Zacks: Analysts Anticipate Reliance Steel & Aluminum Co (NYSE:RS) Will Announce Earnings of $2.01 Per Share

Equities analysts expect Reliance Steel & Aluminum Co (NYSE:RS) to post earnings of $2.01 per share for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Reliance Steel & Aluminum’s earnings, with the highest EPS estimate coming in at $2.05 and the lowest estimate coming in at $1.96. Reliance Steel & Aluminum reported earnings per share of $2.42 during the same quarter last year, which suggests a negative year over year growth rate of 16.9%. The business is expected to report its next earnings results on Thursday, October 24th.

On average, analysts expect that Reliance Steel & Aluminum will report full-year earnings of $9.26 per share for the current fiscal year, with EPS estimates ranging from $9.09 to $9.43. For the next year, analysts forecast that the business will post earnings of $8.53 per share, with EPS estimates ranging from $8.19 to $8.82. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side research analysts that cover Reliance Steel & Aluminum.

Reliance Steel & Aluminum (NYSE:RS) last released its quarterly earnings results 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. The business had revenue of $2.88 billion during the quarter, compared to the consensus estimate of $2.93 billion. Reliance Steel & Aluminum had a return on equity of 12.85% and a net margin of 5.22%. The business’s quarterly revenue was down 3.5% compared to the same quarter last year. During the same period in the previous year, the company posted $3.10 EPS.

RS has been the subject of a number of recent research reports. ValuEngine downgraded Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Bank of America reiterated a “neutral” rating and set a $98.00 price objective on shares of Reliance Steel & Aluminum in a research note on Friday, May 31st. 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. 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, KeyCorp boosted their price objective on Reliance Steel & Aluminum from $100.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. Reliance Steel & Aluminum has a consensus rating of “Hold” and an average price target of $100.00.

In related news, VP Arthur Ajemyan sold 3,200 shares of the business’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 transaction, the vice president now directly owns 7,544 shares in the company, valued at approximately $766,545.84. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 3.43% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in Reliance Steel & Aluminum by 2.8% in the 2nd quarter. Vanguard Group Inc. now owns 6,495,340 shares of the industrial products company’s stock worth $614,590,000 after purchasing an additional 178,013 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in Reliance Steel & Aluminum by 0.6% in the 2nd quarter. Victory Capital Management Inc. now owns 4,114,555 shares of the industrial products company’s stock worth $389,319,000 after purchasing an additional 22,803 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Reliance Steel & Aluminum by 0.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,581,111 shares of the industrial products company’s stock worth $183,704,000 after purchasing an additional 21,911 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Reliance Steel & Aluminum by 7.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 983,535 shares of the industrial products company’s stock worth $93,062,000 after purchasing an additional 69,294 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Reliance Steel & Aluminum by 5.9% in the 4th quarter. Geode Capital Management LLC now owns 970,224 shares of the industrial products company’s stock worth $69,050,000 after purchasing an additional 54,486 shares in the last quarter. Institutional investors own 83.27% of the company’s stock.

Shares of Reliance Steel & Aluminum stock traded up $1.78 during trading hours on Friday, reaching $97.59. 1,211,500 shares of the stock traded hands, compared to its average volume of 569,513. The company has a 50 day moving average price of $95.90 and a 200 day moving average price of $90.19. The firm has a market capitalization of $6.41 billion, a price-to-earnings ratio of 10.92, a P/E/G ratio of 1.16 and a beta of 1.29. Reliance Steel & Aluminum has a one year low of $68.62 and a one year high of $105.25. The company has a quick ratio of 2.08, a current ratio of 4.42 and a debt-to-equity ratio of 0.39.

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

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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