Bank of America Reiterates “$97.00” Price Target for Reliance Steel & Aluminum (NYSE:RS)

Reliance Steel & Aluminum (NYSE:RS) has been given a $97.00 price target by research analysts at Bank of America in a report issued on Monday, January 8th. The firm presently has a “buy” rating on the industrial products company’s stock. Bank of America’s target price points to a potential upside of 7.24% from the stock’s previous close.

A number of other equities research analysts have also issued reports on RS. Zacks Investment Research lowered shares of Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a report on Wednesday, October 18th. Cowen reaffirmed a “buy” rating and set a $92.00 target price on shares of Reliance Steel & Aluminum in a research note on Wednesday, October 4th. Jefferies Group reaffirmed a “hold” rating and set a $72.00 target price on shares of Reliance Steel & Aluminum in a research note on Friday, October 6th. KeyCorp reaffirmed a “buy” rating and set a $84.00 target price on shares of Reliance Steel & Aluminum in a research note on Thursday, December 7th. Finally, ValuEngine raised shares of Reliance Steel & Aluminum from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Reliance Steel & Aluminum presently has an average rating of “Buy” and a consensus price target of $83.50.

Reliance Steel & Aluminum (NYSE:RS) traded down $0.38 during trading hours on Monday, reaching $90.45. 334,800 shares of the company’s stock were exchanged, compared to its average volume of 438,378. The company has a debt-to-equity ratio of 0.43, a current ratio of 4.06 and a quick ratio of 1.79. The firm has a market capitalization of $6,600.00, a PE ratio of 17.77, a PEG ratio of 1.57 and a beta of 1.29. Reliance Steel & Aluminum has a 52 week low of $68.46 and a 52 week high of $91.24.

Reliance Steel & Aluminum (NYSE:RS) last posted its quarterly earnings data on Thursday, October 26th. The industrial products company reported $1.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.19 by $0.11. Reliance Steel & Aluminum had a net margin of 3.97% and a return on equity of 8.61%. The company had revenue of $2.45 billion during the quarter. During the same quarter in the prior year, the company posted $1.25 earnings per share. The business’s revenue was up 12.1% on a year-over-year basis. equities research analysts predict that Reliance Steel & Aluminum will post 5.21 earnings per share for the current year.

In other news, SVP William A. Smith II sold 1,123 shares of the firm’s stock in a transaction that occurred on Friday, December 8th. The shares were sold at an average price of $82.69, for a total transaction of $92,860.87. Following the transaction, the senior vice president now directly owns 15,320 shares in the company, valued at $1,266,810.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 3.18% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Schwab Charles Investment Management Inc. lifted its holdings in Reliance Steel & Aluminum by 4.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 261,407 shares of the industrial products company’s stock valued at $19,034,000 after acquiring an additional 12,026 shares during the period. Virginia Retirement Systems ET AL acquired a new stake in Reliance Steel & Aluminum in the second quarter valued at $335,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Reliance Steel & Aluminum 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 acquiring an additional 382 shares during the period. Swiss National Bank raised its stake in shares of Reliance Steel & Aluminum by 1.2% during the 2nd quarter. Swiss National Bank now owns 121,300 shares of the industrial products company’s stock worth $8,832,000 after buying an additional 1,400 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Reliance Steel & Aluminum by 61.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 598,911 shares of the industrial products company’s stock worth $43,607,000 after buying an additional 227,881 shares during the last quarter. Hedge funds and other institutional investors own 82.30% of the company’s stock.

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Reliance Steel & Aluminum 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).

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

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