Reliance Steel & Aluminum (RS) Downgraded by Longbow Research

Longbow Research cut shares of Reliance Steel & Aluminum (NYSE:RS) from a neutral rating to an underperform rating in a research note released on Thursday morning, BenzingaRatingsTable reports. The brokerage currently has $76.00 price objective on the industrial products company’s stock.

A number of other analysts have also recently commented on RS. Zacks Investment Research cut shares of Reliance Steel & Aluminum from a hold rating to a sell rating in a research report on Monday, December 31st. Cowen started coverage on shares of Reliance Steel & Aluminum in a research report on Tuesday, January 8th. They set an outperform rating and a $80.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $89.60.

Shares of RS opened at $90.00 on Thursday. The company has a current ratio of 4.70, a quick ratio of 2.10 and a debt-to-equity ratio of 0.46. The firm has a market cap of $6.05 billion, a price-to-earnings ratio of 10.07, a PEG ratio of 1.16 and a beta of 1.27. Reliance Steel & Aluminum has a 12 month low of $68.62 and a 12 month high of $97.41.

Reliance Steel & Aluminum (NYSE:RS) last issued its quarterly earnings results on Thursday, February 21st. The industrial products company reported $1.08 EPS for the quarter, missing the Zacks’ consensus estimate of $1.71 by ($0.63). The firm had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.76 billion. Reliance Steel & Aluminum had a net margin of 5.49% and a return on equity of 13.30%. The business’s revenue was up 18.4% compared to the same quarter last year. During the same period last year, the company posted $1.22 EPS. As a group, sell-side analysts predict that Reliance Steel & Aluminum will post 8.65 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a dividend of $0.55 per share. The ex-dividend date was Thursday, March 14th. This represents a $2.20 dividend on an annualized basis and a yield of 2.44%. This is a boost from Reliance Steel & Aluminum’s previous quarterly dividend of $0.50. Reliance Steel & Aluminum’s dividend payout ratio is 24.61%.

In other news, Director Andrew G. Sharkey III sold 2,000 shares of the company’s stock in a transaction dated Thursday, February 28th. The shares were sold at an average price of $89.05, for a total transaction of $178,100.00. Following the transaction, the director now owns 6,893 shares in the company, valued at $613,821.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David H. Hannah sold 25,000 shares of the company’s stock in a transaction dated Wednesday, February 20th. The shares were sold at an average price of $85.51, for a total transaction of $2,137,750.00. The disclosure for this sale can be found here. Insiders have sold 103,562 shares of company stock worth $9,177,058 in the last quarter. Company insiders own 3.43% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in RS. Oregon Public Employees Retirement Fund raised its holdings in shares of Reliance Steel & Aluminum by 7,017.0% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,033,327 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 2,004,757 shares during the period. Advisory Services Network LLC raised its holdings in shares of Reliance Steel & Aluminum by 982.9% in the 4th quarter. Advisory Services Network LLC now owns 444 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 403 shares during the last quarter. First Mercantile Trust Co. raised its holdings in shares of Reliance Steel & Aluminum by 49.1% in the 4th quarter. First Mercantile Trust Co. now owns 790 shares of the industrial products company’s stock worth $56,000 after acquiring an additional 260 shares during the last quarter. Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in shares of Reliance Steel & Aluminum in the 1st quarter worth about $60,000. Finally, Bell Rock Capital LLC raised its holdings in shares of Reliance Steel & Aluminum by 70.5% in the 4th quarter. Bell Rock Capital LLC now owns 856 shares of the industrial products company’s stock worth $61,000 after acquiring an additional 354 shares during the last quarter. Hedge funds and other institutional investors own 83.00% of the company’s stock.

About Reliance Steel & Aluminum

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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