Zacks: Analysts Expect Reliance Steel & Aluminum Co (NYSE:RS) Will Post Quarterly Sales of $2.69 Billion

Brokerages expect Reliance Steel & Aluminum Co (NYSE:RS) to report $2.69 billion in sales for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Reliance Steel & Aluminum’s earnings, with estimates ranging from $2.67 billion to $2.71 billion. Reliance Steel & Aluminum posted sales of $2.97 billion during the same quarter last year, which would suggest a negative year-over-year growth rate of 9.4%. The business is expected to announce its next earnings results on Thursday, October 24th.

According to Zacks, analysts expect that Reliance Steel & Aluminum will report full year sales of $11.13 billion for the current fiscal year, with estimates ranging from $11.03 billion to $11.21 billion. For the next year, analysts forecast that the firm will report sales of $11.12 billion, with estimates ranging from $10.72 billion to $11.37 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Reliance Steel & Aluminum.

Reliance Steel & Aluminum (NYSE:RS) last announced its quarterly earnings data on Thursday, July 25th. The industrial products company reported $2.71 earnings per share (EPS) 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 business had revenue of $2.88 billion for the quarter, compared to analysts’ expectations of $2.93 billion. During the same period in the previous year, the business posted $3.10 EPS. The firm’s quarterly revenue was down 3.5% compared to the same quarter last year.

A number of research firms have weighed in on RS. Jefferies Financial Group lowered Reliance Steel & Aluminum from a “buy” rating to a “hold” rating and reduced their target price for the company from $105.00 to $100.00 in a report on Friday, April 26th. Zacks Investment Research raised Reliance Steel & Aluminum from a “sell” rating to a “hold” rating and set a $108.00 target price for the company in a report on Monday, July 29th. Cowen set a $108.00 target price on Reliance Steel & Aluminum and gave the company a “buy” rating in a report on Friday, July 26th. ValuEngine lowered Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Bank of America reaffirmed a “neutral” rating and set a $98.00 target price on shares of Reliance Steel & Aluminum in a report on Friday, May 31st. One equities 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. Reliance Steel & Aluminum presently has an average rating of “Hold” and a consensus target price of $100.00.

RS stock traded down $0.97 during mid-day trading on Friday, reaching $97.91. 399,437 shares of the company traded hands, compared to its average volume of 553,586. The company has a quick ratio of 2.08, a current ratio of 4.42 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $6.65 billion, a P/E ratio of 10.95, a P/E/G ratio of 1.19 and a beta of 1.29. Reliance Steel & Aluminum has a 52-week low of $68.62 and a 52-week high of $105.25. The company has a fifty day moving average price of $93.66.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Friday, August 16th will be issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend is Thursday, August 15th. Reliance Steel & Aluminum’s payout ratio is presently 24.61%.

In other Reliance Steel & Aluminum news, VP Arthur Ajemyan sold 3,200 shares of Reliance Steel & Aluminum stock in a transaction dated 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 transaction, the vice president now owns 7,544 shares of the company’s stock, valued at approximately $766,545.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 3.43% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Zions Bancorporation N.A. grew its holdings in shares of Reliance Steel & Aluminum by 5.6% during the second quarter. Zions Bancorporation N.A. now owns 2,450 shares of the industrial products company’s stock worth $232,000 after purchasing an additional 130 shares in the last quarter. Municipal Employees Retirement System of Michigan grew its holdings in shares of Reliance Steel & Aluminum by 1.1% during the second quarter. Municipal Employees Retirement System of Michigan now owns 12,400 shares of the industrial products company’s stock worth $1,173,000 after purchasing an additional 130 shares in the last quarter. ETF Managers Group LLC grew its holdings in shares of Reliance Steel & Aluminum by 8.7% during the first quarter. ETF Managers Group LLC now owns 1,689 shares of the industrial products company’s stock worth $152,000 after purchasing an additional 135 shares in the last quarter. Advisory Services Network LLC grew its holdings in shares of Reliance Steel & Aluminum by 39.4% during the second quarter. Advisory Services Network LLC now owns 619 shares of the industrial products company’s stock worth $59,000 after purchasing an additional 175 shares in the last quarter. Finally, TD Asset Management Inc. grew its holdings in shares of Reliance Steel & Aluminum by 9.1% during the second quarter. TD Asset Management Inc. now owns 3,485 shares of the industrial products company’s stock worth $330,000 after purchasing an additional 290 shares in the last quarter. 81.80% of the stock is owned by 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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Earnings History and Estimates for Reliance Steel & Aluminum (NYSE:RS)

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