Reliance Steel & Aluminum Co. (NYSE:RS – Get Rating) – Equities research analysts at KeyCorp boosted their Q3 2022 earnings per share estimates for shares of Reliance Steel & Aluminum in a report released on Tuesday, September 20th. KeyCorp analyst P. Gibbs now anticipates that the industrial products company will post earnings per share of $6.15 for the quarter, up from their prior estimate of $6.10. KeyCorp has a "Overweight" rating and a $207.00 price target on the stock. The consensus estimate for Reliance Steel & Aluminum's current full-year earnings is $28.28 per share.
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Reliance Steel & Aluminum (NYSE:RS – Get Rating) last issued its quarterly earnings results on Thursday, July 28th. The industrial products company reported $9.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $9.02 by $0.13. Reliance Steel & Aluminum had a return on equity of 30.46% and a net margin of 11.25%. The business had revenue of $4.68 billion during the quarter, compared to analyst estimates of $4.61 billion. During the same quarter in the prior year, the business posted $5.06 EPS. Reliance Steel & Aluminum's revenue for the quarter was up 36.9% compared to the same quarter last year.
RS has been the subject of a number of other research reports. StockNews.com lowered Reliance Steel & Aluminum from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 29th. The Goldman Sachs Group cut their price objective on Reliance Steel & Aluminum from $234.00 to $218.00 in a research report on Tuesday, July 12th. Finally, BMO Capital Markets initiated coverage on Reliance Steel & Aluminum in a research report on Monday, August 15th. They set an "outperform" rating and a $230.00 price objective for the company. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $222.20.
Reliance Steel & Aluminum Trading Down 2.4 %
Shares of RS stock opened at $170.99 on Friday. Reliance Steel & Aluminum has a 52-week low of $139.02 and a 52-week high of $211.65. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.60 and a current ratio of 3.02. The firm has a market capitalization of $10.31 billion, a PE ratio of 5.65 and a beta of 0.83. The stock has a fifty day simple moving average of $186.91 and a two-hundred day simple moving average of $186.26.
Reliance Steel & Aluminum Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, September 2nd. Investors of record on Friday, August 19th were given a $0.875 dividend. The ex-dividend date of this dividend was Thursday, August 18th. This represents a $3.50 annualized dividend and a yield of 2.05%. Reliance Steel & Aluminum's dividend payout ratio is currently 11.56%.
Insider Buying and Selling
In other Reliance Steel & Aluminum news, CFO Arthur Ajemyan sold 1,000 shares of the firm's stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $198.39, for a total value of $198,390.00. Following the completion of the sale, the chief financial officer now owns 12,870 shares of the company's stock, valued at $2,553,279.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Reliance Steel & Aluminum news, CEO James Donald Hoffman sold 10,000 shares of the firm's stock in a transaction dated Wednesday, July 6th. The shares were sold at an average price of $167.78, for a total value of $1,677,800.00. Following the completion of the sale, the chief executive officer now owns 142,738 shares of the company's stock, valued at $23,948,581.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Arthur Ajemyan sold 1,000 shares of Reliance Steel & Aluminum stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $198.39, for a total transaction of $198,390.00. Following the sale, the chief financial officer now directly owns 12,870 shares of the company's stock, valued at approximately $2,553,279.30. The disclosure for this sale can be found here. 0.62% of the stock is currently owned by company insiders.
Institutional Trading of Reliance Steel & Aluminum
Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. raised its stake in Reliance Steel & Aluminum by 6.5% in the first quarter. BlackRock Inc. now owns 6,370,754 shares of the industrial products company's stock worth $1,168,079,000 after buying an additional 389,942 shares in the last quarter. State Street Corp grew its holdings in shares of Reliance Steel & Aluminum by 16.4% during the first quarter. State Street Corp now owns 2,549,898 shares of the industrial products company's stock valued at $467,524,000 after buying an additional 359,364 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Reliance Steel & Aluminum by 2.0% during the first quarter. Dimensional Fund Advisors LP now owns 2,242,803 shares of the industrial products company's stock valued at $411,223,000 after buying an additional 44,267 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Reliance Steel & Aluminum by 15.0% during the second quarter. Price T Rowe Associates Inc. MD now owns 1,981,575 shares of the industrial products company's stock valued at $336,590,000 after buying an additional 258,662 shares during the last quarter. Finally, Yacktman Asset Management LP grew its holdings in shares of Reliance Steel & Aluminum by 19.9% during the first quarter. Yacktman Asset Management LP now owns 1,263,336 shares of the industrial products company's stock valued at $231,633,000 after buying an additional 209,836 shares during the last quarter. Institutional investors own 83.16% of the company's stock.
Reliance Steel & Aluminum Company Profile
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Reliance Steel & Aluminum Co operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.
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