KeyCorp Research Analysts Increase Earnings Estimates for Reliance Steel & Aluminum Co. (NYSE:RS)

Reliance Steel & Aluminum Co. (NYSE:RSGet Rating) – Stock analysts at KeyCorp boosted their FY2022 EPS estimates for Reliance Steel & Aluminum in a research report issued on Monday, November 21st. KeyCorp analyst P. Gibbs now forecasts that the industrial products company will post earnings per share of $28.65 for the year, up from their previous forecast of $28.60. KeyCorp currently has a “Overweight” rating and a $225.00 target price on the stock. The consensus estimate for Reliance Steel & Aluminum’s current full-year earnings is $28.71 per share. KeyCorp also issued estimates for Reliance Steel & Aluminum’s Q4 2022 earnings at $4.46 EPS and FY2023 earnings at $17.00 EPS.

Reliance Steel & Aluminum (NYSE:RSGet Rating) last released its earnings results on Thursday, October 27th. The industrial products company reported $6.48 EPS for the quarter, beating the consensus estimate of $6.19 by $0.29. Reliance Steel & Aluminum had a net margin of 10.98% and a return on equity of 29.31%. The business had revenue of $4.25 billion during the quarter, compared to analyst estimates of $4.14 billion. During the same period in the prior year, the business earned $6.15 earnings per share. The business’s quarterly revenue was up 10.4% on a year-over-year basis.

Several other analysts have also commented on RS. StockNews.com lowered shares of Reliance Steel & Aluminum from a “strong-buy” rating to a “buy” rating in a research note on Thursday, October 6th. BMO Capital Markets started coverage on shares of Reliance Steel & Aluminum in a research note on Monday, August 15th. They set an “outperform” rating and a $230.00 target price for the company. Finally, The Goldman Sachs Group lowered shares of Reliance Steel & Aluminum from a “buy” rating to a “neutral” rating and cut their target price for the company from $218.00 to $201.00 in a research note on Thursday, October 6th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $222.40.

Reliance Steel & Aluminum Stock Down 0.6 %

RS stock opened at $211.58 on Wednesday. Reliance Steel & Aluminum has a 12 month low of $145.79 and a 12 month high of $215.10. The firm has a market cap of $12.42 billion, a PE ratio of 6.92 and a beta of 0.87. The firm has a 50 day simple moving average of $190.65 and a 200 day simple moving average of $186.70. The company has a debt-to-equity ratio of 0.17, a current ratio of 3.25 and a quick ratio of 1.78.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Park Avenue Securities LLC lifted its holdings in shares of Reliance Steel & Aluminum by 5.5% during the 1st quarter. Park Avenue Securities LLC now owns 2,315 shares of the industrial products company’s stock worth $424,000 after acquiring an additional 121 shares during the period. State of New Jersey Common Pension Fund D lifted its holdings in shares of Reliance Steel & Aluminum by 3.6% during the 1st quarter. State of New Jersey Common Pension Fund D now owns 33,203 shares of the industrial products company’s stock worth $6,088,000 after acquiring an additional 1,167 shares during the period. Envestnet Asset Management Inc. lifted its holdings in shares of Reliance Steel & Aluminum by 126.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 378,085 shares of the industrial products company’s stock worth $69,322,000 after acquiring an additional 211,146 shares during the period. Advisor Group Holdings Inc. lifted its holdings in shares of Reliance Steel & Aluminum by 67.0% during the 1st quarter. Advisor Group Holdings Inc. now owns 12,434 shares of the industrial products company’s stock worth $2,253,000 after acquiring an additional 4,989 shares during the period. Finally, Aptus Capital Advisors LLC lifted its holdings in shares of Reliance Steel & Aluminum by 32.0% during the 1st quarter. Aptus Capital Advisors LLC now owns 15,686 shares of the industrial products company’s stock worth $2,876,000 after acquiring an additional 3,806 shares during the period. Institutional investors and hedge funds own 83.16% of the company’s stock.

Insider Activity at Reliance Steel & Aluminum

In other Reliance Steel & Aluminum news, CEO James Donald Hoffman sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, October 6th. The shares were sold at an average price of $183.31, for a total value of $1,833,100.00. Following the transaction, the chief executive officer now owns 132,738 shares in the company, valued at approximately $24,332,202.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.62% of the stock is owned by insiders.

Reliance Steel & Aluminum Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 2nd. Investors of record on Friday, November 18th will be given a $0.875 dividend. The ex-dividend date is Thursday, November 17th. This represents a $3.50 annualized dividend and a dividend yield of 1.65%. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is presently 11.45%.

About Reliance Steel & Aluminum

(Get Rating)

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 Scottsdale, AZ.

Featured Articles

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

Receive News & Ratings for Reliance Steel & Aluminum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Reliance Steel & Aluminum and related companies with MarketBeat.com's FREE daily email newsletter.