Reliance Steel & Aluminum Co. (RS) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Reliance Steel & Aluminum Co. (NYSE:RS) have been assigned a consensus rating of “Buy” from the twelve ratings firms that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and seven have given a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $78.60.

Several brokerages recently commented on RS. Deutsche Bank AG reaffirmed a “buy” rating on shares of Reliance Steel & Aluminum Co. in a research note on Saturday, June 24th. Cowen and Company reissued a “buy” rating and issued a $92.00 price objective on shares of Reliance Steel & Aluminum Co. in a research note on Wednesday, October 4th. Jefferies Group LLC reissued a “hold” rating and issued a $72.00 price objective on shares of Reliance Steel & Aluminum Co. in a research note on Friday, October 6th. KeyCorp reissued an “overweight” rating and issued a $81.00 price objective (down previously from $85.00) on shares of Reliance Steel & Aluminum Co. in a research note on Monday, June 26th. Finally, Zacks Investment Research raised Reliance Steel & Aluminum Co. from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd.

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Reliance Steel & Aluminum Co. (NYSE RS) traded up 1.16% during trading on Wednesday, hitting $76.15. The stock had a trading volume of 45,615 shares. The firm has a market cap of $5.55 billion, a PE ratio of 17.19 and a beta of 1.24. The company’s 50-day moving average is $74.13 and its 200 day moving average is $74.29. Reliance Steel & Aluminum Co. has a 52 week low of $65.10 and a 52 week high of $88.58.

Reliance Steel & Aluminum Co. (NYSE:RS) last announced its quarterly earnings results on Thursday, October 26th. The industrial products company reported $0.84 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.29 by ($0.45). Reliance Steel & Aluminum Co. had a net margin of 3.57% and a return on equity of 8.67%. Equities analysts expect that Reliance Steel & Aluminum Co. will post $5.16 EPS for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC raised its position in shares of Reliance Steel & Aluminum Co. by 1.5% during the second quarter. Lord Abbett & CO. LLC now owns 1,832,962 shares of the industrial products company’s stock worth $133,458,000 after acquiring an additional 26,528 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Reliance Steel & Aluminum Co. during the second quarter worth $252,000. Public Employees Retirement System of Ohio raised its position in shares of Reliance Steel & Aluminum Co. by 1.5% during the second quarter. Public Employees Retirement System of Ohio now owns 140,935 shares of the industrial products company’s stock worth $10,261,000 after acquiring an additional 2,109 shares during the last quarter. Koch Industries Inc. bought a new stake in shares of Reliance Steel & Aluminum Co. during the second quarter worth $393,000. Finally, 1st Global Advisors Inc. bought a new stake in shares of Reliance Steel & Aluminum Co. during the second quarter worth $278,000. Institutional investors own 82.50% of the company’s stock.

About Reliance Steel & Aluminum Co.

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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