ValuEngine Lowers Reliance Steel & Aluminum (NYSE:RS) to Hold

ValuEngine lowered shares of Reliance Steel & Aluminum (NYSE:RS) from a buy rating to a hold rating in a report published on Thursday morning, ValuEngine reports.

A number of other analysts have also recently weighed in on RS. Jefferies Financial Group cut shares of Reliance Steel & Aluminum from a buy rating to a hold rating and lowered their price target for the company from $105.00 to $100.00 in a report on Friday, April 26th. Zacks Investment Research upgraded shares of Reliance Steel & Aluminum from a sell rating to a hold rating and set a $108.00 price target on the stock in a report on Monday, July 29th. Cowen set a $108.00 price target on shares of Reliance Steel & Aluminum and gave the company a buy rating in a report on Friday, July 26th. Bank of America restated a neutral rating and issued a $98.00 price target on shares of Reliance Steel & Aluminum in a report on Friday, May 31st. Finally, Citigroup set a $104.00 price target on shares of Reliance Steel & Aluminum and gave the company a hold rating in a report on Friday, July 26th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $100.00.

Reliance Steel & Aluminum stock traded down $0.97 during midday trading on Thursday, hitting $97.91. 399,437 shares of the company’s stock were exchanged, compared to its average volume of 553,586. The company has a current ratio of 4.42, a quick ratio of 2.08 and a debt-to-equity ratio of 0.42. Reliance Steel & Aluminum has a 12 month low of $68.62 and a 12 month high of $105.25. The business’s 50-day moving average price is $93.66. The firm has a market cap of $6.65 billion, a P/E ratio of 10.95, a PEG ratio of 1.19 and a beta of 1.29.

Reliance Steel & Aluminum (NYSE:RS) last issued its earnings results on Thursday, July 25th. The industrial products company reported $2.71 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.60 by $0.11. Reliance Steel & Aluminum had a net margin of 5.22% and a return on equity of 12.85%. The company had revenue of $2.88 billion for the quarter, compared to analysts’ expectations of $2.93 billion. During the same period in the prior year, the business earned $3.10 EPS. The firm’s quarterly revenue was down 3.5% on a year-over-year basis. As a group, sell-side analysts expect that Reliance Steel & Aluminum will post 9.26 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend is Thursday, August 15th. Reliance Steel & Aluminum’s dividend payout ratio is currently 24.61%.

In other news, VP Arthur Ajemyan sold 3,200 shares of the firm’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $101.61, for a total value of $325,152.00. Following the sale, the vice president now directly owns 7,544 shares in the company, valued at approximately $766,545.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.43% of the stock is currently owned by company insiders.

Several institutional investors have recently made changes to their positions in the stock. Zions Bancorporation N.A. raised its position in shares of Reliance Steel & Aluminum by 5.6% in the 2nd quarter. Zions Bancorporation N.A. now owns 2,450 shares of the industrial products company’s stock valued at $232,000 after purchasing an additional 130 shares during the last quarter. Municipal Employees Retirement System of Michigan raised its position in shares of Reliance Steel & Aluminum by 1.1% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 12,400 shares of the industrial products company’s stock valued at $1,173,000 after purchasing an additional 130 shares during the last quarter. ETF Managers Group LLC raised its position in shares of Reliance Steel & Aluminum by 8.7% in the 1st quarter. ETF Managers Group LLC now owns 1,689 shares of the industrial products company’s stock valued at $152,000 after purchasing an additional 135 shares during the last quarter. Advisory Services Network LLC raised its position in shares of Reliance Steel & Aluminum by 39.4% in the 2nd quarter. Advisory Services Network LLC now owns 619 shares of the industrial products company’s stock valued at $59,000 after purchasing an additional 175 shares during the last quarter. Finally, TD Asset Management Inc. raised its position in shares of Reliance Steel & Aluminum by 9.1% in the 2nd quarter. TD Asset Management Inc. now owns 3,485 shares of the industrial products company’s stock valued at $330,000 after purchasing an additional 290 shares during the last quarter. 81.80% of the stock is owned by hedge funds and other institutional investors.

About Reliance Steel & Aluminum

Reliance Steel & Aluminum Co operates as a metals service center company. The company provides alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products and related processing services to general manufacturing, non-residential construction, transportation, aerospace and defense, energy, electronics and semiconductor fabrication, auto, and heavy industries.

Read More: Buy Rating

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Analyst Recommendations for Reliance Steel & Aluminum (NYSE:RS)

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