Reliance Steel & Aluminum Co. (RS) Earns Buy Rating from Cowen and Company

Cowen and Company reaffirmed their buy rating on shares of Reliance Steel & Aluminum Co. (NYSE:RS) in a research report report published on Friday morning. Cowen and Company currently has a $92.00 price objective on the industrial products company’s stock.

Other analysts also recently issued reports about the company. Zacks Investment Research upgraded Reliance Steel & Aluminum Co. from a hold rating to a buy rating and set a $86.00 price objective for the company in a report on Monday, October 16th. Bank of America Corporation restated a buy rating and issued a $89.00 price objective (up from $88.00) on shares of Reliance Steel & Aluminum Co. in a report on Tuesday, September 5th. ValuEngine upgraded Reliance Steel & Aluminum Co. from a hold rating to a buy rating in a report on Friday, October 27th. Jefferies Group LLC reiterated a hold rating on shares of Reliance Steel & Aluminum Co. in a research note on Thursday, August 31st. Finally, BidaskClub upgraded Reliance Steel & Aluminum Co. from a sell rating to a hold rating in a research note on Thursday, July 6th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. Reliance Steel & Aluminum Co. presently has an average rating of Buy and a consensus target price of $82.00.

Reliance Steel & Aluminum Co. (RS) traded down $0.72 during trading hours on Friday, hitting $76.68. The stock had a trading volume of 108,787 shares, compared to its average volume of 427,127. Reliance Steel & Aluminum Co. has a fifty-two week low of $67.03 and a fifty-two week high of $88.58. The company has a market capitalization of $5,643.64, a P/E ratio of 15.30, a price-to-earnings-growth ratio of 1.67 and a beta of 1.28. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.79 and a current ratio of 4.06.

Reliance Steel & Aluminum Co. (NYSE:RS) last released its quarterly earnings data on Thursday, October 26th. The industrial products company reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.11. The firm had revenue of $2.45 billion during the quarter. Reliance Steel & Aluminum Co. had a return on equity of 8.61% and a net margin of 3.97%. The business’s revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.25 earnings per share. analysts forecast that Reliance Steel & Aluminum Co. will post 5.16 EPS for the current fiscal year.

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The firm also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Friday, November 17th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.35%. Reliance Steel & Aluminum Co.’s payout ratio is 35.43%.

Hedge funds have recently modified their holdings of the company. Canada Pension Plan Investment Board grew its stake in shares of Reliance Steel & Aluminum Co. by 172.0% during the second quarter. Canada Pension Plan Investment Board now owns 402,112 shares of the industrial products company’s stock worth $29,278,000 after acquiring an additional 254,300 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Reliance Steel & Aluminum Co. by 20.4% during the second quarter. Wells Fargo & Company MN now owns 509,311 shares of the industrial products company’s stock worth $37,083,000 after purchasing an additional 86,238 shares during the period. Engineers Gate Manager LP acquired a new stake in shares of Reliance Steel & Aluminum Co. during the second quarter worth about $5,043,000. Caxton Associates LP acquired a new stake in shares of Reliance Steel & Aluminum Co. during the second quarter worth about $13,834,000. Finally, Profit Investment Management LLC lifted its holdings in shares of Reliance Steel & Aluminum Co. by 6.1% during the third quarter. Profit Investment Management LLC now owns 42,996 shares of the industrial products company’s stock worth $3,275,000 after purchasing an additional 2,488 shares during the period. Institutional investors and hedge funds own 83.11% 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).

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