$2.31 Billion in Sales Expected for Reliance Steel & Aluminum Co (RS) This Quarter

Equities research analysts predict that Reliance Steel & Aluminum Co (NYSE:RS) will report $2.31 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Reliance Steel & Aluminum’s earnings, with the highest sales estimate coming in at $2.34 billion and the lowest estimate coming in at $2.28 billion. Reliance Steel & Aluminum reported sales of $2.06 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 12.1%. The business is expected to issue its next earnings results before the market opens on Thursday, February 15th.

According to Zacks, analysts expect that Reliance Steel & Aluminum will report full year sales of $2.31 billion for the current year, with estimates ranging from $9.54 billion to $9.69 billion. For the next fiscal year, analysts forecast that the business will post sales of $10.26 billion per share, with estimates ranging from $9.83 billion to $10.45 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Reliance Steel & Aluminum.

Reliance Steel & Aluminum (NYSE:RS) last issued its quarterly earnings data on Thursday, February 15th. The industrial products company reported $0.84 EPS for the quarter, missing the consensus estimate of $1.00 by ($0.16). Reliance Steel & Aluminum had a net margin of 3.97% and a return on equity of 8.61%.

A number of research analysts recently weighed in on the stock. Longbow Research upgraded shares of Reliance Steel & Aluminum from a “neutral” rating to a “buy” rating in a research report on Wednesday. KeyCorp set a $95.00 price target on Reliance Steel & Aluminum and gave the company a “buy” rating in a report on Wednesday, January 10th. Zacks Investment Research cut Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a report on Monday, January 8th. Bank of America set a $97.00 price target on Reliance Steel & Aluminum and gave the company a “buy” rating in a report on Monday, January 8th. Finally, ValuEngine upgraded Reliance Steel & Aluminum from a “hold” rating to a “buy” rating in a report on Friday, December 1st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $83.50.

In other news, SVP William A. Smith II sold 1,123 shares of the business’s stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $82.69, for a total transaction of $92,860.87. Following the completion of the sale, the senior vice president now owns 15,320 shares in the company, valued at approximately $1,266,810.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.73% of the stock is currently owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in RS. Victory Capital Management Inc. lifted its position in shares of Reliance Steel & Aluminum by 26.2% in the 3rd quarter. Victory Capital Management Inc. now owns 3,430,812 shares of the industrial products company’s stock worth $261,326,000 after acquiring an additional 711,994 shares during the period. Koch Industries Inc. acquired a new stake in shares of Reliance Steel & Aluminum in the 2nd quarter valued at $393,000. FMR LLC grew its stake in shares of Reliance Steel & Aluminum by 820.5% during the second quarter. FMR LLC now owns 433,536 shares of the industrial products company’s stock worth $31,566,000 after purchasing an additional 386,436 shares during the period. Schroder Investment Management Group grew its stake in shares of Reliance Steel & Aluminum by 39.8% during the third quarter. Schroder Investment Management Group now owns 477,287 shares of the industrial products company’s stock worth $36,398,000 after purchasing an additional 135,860 shares during the period. Finally, Macquarie Group Ltd. grew its stake in shares of Reliance Steel & Aluminum by 415.5% during the second quarter. Macquarie Group Ltd. now owns 111,035 shares of the industrial products company’s stock worth $8,084,000 after purchasing an additional 89,496 shares during the period. 81.86% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Reliance Steel & Aluminum (RS) traded up $2.02 during trading on Thursday, reaching $82.98. 458,233 shares of the company were exchanged, compared to its average volume of 378,220. The company has a market capitalization of $6,050.49, a P/E ratio of 16.40, a price-to-earnings-growth ratio of 1.41 and a beta of 1.26. Reliance Steel & Aluminum has a 12 month low of $68.46 and a 12 month high of $92.64. The company has a current ratio of 4.06, a quick ratio of 1.79 and a debt-to-equity ratio of 0.43.

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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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