Reliance Steel & Aluminum Co. (RS) Downgraded by ValuEngine to “Hold”

ValuEngine lowered shares of Reliance Steel & Aluminum Co. (NYSE:RS) from a buy rating to a hold rating in a report released on Thursday morning.

Several other research analysts have also recently weighed in on the company. Bank of America Corporation reiterated a buy rating and set a $89.00 price target (up from $88.00) on shares of Reliance Steel & Aluminum Co. in a research report on Tuesday, September 5th. Jefferies Group LLC reiterated a hold rating on shares of Reliance Steel & Aluminum Co. in a research report on Thursday, August 31st. Cowen and Company reiterated a buy rating and set a $92.00 price target on shares of Reliance Steel & Aluminum Co. in a research report on Friday, September 1st. Zacks Investment Research cut Reliance Steel & Aluminum Co. from a buy rating to a hold rating in a research report on Wednesday, October 18th. Finally, BidaskClub cut Reliance Steel & Aluminum Co. from a hold rating to a sell rating in a research report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $82.00.

Shares of Reliance Steel & Aluminum Co. (RS) traded down $0.63 during trading hours on Thursday, hitting $75.56. The stock had a trading volume of 386,100 shares, compared to its average volume of 496,403. Reliance Steel & Aluminum Co. has a 1 year low of $68.46 and a 1 year high of $88.58. The stock has a market capitalization of $5,540.00, a PE ratio of 14.93, a price-to-earnings-growth ratio of 1.63 and a beta of 1.28. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.79 and a current ratio of 4.06.

Reliance Steel & Aluminum Co. (NYSE:RS) last announced its quarterly earnings data on Thursday, October 26th. The industrial products company reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.11. The firm had revenue of $2.45 billion during the quarter. Reliance Steel & Aluminum Co. had a return on equity of 8.61% and a net margin of 3.97%. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.25 earnings per share. research analysts expect that Reliance Steel & Aluminum Co. will post 5.16 EPS for the current fiscal year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Friday, November 17th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend is Thursday, November 16th. Reliance Steel & Aluminum Co.’s payout ratio is currently 35.36%.

Institutional investors and hedge funds have recently modified their holdings of the business. Grove Bank & Trust grew its holdings in Reliance Steel & Aluminum Co. by 117.8% in the third quarter. Grove Bank & Trust now owns 1,590 shares of the industrial products company’s stock valued at $121,000 after purchasing an additional 860 shares during the period. Huntington National Bank grew its holdings in Reliance Steel & Aluminum Co. by 267.8% in the third quarter. Huntington National Bank now owns 1,611 shares of the industrial products company’s stock valued at $123,000 after purchasing an additional 1,173 shares during the period. Global X Management Co. LLC grew its holdings in Reliance Steel & Aluminum Co. by 220.0% in the second quarter. Global X Management Co. LLC now owns 2,304 shares of the industrial products company’s stock valued at $168,000 after purchasing an additional 1,584 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Reliance Steel & Aluminum Co. by 15.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,788 shares of the industrial products company’s stock valued at $203,000 after purchasing an additional 382 shares during the period. Finally, NTV Asset Management LLC acquired a new stake in Reliance Steel & Aluminum Co. in the third quarter valued at approximately $209,000. 82.40% of the stock is currently owned by institutional investors.

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).

To view ValuEngine’s full report, visit ValuEngine’s official website.

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

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