ValuEngine Downgrades Reliance Steel & Aluminum (NYSE:RS) to Hold

Reliance Steel & Aluminum (NYSE:RS) was downgraded by stock analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Thursday, ValuEngine reports.

A number of other equities research analysts have also recently weighed in on the company. Zacks Investment Research upgraded Reliance Steel & Aluminum from a “sell” rating to a “hold” rating and set a $108.00 price objective for the company in a research note on Monday, July 29th. Longbow Research cut Reliance Steel & Aluminum from a “neutral” rating to an “underperform” rating and set a $76.00 price objective for the company. in a research note on Thursday, April 18th. Jefferies Financial Group cut Reliance Steel & Aluminum from a “buy” rating to a “hold” rating and reduced their price objective for the company from $105.00 to $100.00 in a research note on Friday, April 26th. Cowen set a $108.00 price objective on Reliance Steel & Aluminum and gave the company a “buy” rating in a research note on Friday, July 26th. Finally, Deutsche Bank set a $100.00 price objective on Reliance Steel & Aluminum and gave the company a “buy” rating in a research note on Thursday, July 11th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $100.00.

NYSE RS traded down $0.97 on Thursday, reaching $97.91. The stock had a trading volume of 399,437 shares, compared to its average volume of 527,030. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.08 and a current ratio of 4.42. Reliance Steel & Aluminum has a 12-month low of $68.62 and a 12-month high of $105.25. The company’s 50-day moving average is $93.66. The firm has a market capitalization of $6.72 billion, a PE ratio of 10.95, a P/E/G ratio of 1.20 and a beta of 1.29.

Reliance Steel & Aluminum (NYSE:RS) last issued its quarterly earnings data on Thursday, July 25th. The industrial products company reported $2.71 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.60 by $0.11. Reliance Steel & Aluminum had a return on equity of 12.85% and a net margin of 5.22%. The company had revenue of $2.88 billion during the quarter, compared to analysts’ expectations of $2.93 billion. During the same quarter in the previous year, the business earned $3.10 earnings per share. The firm’s revenue for the quarter was down 3.5% on a year-over-year basis. On average, equities research analysts anticipate that Reliance Steel & Aluminum will post 9.26 EPS for the current year.

In other news, VP Arthur Ajemyan sold 3,200 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $101.61, for a total transaction of $325,152.00. Following the completion of the sale, the vice president now owns 7,544 shares in the company, valued at $766,545.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.43% of the stock is owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in RS. Norges Bank purchased a new stake in shares of Reliance Steel & Aluminum during the fourth quarter worth approximately $52,211,000. WINTON GROUP Ltd raised its stake in shares of Reliance Steel & Aluminum by 2,774.4% during the second quarter. WINTON GROUP Ltd now owns 228,145 shares of the industrial products company’s stock worth $21,587,000 after purchasing an additional 220,208 shares during the last quarter. FMR LLC raised its stake in shares of Reliance Steel & Aluminum by 249.2% during the first quarter. FMR LLC now owns 227,173 shares of the industrial products company’s stock worth $20,504,000 after purchasing an additional 162,118 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Reliance Steel & Aluminum by 2.2% during the first quarter. Victory Capital Management Inc. now owns 4,091,752 shares of the industrial products company’s stock worth $369,322,000 after purchasing an additional 89,812 shares during the last quarter. Finally, Twin Tree Management LP purchased a new stake in shares of Reliance Steel & Aluminum during the first quarter worth approximately $5,865,000. Institutional investors and hedge funds own 81.80% of the company’s stock.

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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