Reliance Steel & Aluminum (NYSE:RS) Given New $115.00 Price Target at Citigroup

Reliance Steel & Aluminum (NYSE:RS) had its target price hoisted by Citigroup from $90.00 to $115.00 in a research report report published on Wednesday morning, The Fly reports. They currently have a neutral rating on the industrial products company’s stock.

RS has been the topic of several other reports. ValuEngine downgraded shares of Reliance Steel & Aluminum from a hold rating to a sell rating in a report on Friday, May 1st. JPMorgan Chase & Co. cut their price target on shares of Reliance Steel & Aluminum from $117.00 to $99.00 and set a neutral rating on the stock in a report on Friday, April 17th. Finally, TheStreet upgraded shares of Reliance Steel & Aluminum from a c+ rating to a b- rating in a report on Tuesday, May 19th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $110.70.

Reliance Steel & Aluminum stock opened at $98.26 on Wednesday. The company has a market cap of $6.35 billion, a PE ratio of 14.04, a price-to-earnings-growth ratio of 1.86 and a beta of 1.12. Reliance Steel & Aluminum has a twelve month low of $70.57 and a twelve month high of $122.17. The company’s 50-day moving average price is $95.02 and its 200-day moving average price is $97.68. The company has a quick ratio of 1.92, a current ratio of 4.25 and a debt-to-equity ratio of 0.29.

Reliance Steel & Aluminum (NYSE:RS) last issued its quarterly earnings results on Thursday, July 23rd. The industrial products company reported $1.36 EPS for the quarter, beating the consensus estimate of $0.40 by $0.96. The company had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $1.94 billion. Reliance Steel & Aluminum had a net margin of 4.83% and a return on equity of 11.52%. The firm’s revenue was down 30.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.71 EPS. As a group, sell-side analysts expect that Reliance Steel & Aluminum will post 5.93 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be given a $0.625 dividend. The ex-dividend date is Thursday, August 13th. This represents a $2.50 annualized dividend and a dividend yield of 2.54%. Reliance Steel & Aluminum’s payout ratio is presently 24.18%.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Comerica Bank lifted its position in shares of Reliance Steel & Aluminum by 4.1% in the 2nd quarter. Comerica Bank now owns 54,055 shares of the industrial products company’s stock worth $5,216,000 after purchasing an additional 2,115 shares during the period. Royal London Asset Management Ltd. lifted its position in shares of Reliance Steel & Aluminum by 7.0% in the 2nd quarter. Royal London Asset Management Ltd. now owns 325,805 shares of the industrial products company’s stock worth $30,275,000 after purchasing an additional 21,215 shares during the period. Shilanski & Associates Inc. lifted its position in shares of Reliance Steel & Aluminum by 2.5% in the 2nd quarter. Shilanski & Associates Inc. now owns 6,937 shares of the industrial products company’s stock worth $659,000 after purchasing an additional 170 shares during the period. Mackay Shields LLC lifted its position in shares of Reliance Steel & Aluminum by 284.6% in the 2nd quarter. Mackay Shields LLC now owns 61,415 shares of the industrial products company’s stock worth $5,830,000 after purchasing an additional 45,445 shares during the period. Finally, Park Avenue Securities LLC purchased a new stake in shares of Reliance Steel & Aluminum in the 2nd quarter worth approximately $460,000. 82.89% 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.

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

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