record on Friday, November 17th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend was Thursday, November 16th. Reliance Steel & Aluminum’s dividend payout ratio is 35.43%.

In related news, SVP William A. Smith II sold 1,123 shares of Reliance Steel & Aluminum stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $82.69, for a total value of $92,860.87. Following the sale, the senior vice president now owns 15,320 shares of the company’s stock, valued at approximately $1,266,810.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 3.73% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Grove Bank & Trust raised its stake in Reliance Steel & Aluminum by 117.8% during the 3rd quarter. Grove Bank & Trust now owns 1,590 shares of the industrial products company’s stock worth $121,000 after buying an additional 860 shares during the period. Huntington National Bank raised its stake in Reliance Steel & Aluminum by 267.8% during the 3rd quarter. Huntington National Bank now owns 1,611 shares of the industrial products company’s stock worth $123,000 after buying an additional 1,173 shares during the period. Zions Bancorporation purchased a new stake in shares of Reliance Steel & Aluminum in the third quarter worth approximately $144,000. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in Reliance Steel & Aluminum by 633.3% during 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 buying an additional 2,204 shares during the period. Finally, Private Advisor Group LLC purchased a new stake in Reliance Steel & Aluminum during the third quarter valued at about $201,000. 82.30% of the stock is owned by hedge funds and other institutional investors.

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About Reliance Steel & Aluminum

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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