Zacks Investment Research lowered shares of Reliance Steel & Aluminum (NYSE:RS) from a buy rating to a hold rating in a research note released on Monday, January 8th.
According to Zacks, “Reliance Steel is seeing continued momentum across aerospace and automotive markets. Aerospace remains a strong market as manifested by healthy demand. Demand in this market is expected to be supported by higher commercial aerospace build rates. Strong demand is also witnessed in the automotive market, backed by the company’s toll processing businesses in the U.S. and Mexico as well as increased use of aluminum in the industry. Reliance Steel should also benefit from its aggressive acquisition strategy, broad and diversified product base and wide geographic footprint. However, Reliance Steel is expected to face some pricing and volume pressure in the fourth quarter of 2017, as reflected in its guidance. The company remains challenged by the weak steel industry fundamentals. “
RS has been the topic of several other research reports. Bank of America set a $97.00 price target on Reliance Steel & Aluminum and gave the company a buy rating in a research note on Monday, January 8th. Clarkson Capital reissued a buy rating on shares of Reliance Steel & Aluminum in a report on Wednesday, November 15th. ValuEngine cut Reliance Steel & Aluminum from a buy rating to a hold rating in a report on Thursday, November 9th. Cowen reissued a buy rating and issued a $92.00 price objective on shares of Reliance Steel & Aluminum in a report on Wednesday, October 4th. Finally, Jefferies Group reissued a hold rating and issued a $72.00 price objective on shares of Reliance Steel & Aluminum in a report on Friday, October 6th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. Reliance Steel & Aluminum currently has a consensus rating of Buy and a consensus target price of $83.50.
Reliance Steel & Aluminum (NYSE:RS) last issued its earnings results on Thursday, October 26th. The industrial products company reported $1.30 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.11. Reliance Steel & Aluminum had a return on equity of 8.61% and a net margin of 3.97%. The business had revenue of $2.45 billion during the quarter. During the same period last year, the firm earned $1.25 earnings per share. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. equities research analysts anticipate that Reliance Steel & Aluminum will post 5.21 earnings per share for the current fiscal year.
In related news, SVP William A. Smith II sold 1,123 shares of the stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $82.69, for a total value of $92,860.87. Following the completion of 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. 3.18% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in RS. Grove Bank & Trust raised its stake in Reliance Steel & Aluminum 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 buying an additional 860 shares in the last quarter. Huntington National Bank raised its stake in Reliance Steel & Aluminum 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 buying an additional 1,173 shares in the last quarter. Zions Bancorporation acquired a new stake in Reliance Steel & Aluminum in the third quarter valued at $144,000. Barrow Hanley Mewhinney & Strauss LLC raised its stake in Reliance Steel & Aluminum by 633.3% in the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,552 shares of the industrial products company’s stock valued at $194,000 after buying an additional 2,204 shares in the last quarter. Finally, Private Advisor Group LLC acquired a new stake in Reliance Steel & Aluminum in the third quarter valued at $201,000. Institutional investors and hedge funds 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).
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