Reliance Steel & Aluminum (RS) Stock Rating Upgraded by Zacks Investment Research

Reliance Steel & Aluminum (NYSE:RS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm presently has a $98.00 price target on the industrial products company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 9.60% from the company’s previous close.

According to Zacks, “Quarterly earnings estimates of Reliance Steel have been going up of late. The company has outperformed the industry it belongs to over the past six months. Reliance Steel is seeing continued momentum across aerospace and automotive markets. Aerospace remains a strong market as manifested by solid demand. Reliance Steel should also benefit from its aggressive acquisition strategy, broad and diversified product base and wide geographic footprint. Higher metal pricing is also expected to support its margins in first-quarter 2018. “

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Other equities research analysts have also issued research reports about the stock. KeyCorp boosted their price target on shares of Reliance Steel & Aluminum from $95.00 to $97.00 and gave the stock an “overweight” rating in a report on Thursday, February 15th. Deutsche Bank cut their price target on shares of Reliance Steel & Aluminum from $100.00 to $98.00 and set a “buy” rating for the company in a report on Thursday, March 29th. Goldman Sachs started coverage on shares of Reliance Steel & Aluminum in a report on Tuesday, March 20th. They issued a “neutral” rating and a $103.00 price target for the company. Cowen boosted their price target on shares of Reliance Steel & Aluminum from $101.00 to $107.00 and gave the stock an “outperform” rating in a report on Friday, February 16th. Finally, Longbow Research raised shares of Reliance Steel & Aluminum from a “neutral” rating to a “buy” rating in a report on Wednesday, February 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $91.38.

NYSE:RS opened at $89.42 on Tuesday. The company has a quick ratio of 1.88, a current ratio of 4.34 and a debt-to-equity ratio of 0.38. The company has a market cap of $6,374.81, a PE ratio of 16.44, a PEG ratio of 1.35 and a beta of 1.16. Reliance Steel & Aluminum has a 1-year low of $68.46 and a 1-year high of $95.97.

Reliance Steel & Aluminum (NYSE:RS) last posted its earnings results on Thursday, February 15th. The industrial products company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.22. The firm had revenue of $2.38 billion during the quarter. Reliance Steel & Aluminum had a net margin of 6.31% and a return on equity of 9.00%. Reliance Steel & Aluminum’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same period last year, the firm earned $0.84 earnings per share. analysts expect that Reliance Steel & Aluminum will post 7.2 earnings per share for the current fiscal year.

In other news, Director Thomas W. Gimbel sold 6,000 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $92.31, for a total transaction of $553,860.00. Following the completion of the sale, the director now owns 1,726,425 shares of the company’s stock, valued at $159,366,291.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Gregg J. Mollins sold 30,332 shares of the company’s stock in a transaction on Tuesday, March 6th. The stock was sold at an average price of $92.83, for a total transaction of $2,815,719.56. Following the sale, the insider now directly owns 201,895 shares of the company’s stock, valued at approximately $18,741,912.85. The disclosure for this sale can be found here. Insiders have sold 58,322 shares of company stock valued at $5,431,021 in the last ninety days. Insiders own 3.24% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in RS. Stifel Financial Corp boosted its position in shares of Reliance Steel & Aluminum by 19.8% during the 3rd quarter. Stifel Financial Corp now owns 21,951 shares of the industrial products company’s stock valued at $1,672,000 after acquiring an additional 3,627 shares during the last quarter. California Public Employees Retirement System boosted its position in shares of Reliance Steel & Aluminum by 9.1% during the 3rd quarter. California Public Employees Retirement System now owns 189,237 shares of the industrial products company’s stock valued at $14,414,000 after acquiring an additional 15,717 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of Reliance Steel & Aluminum by 19.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 168,616 shares of the industrial products company’s stock valued at $12,843,000 after acquiring an additional 27,681 shares during the last quarter. Prudential Financial Inc. boosted its position in shares of Reliance Steel & Aluminum by 2.6% during the 3rd quarter. Prudential Financial Inc. now owns 771,216 shares of the industrial products company’s stock valued at $58,744,000 after acquiring an additional 19,560 shares during the last quarter. Finally, Crow Point Partners LLC acquired a new position in shares of Reliance Steel & Aluminum during the 4th quarter valued at about $291,000. 82.75% of the stock is owned by institutional investors and hedge funds.

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About Reliance Steel & Aluminum

Reliance Steel & Aluminum Co operates as a metals service center company in the United States and internationally. The company provides steel, aluminum, stainless, and specialty metals and related processing services to customers in various industries, such as infrastructure and energy; fabricates steel and aluminum products; and provides various precision fabrication services, including laser cutting, shearing, computer numerated control (CNC) punching, and CNC forming and rolling, as well as welding, assembly, painting, inventory management, and engineering expertise.

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