Brokerages Anticipate Reliance Steel & Aluminum Co (RS) Will Announce Earnings of $2.70 Per Share

Wall Street analysts expect Reliance Steel & Aluminum Co (NYSE:RS) to post earnings of $2.70 per share for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Reliance Steel & Aluminum’s earnings, with the lowest EPS estimate coming in at $2.66 and the highest estimate coming in at $2.75. Reliance Steel & Aluminum posted earnings of $1.30 per share in the same quarter last year, which suggests a positive year over year growth rate of 107.7%. The company is scheduled to announce its next quarterly earnings results on Thursday, October 25th.

According to Zacks, analysts expect that Reliance Steel & Aluminum will report full year earnings of $9.82 per share for the current year, with EPS estimates ranging from $9.42 to $10.35. For the next financial year, analysts expect that the business will report earnings of $8.57 per share, with EPS estimates ranging from $7.74 to $9.94. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side research analysts that follow Reliance Steel & Aluminum.

Reliance Steel & Aluminum (NYSE:RS) last posted its quarterly earnings data on Thursday, July 26th. The industrial products company reported $3.10 earnings per share for the quarter, beating the consensus estimate of $2.75 by $0.35. The firm had revenue of $2.99 billion during the quarter. Reliance Steel & Aluminum had a net margin of 7.55% and a return on equity of 12.29%. The company’s revenue was up 20.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.40 EPS.

Several equities research analysts have weighed in on RS shares. Bank of America cut shares of Reliance Steel & Aluminum from a “buy” rating to an “underperform” rating and set a $90.00 price objective for the company. in a research report on Friday, September 7th. KeyCorp lowered their price objective on shares of Reliance Steel & Aluminum from $100.00 to $97.00 and set a “buy” rating for the company in a research report on Monday, September 10th. Jefferies Financial Group upgraded shares of Reliance Steel & Aluminum from a “hold” rating to a “buy” rating and set a $72.00 price target for the company in a research report on Tuesday, July 10th. ValuEngine upgraded shares of Reliance Steel & Aluminum from a “hold” rating to a “buy” rating in a research report on Saturday, June 2nd. Finally, Zacks Investment Research cut shares of Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a research report on Monday, September 3rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Reliance Steel & Aluminum presently has a consensus rating of “Buy” and a consensus target price of $96.11.

RS traded down $0.27 during midday trading on Monday, hitting $85.20. The company had a trading volume of 300,300 shares, compared to its average volume of 500,437. The company has a current ratio of 4.06, a quick ratio of 1.76 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $6.24 billion, a PE ratio of 15.66, a PEG ratio of 0.98 and a beta of 1.16. Reliance Steel & Aluminum has a twelve month low of $72.32 and a twelve month high of $97.41.

The firm also recently declared a quarterly dividend, which was paid on Friday, September 7th. Stockholders of record on Friday, August 17th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.35%. The ex-dividend date was Thursday, August 16th. Reliance Steel & Aluminum’s dividend payout ratio is 36.76%.

In other news, Director David H. Hannah sold 25,000 shares of Reliance Steel & Aluminum stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $90.04, for a total transaction of $2,251,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 3.24% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quantbot Technologies LP acquired a new position in Reliance Steel & Aluminum during the first quarter valued at approximately $135,000. Dimensional Fund Advisors LP grew its holdings in Reliance Steel & Aluminum by 0.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,581,731 shares of the industrial products company’s stock valued at $226,010,000 after purchasing an additional 18,241 shares during the period. Yorktown Management & Research Co Inc grew its holdings in Reliance Steel & Aluminum by 7.2% during the second quarter. Yorktown Management & Research Co Inc now owns 11,900 shares of the industrial products company’s stock valued at $1,042,000 after purchasing an additional 800 shares during the period. Mutual of America Capital Management LLC grew its holdings in Reliance Steel & Aluminum by 2.8% during the second quarter. Mutual of America Capital Management LLC now owns 62,337 shares of the industrial products company’s stock valued at $5,457,000 after purchasing an additional 1,702 shares during the period. Finally, Meeder Asset Management Inc. grew its holdings in Reliance Steel & Aluminum by 76.7% during the second quarter. Meeder Asset Management Inc. now owns 24,369 shares of the industrial products company’s stock valued at $2,133,000 after purchasing an additional 10,579 shares during the period. Hedge funds and other institutional investors own 81.00% of the company’s stock.

Reliance Steel & Aluminum Company Profile

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

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