Cowen and Company Reiterates “Buy” Rating for Reliance Steel & Aluminum Co. (RS)

Cowen and Company reiterated their buy rating on shares of Reliance Steel & Aluminum Co. (NYSE:RS) in a report released on Friday, September 1st. Cowen and Company currently has a $92.00 target price on the industrial products company’s stock.

RS has been the topic of several other research reports. Jefferies Group LLC reiterated a hold rating and issued a $72.00 target price on shares of Reliance Steel & Aluminum Co. in a research note on Wednesday, July 19th. BidaskClub upgraded shares of Reliance Steel & Aluminum Co. from a strong sell rating to a sell rating in a research note on Tuesday, June 13th. Deutsche Bank AG restated a buy rating on shares of Reliance Steel & Aluminum Co. in a research report on Saturday, June 24th. KeyCorp restated an overweight rating and set a $81.00 price objective (down previously from $85.00) on shares of Reliance Steel & Aluminum Co. in a research report on Monday, June 26th. Finally, Bank of America Corporation upgraded shares of Reliance Steel & Aluminum Co. from a neutral rating to a buy rating and set a $88.00 price objective on the stock in a research report on Tuesday, May 23rd. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. The company has an average rating of Buy and an average target price of $83.00.

Reliance Steel & Aluminum Co. (NYSE RS) traded up 0.03% during midday trading on Friday, reaching $72.45. 862,823 shares of the company’s stock traded hands. Reliance Steel & Aluminum Co. has a 52-week low of $65.10 and a 52-week high of $88.58. The firm has a market cap of $5.28 billion, a PE ratio of 16.34 and a beta of 1.23. The firm’s 50-day moving average is $72.06 and its 200 day moving average is $75.18.

Reliance Steel & Aluminum Co. (NYSE:RS) last issued its earnings results on Thursday, October 26th. The industrial products company reported $0.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.29 by ($0.45). Reliance Steel & Aluminum Co. had a return on equity of 8.67% and a net margin of 3.57%. Equities research analysts expect that Reliance Steel & Aluminum Co. will post $5.16 earnings per share for the current fiscal year.

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The firm also recently announced a quarterly dividend, which was paid on Friday, September 8th. Shareholders of record on Friday, August 18th were issued a dividend of $0.45 per share. The ex-dividend date was Wednesday, August 16th. This represents a $1.80 dividend on an annualized basis and a yield of 2.48%. Reliance Steel & Aluminum Co.’s dividend payout ratio is currently 40.54%.

A number of hedge funds have recently made changes to their positions in the business. QS Investors LLC increased its holdings in Reliance Steel & Aluminum Co. by 0.5% during the second quarter. QS Investors LLC now owns 3,710 shares of the industrial products company’s stock valued at $270,000 after buying an additional 17 shares during the last quarter. M&T Bank Corp increased its holdings in Reliance Steel & Aluminum Co. by 0.6% during the second quarter. M&T Bank Corp now owns 6,785 shares of the industrial products company’s stock valued at $494,000 after buying an additional 42 shares during the last quarter. Northwestern Mutual Investment Management Company LLC increased its holdings in Reliance Steel & Aluminum Co. by 0.4% during the first quarter. Northwestern Mutual Investment Management Company LLC now owns 12,556 shares of the industrial products company’s stock valued at $1,005,000 after buying an additional 50 shares during the last quarter. Pitcairn Co. increased its holdings in Reliance Steel & Aluminum Co. by 1.3% during the first quarter. Pitcairn Co. now owns 5,022 shares of the industrial products company’s stock valued at $402,000 after buying an additional 65 shares during the last quarter. Finally, Teacher Retirement System of Texas increased its holdings in Reliance Steel & Aluminum Co. by 1.2% during the second quarter. Teacher Retirement System of Texas now owns 5,842 shares of the industrial products company’s stock valued at $425,000 after buying an additional 67 shares during the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

About Reliance Steel & Aluminum Co.

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).

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

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