Exane BNP Paribas Begins Coverage on Reliance Steel & Aluminum (NYSE:RS)

Exane BNP Paribas initiated coverage on shares of Reliance Steel & Aluminum (NYSE:RS) in a research report report published on Thursday, The Fly reports. The firm issued a neutral rating and a $117.00 price target on the industrial products company’s stock.

A number of other research firms also recently weighed in on RS. Longbow Research raised shares of Reliance Steel & Aluminum from an underperform rating to a neutral rating in a research note on Friday, September 6th. ValuEngine raised shares of Reliance Steel & Aluminum from a sell rating to a hold rating in a research note on Friday, October 25th. Deutsche Bank downgraded shares of Reliance Steel & Aluminum from a buy rating to a hold rating and boosted their price target for the stock from $105.00 to $110.00 in a research note on Wednesday, October 30th. Cowen reissued an outperform rating and set a $123.00 price target (up from $107.00) on shares of Reliance Steel & Aluminum in a research note on Tuesday, October 29th. Finally, Bank of America set a $115.00 price target on shares of Reliance Steel & Aluminum and gave the stock a hold rating in a research note on Friday, October 25th. Nine analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Reliance Steel & Aluminum currently has a consensus rating of Hold and an average price target of $109.00.

Shares of RS traded up $0.23 on Thursday, reaching $113.17. 559,992 shares of the company’s stock were exchanged, compared to its average volume of 587,727. The company has a current ratio of 4.01, a quick ratio of 1.90 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $7.53 billion, a P/E ratio of 12.66, a price-to-earnings-growth ratio of 1.31 and a beta of 1.34. The business has a 50 day moving average price of $107.06 and a two-hundred day moving average price of $97.06. Reliance Steel & Aluminum has a 12 month low of $68.62 and a 12 month high of $120.85.

Reliance Steel & Aluminum (NYSE:RS) last posted its quarterly earnings results on Thursday, October 24th. The industrial products company reported $2.39 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.95 by $0.44. The business had revenue of $2.69 billion during the quarter, compared to the consensus estimate of $2.67 billion. Reliance Steel & Aluminum had a net margin of 5.48% and a return on equity of 12.52%. Reliance Steel & Aluminum’s revenue for the quarter was down 9.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.42 earnings per share. Equities research analysts predict that Reliance Steel & Aluminum will post 9.6 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be paid a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 1.94%. The ex-dividend date is Thursday, November 14th. Reliance Steel & Aluminum’s payout ratio is presently 24.61%.

Large investors have recently modified their holdings of the business. JPMorgan Chase & Co. increased its stake in Reliance Steel & Aluminum by 35.8% in the second quarter. JPMorgan Chase & Co. now owns 227,249 shares of the industrial products company’s stock valued at $21,127,000 after purchasing an additional 59,963 shares in the last quarter. GSA Capital Partners LLP increased its position in shares of Reliance Steel & Aluminum by 34.7% during the second quarter. GSA Capital Partners LLP now owns 3,202 shares of the industrial products company’s stock worth $303,000 after acquiring an additional 824 shares in the last quarter. Campbell & CO Investment Adviser LLC bought a new stake in shares of Reliance Steel & Aluminum during the second quarter worth $548,000. Natixis Advisors L.P. increased its position in shares of Reliance Steel & Aluminum by 31.3% during the second quarter. Natixis Advisors L.P. now owns 25,799 shares of the industrial products company’s stock worth $2,441,000 after acquiring an additional 6,144 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in shares of Reliance Steel & Aluminum during the second quarter worth $1,497,000. 84.01% of the stock is owned by hedge funds and other institutional investors.

Reliance Steel & Aluminum Company Profile

Reliance Steel & Aluminum Co operates as a metals service center company. The company provides alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products and related processing services to general manufacturing, non-residential construction, transportation, aerospace and defense, energy, electronics and semiconductor fabrication, auto, and heavy industries.

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

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