FY2022 EPS Estimates for Reliance Steel & Aluminum Co. (NYSE:RS) Increased by KeyCorp

Reliance Steel & Aluminum Co. (NYSE:RS) – Equities research analysts at KeyCorp boosted their FY2022 earnings per share (EPS) estimates for shares of Reliance Steel & Aluminum in a research report issued on Monday, November 22nd. KeyCorp analyst P. Gibbs now forecasts that the industrial products company will post earnings per share of $14.00 for the year, up from their prior estimate of $13.50. KeyCorp has a “Overweight” rating and a $175.00 price target on the stock.

A number of other brokerages have also commented on RS. Seaport Global Securities started coverage on shares of Reliance Steel & Aluminum in a research report on Monday, August 23rd. They set a “buy” rating and a $165.00 target price on the stock. The Goldman Sachs Group raised shares of Reliance Steel & Aluminum from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $162.00 to $190.00 in a report on Wednesday, November 3rd. Wolfe Research began coverage on shares of Reliance Steel & Aluminum in a report on Tuesday, November 16th. They set an “underperform” rating and a $158.00 price objective on the stock. Seaport Res Ptn reissued a “buy” rating on shares of Reliance Steel & Aluminum in a report on Monday, August 23rd. Finally, Zacks Investment Research lowered shares of Reliance Steel & Aluminum from a “strong-buy” rating to a “hold” rating and set a $152.00 price objective on the stock. in a report on Friday, September 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Reliance Steel & Aluminum presently has a consensus rating of “Buy” and an average price target of $172.89.

Shares of NYSE:RS opened at $161.78 on Wednesday. The firm has a market cap of $10.14 billion, a PE ratio of 9.32 and a beta of 1.01. The firm’s 50 day simple moving average is $151.08 and its 200-day simple moving average is $154.87. Reliance Steel & Aluminum has a one year low of $114.26 and a one year high of $181.21. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.39 and a current ratio of 4.25.

Reliance Steel & Aluminum (NYSE:RS) last issued its earnings results on Wednesday, October 27th. The industrial products company reported $6.15 EPS for the quarter, topping the Zacks’ consensus estimate of $5.95 by $0.20. The business had revenue of $3.85 billion for the quarter, compared to analyst estimates of $3.75 billion. Reliance Steel & Aluminum had a net margin of 9.16% and a return on equity of 20.36%. The company’s quarterly revenue was up 84.5% compared to the same quarter last year. During the same period last year, the company posted $1.87 earnings per share.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 3rd. Shareholders of record on Friday, November 19th will be issued a $0.688 dividend. This represents a $2.75 annualized dividend and a yield of 1.70%. The ex-dividend date is Thursday, November 18th. Reliance Steel & Aluminum’s dividend payout ratio is currently 15.84%.

In other news, SVP William A. Smith II sold 5,598 shares of Reliance Steel & Aluminum stock in a transaction on Tuesday, November 9th. The shares were sold at an average price of $164.93, for a total transaction of $923,278.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James Donald Hoffman sold 5,000 shares of Reliance Steel & Aluminum stock in a transaction on Wednesday, October 6th. The stock was sold at an average price of $141.43, for a total transaction of $707,150.00. The disclosure for this sale can be found here. 3.43% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Reliance Steel & Aluminum by 3.8% in the second quarter. Vanguard Group Inc. now owns 7,461,142 shares of the industrial products company’s stock valued at $1,125,885,000 after buying an additional 275,766 shares in the last quarter. State Street Corp increased its holdings in Reliance Steel & Aluminum by 7.3% in the second quarter. State Street Corp now owns 2,263,439 shares of the industrial products company’s stock valued at $341,553,000 after buying an additional 154,442 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Reliance Steel & Aluminum by 0.4% in the third quarter. Dimensional Fund Advisors LP now owns 2,202,828 shares of the industrial products company’s stock valued at $313,735,000 after buying an additional 7,859 shares in the last quarter. Wellington Management Group LLP increased its holdings in Reliance Steel & Aluminum by 12.8% in the third quarter. Wellington Management Group LLP now owns 2,155,113 shares of the industrial products company’s stock valued at $306,931,000 after buying an additional 245,179 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in Reliance Steel & Aluminum by 7.4% in the third quarter. Victory Capital Management Inc. now owns 1,832,006 shares of the industrial products company’s stock valued at $260,915,000 after buying an additional 126,663 shares in the last quarter. Institutional investors own 81.57% of the company’s stock.

About Reliance Steel & Aluminum

Reliance Steel & Aluminum Co engages in the provision of metals processing services and distribution of metal products. It offers alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and specialty steel products. The company was founded by Thomas J. Neilan on February 3, 1939 and is headquartered in Los Angeles, CA.

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

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