BofA Securities upgraded shares of Reliance Steel & Aluminum (NYSE:RS) from a neutral rating to a buy rating in a research note released on Friday morning, AnalystRatings.net reports. The firm currently has $123.00 target price on the industrial products company’s stock.
Other equities research analysts have also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Reliance Steel & Aluminum from a hold rating to a buy rating and raised their target price for the stock from $90.00 to $115.00 in a report on Tuesday, August 4th. Citigroup raised their target price on shares of Reliance Steel & Aluminum from $90.00 to $115.00 and gave the stock a neutral rating in a report on Wednesday, July 29th. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $113.00.
NYSE:RS opened at $107.90 on Friday. The company’s 50 day moving average price is $107.54 and its 200-day moving average price is $98.75. Reliance Steel & Aluminum has a 52 week low of $70.57 and a 52 week high of $122.17. The company has a quick ratio of 1.92, a current ratio of 4.25 and a debt-to-equity ratio of 0.29. The stock has a market cap of $6.88 billion, a price-to-earnings ratio of 15.41, a PEG ratio of 1.81 and a beta of 1.10.
Reliance Steel & Aluminum (NYSE:RS) last issued its earnings results on Thursday, October 22nd. The industrial products company reported $1.87 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.53 by $0.34. Reliance Steel & Aluminum had a net margin of 4.83% and a return on equity of 11.52%. The company had revenue of $2.09 billion for the quarter, compared to analysts’ expectations of $2.12 billion. During the same quarter last year, the company posted $2.39 earnings per share. The firm’s quarterly revenue was down 22.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Reliance Steel & Aluminum will post 6.91 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 4th. Stockholders of record on Friday, November 20th will be paid a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend is Thursday, November 19th. Reliance Steel & Aluminum’s dividend payout ratio is presently 24.18%.
Several hedge funds have recently made changes to their positions in RS. LSV Asset Management raised its position in shares of Reliance Steel & Aluminum by 50.2% during the 2nd quarter. LSV Asset Management now owns 1,331,502 shares of the industrial products company’s stock valued at $126,399,000 after purchasing an additional 445,099 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Reliance Steel & Aluminum during the 2nd quarter valued at $23,385,000. Ninety One UK Ltd raised its position in shares of Reliance Steel & Aluminum by 46.6% during the 2nd quarter. Ninety One UK Ltd now owns 732,263 shares of the industrial products company’s stock valued at $69,514,000 after purchasing an additional 232,910 shares during the period. FMR LLC raised its position in shares of Reliance Steel & Aluminum by 249.2% during the 1st quarter. FMR LLC now owns 227,173 shares of the industrial products company’s stock valued at $20,504,000 after purchasing an additional 162,118 shares during the period. Finally, Balyasny Asset Management LLC bought a new stake in shares of Reliance Steel & Aluminum during the 2nd quarter valued at $15,263,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.
Reliance Steel & Aluminum Company Profile
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 processing services to general manufacturing, non-residential construction, transportation, aerospace and defense, energy, electronics and semiconductor fabrication, and heavy industries.
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