Jefferies Group Research Analysts Lift Earnings Estimates for Reliance Steel & Aluminum Co. (RS)

Reliance Steel & Aluminum Co. (NYSE:RS) – Research analysts at Jefferies Group upped their FY2017 earnings estimates for Reliance Steel & Aluminum in a report issued on Tuesday. Jefferies Group analyst S. Rosenfeld now expects that the industrial products company will post earnings of $5.23 per share for the year, up from their previous forecast of $5.17. Jefferies Group has a “Hold” rating and a $72.00 price objective on the stock. Jefferies Group also issued estimates for Reliance Steel & Aluminum’s Q4 2017 earnings at $1.00 EPS.

Reliance Steel & Aluminum (NYSE:RS) last released its earnings results on Thursday, October 26th. The industrial products company reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.11. Reliance Steel & Aluminum had a return on equity of 8.61% and a net margin of 3.97%. The business had revenue of $2.45 billion for the quarter. During the same period last year, the business earned $1.25 earnings per share. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year.

A number of other research firms also recently weighed in on RS. Zacks Investment Research downgraded Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a report on Monday. Bank of America set a $97.00 price objective on Reliance Steel & Aluminum and gave the company a “buy” rating in a report on Monday. KeyCorp reaffirmed a “buy” rating and set a $84.00 price objective on shares of Reliance Steel & Aluminum in a report on Thursday, December 7th. ValuEngine raised Reliance Steel & Aluminum from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Finally, Cowen reaffirmed a “buy” rating and set a $92.00 price objective on shares of Reliance Steel & Aluminum in a report on Wednesday, October 4th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. Reliance Steel & Aluminum currently has a consensus rating of “Buy” and a consensus price target of $81.67.

Shares of Reliance Steel & Aluminum (RS) opened at $88.94 on Wednesday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.79 and a current ratio of 4.06. The firm has a market capitalization of $6,490.00, a P/E ratio of 17.47, a price-to-earnings-growth ratio of 1.64 and a beta of 1.29. Reliance Steel & Aluminum has a 1-year low of $68.46 and a 1-year high of $89.89.

Large investors have recently bought and sold shares of the company. Grove Bank & Trust raised its position in Reliance Steel & Aluminum by 117.8% in the 3rd quarter. Grove Bank & Trust now owns 1,590 shares of the industrial products company’s stock worth $121,000 after purchasing an additional 860 shares during the last quarter. Huntington National Bank raised its position in Reliance Steel & Aluminum by 267.8% in the 3rd quarter. Huntington National Bank now owns 1,611 shares of the industrial products company’s stock worth $123,000 after purchasing an additional 1,173 shares during the last quarter. Zions Bancorporation bought a new position in Reliance Steel & Aluminum in the 3rd quarter worth approximately $144,000. Barrow Hanley Mewhinney & Strauss LLC raised its position in Reliance Steel & Aluminum by 633.3% in the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,552 shares of the industrial products company’s stock worth $194,000 after purchasing an additional 2,204 shares during the last quarter. Finally, Private Advisor Group LLC bought a new position in Reliance Steel & Aluminum in the 3rd quarter worth approximately $201,000. Institutional investors own 82.30% of the company’s stock.

In other news, SVP William A. Smith II sold 1,123 shares of Reliance Steel & Aluminum stock in a transaction that occurred on Friday, December 8th. The shares were sold at an average price of $82.69, for a total value of $92,860.87. Following the completion of the transaction, the senior vice president now owns 15,320 shares in the company, valued at $1,266,810.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.18% of the company’s stock.

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Reliance Steel & Aluminum 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).

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