Q2 2017 EPS Estimates for Reliance Steel & Aluminum Co. Reduced by Analyst (NYSE:RS)

Reliance Steel & Aluminum Co. (NYSE:RS) – Investment analysts at Jefferies Group lowered their Q2 2017 earnings per share estimates for Reliance Steel & Aluminum Co. in a research report issued to clients and investors on Wednesday. Jefferies Group analyst S. Rosenfeld now forecasts that the industrial products company will post earnings of $1.38 per share for the quarter, down from their previous forecast of $1.65. Jefferies Group currently has a “Hold” rating and a $72.00 price objective on the stock. Jefferies Group also issued estimates for Reliance Steel & Aluminum Co.’s FY2017 earnings at $4.86 EPS and FY2018 earnings at $5.63 EPS.

A number of other research analysts have also weighed in on RS. Longbow Research initiated coverage on Reliance Steel & Aluminum Co. in a research report on Wednesday, April 19th. They set a “neutral” rating for the company. Barclays PLC reissued a “hold” rating and issued a $59.00 target price on shares of Reliance Steel & Aluminum Co. in a report on Monday, May 1st. Bank of America Corporation raised Reliance Steel & Aluminum Co. from a “neutral” rating to a “buy” rating and set a $88.00 target price for the company in a report on Tuesday, May 23rd. They noted that the move was a valuation call. BidaskClub raised Reliance Steel & Aluminum Co. from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 13th. Finally, Deutsche Bank AG reissued a “buy” rating on shares of Reliance Steel & Aluminum Co. in a report on Saturday, June 24th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $82.00.

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Reliance Steel & Aluminum Co. (RS) opened at 75.09 on Friday. The firm has a 50-day moving average price of $73.37 and a 200 day moving average price of $77.98. Reliance Steel & Aluminum Co. has a 52-week low of $65.10 and a 52-week high of $88.58. The stock has a market cap of $5.47 billion, a PE ratio of 17.02 and a beta of 1.23.

Reliance Steel & Aluminum Co. (NYSE:RS) last posted its quarterly earnings data on Thursday, April 27th. The industrial products company reported $1.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.42 by $0.10. Reliance Steel & Aluminum Co. had a return on equity of 8.71% and a net margin of 3.65%. The business had revenue of $2.42 billion for the quarter. During the same period in the prior year, the firm posted $1.03 EPS. The firm’s revenue for the quarter was up 11.9% on a year-over-year basis.

Hedge funds have recently bought and sold shares of the company. CrestPoint Capital Management LLC acquired a new stake in Reliance Steel & Aluminum Co. during the first quarter worth approximately $208,000. Capstone Asset Management Co. increased its position in Reliance Steel & Aluminum Co. by 3.6% in the first quarter. Capstone Asset Management Co. now owns 8,086 shares of the industrial products company’s stock worth $647,000 after buying an additional 280 shares during the period. Fox Run Management L.L.C. purchased a new position in Reliance Steel & Aluminum Co. during the first quarter worth about $688,000. Louisiana State Employees Retirement System increased its position in Reliance Steel & Aluminum Co. by 2.8% in the first quarter. Louisiana State Employees Retirement System now owns 18,400 shares of the industrial products company’s stock worth $1,472,000 after buying an additional 500 shares during the period. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in Reliance Steel & Aluminum Co. during the first quarter worth about $764,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Reliance Steel & Aluminum Co. Company Profile

Reliance Steel & Aluminum Co is a metals service center company in North America (the United States and Canada). As of December 31, 2016, the Company’s network of metals service centers operated over 300 locations in 39 states in the United States and in 12 other countries (Australia, Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom).

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

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