Reliance Steel & Aluminum Co. (NYSE:RS) – Jefferies Group lifted their Q3 2016 earnings estimates for Reliance Steel & Aluminum Co. in a research note issued to investors on Thursday. Jefferies Group analyst S. Rosenfeld now anticipates that the firm will post earnings of $1.35 per share for the quarter, up from their prior estimate of $1.31. Jefferies Group has a “Hold” rating and a $72.00 price objective on the stock. Jefferies Group also issued estimates for Reliance Steel & Aluminum Co.’s Q4 2016 earnings at $0.86 EPS and FY2016 earnings at $4.60 EPS.

A number of other brokerages have also issued reports on RS. Zacks Investment Research upgraded Reliance Steel & Aluminum Co. from a “hold” rating to a “buy” rating and set a $94.00 price target for the company in a research note on Friday, July 15th. Cowen and Company increased their price target on Reliance Steel & Aluminum Co. from $78.00 to $86.00 and gave the stock an “outperform” rating in a research note on Friday, July 22nd. Bank of America Corp. upgraded Reliance Steel & Aluminum Co. from an “underperform” rating to a “neutral” rating and set a $84.00 price target for the company in a research note on Thursday, July 28th. Finally, Rosenblatt Securities increased their price target on Reliance Steel & Aluminum Co. from $69.00 to $76.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 5th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $78.56.

Reliance Steel & Aluminum Co. (NYSE:RS) opened at 68.99 on Monday. The company has a market cap of $5.00 billion, a price-to-earnings ratio of 16.09 and a beta of 1.59. Reliance Steel & Aluminum Co. has a 52-week low of $50.08 and a 52-week high of $84.25. The firm’s 50-day moving average price is $72.93 and its 200-day moving average price is $73.51.

Reliance Steel & Aluminum Co. (NYSE:RS) last released its earnings results on Thursday, July 21st. The company reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.30 by $0.06. Reliance Steel & Aluminum Co. had a return on equity of 8.05% and a net margin of 3.61%. The company earned $2.20 billion during the quarter, compared to analyst estimates of $2.31 billion. Reliance Steel & Aluminum Co.’s revenue for the quarter was down 9.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.21 EPS.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Synovus Financial Corp raised its position in Reliance Steel & Aluminum Co. by 0.6% in the second quarter. Synovus Financial Corp now owns 3,263 shares of the company’s stock valued at $250,000 after buying an additional 19 shares in the last quarter. Eqis Capital Management Inc. increased its stake in shares of Reliance Steel & Aluminum Co. by 0.8% in the second quarter. Eqis Capital Management Inc. now owns 5,385 shares of the company’s stock valued at $414,000 after buying an additional 42 shares during the last quarter. Northwestern Mutual Investment Management Company LLC increased its stake in shares of Reliance Steel & Aluminum Co. by 0.7% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 12,487 shares of the company’s stock valued at $960,000 after buying an additional 89 shares during the last quarter. Arizona State Retirement System increased its stake in shares of Reliance Steel & Aluminum Co. by 0.3% in the first quarter. Arizona State Retirement System now owns 34,184 shares of the company’s stock valued at $2,365,000 after buying an additional 100 shares during the last quarter. Finally, Paradigm Asset Management Co. LLC increased its stake in shares of Reliance Steel & Aluminum Co. by 4.9% in the second quarter. Paradigm Asset Management Co. LLC now owns 2,151 shares of the company’s stock valued at $165,000 after buying an additional 100 shares during the last quarter. Institutional investors own 85.21% of the company’s stock.

In related news, Director David H. Hannah sold 8,000 shares of Reliance Steel & Aluminum Co. stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $75.58, for a total value of $604,640.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Douglas M. Hayes sold 3,383 shares of Reliance Steel & Aluminum Co. stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $73.43, for a total value of $248,413.69. Following the completion of the transaction, the director now owns 4,709 shares of the company’s stock, valued at approximately $345,781.87. The disclosure for this sale can be found here. 3.73% of the stock is owned by corporate insiders.

The business also recently declared a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Friday, August 12th were given a $0.425 dividend. The ex-dividend date of this dividend was Wednesday, August 10th. This represents a $1.70 annualized dividend and a yield of 2.46%. This is a positive change from Reliance Steel & Aluminum Co.’s previous quarterly dividend of $0.40. Reliance Steel & Aluminum Co.’s dividend payout ratio (DPR) is currently 39.72%.

Reliance Steel & Aluminum Co. Company Profile

Reliance Steel & Aluminum Co is a metals service center company. The Company operates through metals service centers segment. The Company’s network of metals service centers operates over 300 locations in approximately 40 states in the United States and in other countries, including Australia, Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom.

5 Day Chart for NYSE:RS

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