Zacks: Brokerages Anticipate Reliance Steel & Aluminum Co (NYSE:RS) Will Post Quarterly Sales of $2.67 Billion

Analysts expect that Reliance Steel & Aluminum Co (NYSE:RS) will report sales of $2.67 billion for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Reliance Steel & Aluminum’s earnings. The lowest sales estimate is $2.65 billion and the highest is $2.71 billion. Reliance Steel & Aluminum posted sales of $2.97 billion in the same quarter last year, which would indicate a negative year-over-year growth rate of 10.1%. The company is scheduled to report its next quarterly earnings report before the market opens on Thursday, October 24th.

On average, analysts expect that Reliance Steel & Aluminum will report full year sales of $11.06 billion for the current financial year, with estimates ranging from $10.97 billion to $11.17 billion. For the next year, analysts forecast that the company will post sales of $11.03 billion, with estimates ranging from $10.63 billion to $11.37 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover 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 for the quarter, beating the Thomson Reuters’ consensus estimate of $2.60 by $0.11. Reliance Steel & Aluminum had a net margin of 5.22% and a return on equity of 12.85%. The business had revenue of $2.88 billion for the quarter, compared to analyst estimates of $2.93 billion. During the same period in the prior year, the business posted $3.10 earnings per share. Reliance Steel & Aluminum’s revenue was down 3.5% compared to the same quarter last year.

RS has been the topic of several analyst reports. Zacks Investment Research upgraded shares of Reliance Steel & Aluminum from a “sell” rating to a “hold” rating and set a $103.00 price objective on the stock in a report on Friday, October 4th. Longbow Research upgraded shares of Reliance Steel & Aluminum from an “underperform” rating to a “neutral” rating in a report on Friday, September 6th. Cowen set a $108.00 price objective on shares of Reliance Steel & Aluminum and gave the company a “buy” rating in a report on Friday, July 26th. Citigroup set a $104.00 price objective on shares of Reliance Steel & Aluminum and gave the company a “hold” rating in a report on Friday, July 26th. Finally, ValuEngine lowered shares of Reliance Steel & Aluminum from a “hold” rating to a “sell” rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $99.33.

In other Reliance Steel & Aluminum news, VP Arthur Ajemyan sold 3,200 shares of the stock in a transaction on Monday, July 29th. The shares were sold at an average price of $101.61, for a total value of $325,152.00. Following the sale, the vice president now directly owns 7,544 shares in the company, valued at $766,545.84. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 3.43% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of RS. FinTrust Capital Advisors LLC bought a new stake in shares of Reliance Steel & Aluminum during the second quarter worth $32,000. Rehmann Capital Advisory Group increased its position in shares of Reliance Steel & Aluminum by 997.4% during the second quarter. Rehmann Capital Advisory Group now owns 417 shares of the industrial products company’s stock worth $39,000 after acquiring an additional 379 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Reliance Steel & Aluminum during the second quarter worth $53,000. Advisory Services Network LLC increased its position 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 acquiring an additional 175 shares in the last quarter. Finally, Parallel Advisors LLC increased its position in shares of Reliance Steel & Aluminum by 50.9% during the second quarter. Parallel Advisors LLC now owns 803 shares of the industrial products company’s stock worth $76,000 after acquiring an additional 271 shares in the last quarter. Institutional investors own 83.94% of the company’s stock.

NYSE RS traded up $1.72 during trading hours on Friday, hitting $101.73. The company’s stock had a trading volume of 19,272 shares, compared to its average volume of 474,924. The stock has a fifty day moving average of $99.30 and a 200 day moving average of $93.60. Reliance Steel & Aluminum has a twelve month low of $68.62 and a twelve month high of $105.25. The firm has a market capitalization of $6.54 billion, a P/E ratio of 11.40, a PEG ratio of 1.20 and a beta of 1.30. The company has a quick ratio of 2.08, a current ratio of 4.42 and a debt-to-equity ratio of 0.39.

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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