Reliance Steel & Aluminum Co. (NYSE:RS) Raised to “Sell” at BidaskClub

Reliance Steel & Aluminum Co. (NYSE:RS) was upgraded by analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a research note issued to investors on Friday, June 30th.

RS has been the topic of several other reports. Macquarie raised Reliance Steel & Aluminum Co. from a “neutral” rating to an “outperform” rating in a research report on Tuesday, March 14th. KeyCorp reissued an “overweight” rating and issued a $81.00 target price (down from $85.00) on shares of Reliance Steel & Aluminum Co. in a research report on Monday, June 26th. Bank of America Corporation raised Reliance Steel & Aluminum Co. from a “neutral” rating to a “buy” rating and set a $88.00 target price on the stock in a research report on Tuesday, May 23rd. They noted that the move was a valuation call. Barclays PLC reissued a “hold” rating and issued a $59.00 target price on shares of Reliance Steel & Aluminum Co. in a research report on Monday, May 1st. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $77.00 target price (down from $80.00) on shares of Reliance Steel & Aluminum Co. in a research report on Friday, April 28th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. Reliance Steel & Aluminum Co. currently has an average rating of “Buy” and an average target price of $82.86.

Shares of Reliance Steel & Aluminum Co. (NYSE RS) traded down 3.54% during midday trading on Friday, reaching $71.75. The company had a trading volume of 632,394 shares. The company has a 50 day moving average of $73.37 and a 200 day moving average of $77.71. Reliance Steel & Aluminum Co. has a 12-month low of $65.10 and a 12-month high of $88.58. The firm has a market capitalization of $5.23 billion, a price-to-earnings ratio of 16.18 and a beta of 1.23.

Reliance Steel & Aluminum Co. (NYSE:RS) last announced its earnings results on Thursday, July 27th. The industrial products company reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.02. The business had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.42 billion. Reliance Steel & Aluminum Co. had a return on equity of 8.67% and a net margin of 3.57%. The business’s revenue for the quarter was up 12.3% on a year-over-year basis. During the same period last year, the firm posted $1.36 earnings per share. Analysts anticipate that Reliance Steel & Aluminum Co. will post $5.27 EPS for the current year.

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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Northwestern Mutual Investment Management Company LLC raised its position in shares of Reliance Steel & Aluminum Co. by 0.4% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 12,556 shares of the industrial products company’s stock valued at $1,005,000 after buying an additional 50 shares in the last quarter. Pitcairn Co. increased its stake in shares of Reliance Steel & Aluminum Co. by 1.3% in the first quarter. Pitcairn Co. now owns 5,022 shares of the industrial products company’s stock worth $402,000 after buying an additional 65 shares during the last quarter. World Asset Management Inc increased its stake in shares of Reliance Steel & Aluminum Co. by 2.1% in the first quarter. World Asset Management Inc now owns 5,261 shares of the industrial products company’s stock worth $421,000 after buying an additional 106 shares during the last quarter. Argent Capital Management LLC increased its stake in shares of Reliance Steel & Aluminum Co. by 2.5% in the first quarter. Argent Capital Management LLC now owns 5,000 shares of the industrial products company’s stock worth $400,000 after buying an additional 120 shares during the last quarter. Finally, Vident Investment Advisory LLC increased its stake in shares of Reliance Steel & Aluminum Co. by 0.5% in the fourth quarter. Vident Investment Advisory LLC now owns 30,050 shares of the industrial products company’s stock worth $2,390,000 after buying an additional 135 shares during the last quarter. 83.28% of the stock is owned by hedge funds and other institutional investors.

Reliance Steel & Aluminum Co. Company Profile

Reliance Steel & Aluminum Co is a metals service center company in North America (the United States and Canada). As of December 31, 2016, the Company’s network of metals service centers operated over 300 locations in 39 states in the United States and in 12 other countries (Australia, Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom).

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

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