Zacks Investment Research upgraded shares of Reliance Steel & Aluminum Co. (NYSE:RS) from a hold rating to a buy rating in a research report released on Monday. The brokerage currently has $93.00 price objective on the stock.

According to Zacks, “Reliance Steel has outperformed the Zacks categorized  Metal-Products Distributor industry over the past three months. The company is well placed to leverage the strong momentum across a number of end markets, including aerospace and automotive. It should also gain from its broad and diversified product base, wide geographic footprint and aggressive acquisition strategy. The company also remains committed to increasing shareholder returns through share repurchases and dividends.”

Other analysts have also issued research reports about the company. Clarkson Capital raised Reliance Steel & Aluminum Co. from a neutral rating to a buy rating in a report on Tuesday, October 18th. Deutsche Bank AG lifted their target price on Reliance Steel & Aluminum Co. from $78.00 to $95.00 and gave the stock a buy rating in a report on Monday, December 5th. TheStreet raised Reliance Steel & Aluminum Co. from a hold rating to a buy rating in a report on Tuesday, November 22nd. Jefferies Group LLC reissued a hold rating and issued a $70.00 target price (down previously from $72.00) on shares of Reliance Steel & Aluminum Co. in a report on Monday, October 24th. Finally, Macquarie lowered Reliance Steel & Aluminum Co. from an outperform rating to a neutral rating in a report on Tuesday, November 29th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $82.10.

Analyst Recommendations for Reliance Steel & Aluminum Co. (NYSE:RS)

Shares of Reliance Steel & Aluminum Co. (NYSE:RS) opened at 87.61 on Monday. Reliance Steel & Aluminum Co. has a one year low of $56.81 and a one year high of $88.58. The company’s 50-day moving average price is $81.71 and its 200-day moving average price is $76.42. The stock has a market cap of $6.36 billion, a PE ratio of 20.53 and a beta of 1.32.

Reliance Steel & Aluminum Co. (NYSE:RS) last posted its earnings results on Thursday, February 16th. The company reported $0.84 EPS for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.10. The business earned $2.06 billion during the quarter, compared to analyst estimates of $2.02 billion. Reliance Steel & Aluminum Co. had a return on equity of 8.10% and a net margin of 3.63%. The company’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.87 EPS. Equities research analysts anticipate that Reliance Steel & Aluminum Co. will post $4.40 earnings per share for the current year.

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In related news, Director Andrew G. Sharkey III sold 3,000 shares of Reliance Steel & Aluminum Co. stock in a transaction on Wednesday, November 30th. The stock was sold at an average price of $81.33, for a total value of $243,990.00. Following the completion of the sale, the director now owns 4,693 shares of the company’s stock, valued at $381,681.69. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP William K. Sales, Jr. sold 25,000 shares of Reliance Steel & Aluminum Co. stock in a transaction on Tuesday, November 22nd. The stock was sold at an average price of $81.56, for a total value of $2,039,000.00. Following the completion of the sale, the executive vice president now directly owns 102,843 shares of the company’s stock, valued at approximately $8,387,875.08. The disclosure for this sale can be found here. Insiders sold 99,000 shares of company stock valued at $8,345,660 in the last ninety days. 3.73% of the stock is currently owned by corporate insiders.

Several hedge funds have recently modified their holdings of RS. Advisor Group Inc. raised its stake in shares of Reliance Steel & Aluminum Co. by 86.1% in the third quarter. Advisor Group Inc. now owns 1,530 shares of the company’s stock valued at $108,000 after buying an additional 708 shares during the last quarter. BKS Advisors LLC purchased a new stake in shares of Reliance Steel & Aluminum Co. during the third quarter valued at approximately $180,000. Cigna Investments Inc. New purchased a new stake in shares of Reliance Steel & Aluminum Co. during the fourth quarter valued at approximately $210,000. NTV Asset Management LLC purchased a new stake in shares of Reliance Steel & Aluminum Co. during the second quarter valued at approximately $211,000. Finally, Private Advisor Group LLC purchased a new stake in shares of Reliance Steel & Aluminum Co. during the fourth quarter valued at approximately $218,000. 85.49% of the stock is owned by institutional investors.

About Reliance Steel & Aluminum Co.

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.

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