Wall Street analysts expect Reliance Steel & Aluminum Co (NYSE:RS) to report sales of $2.69 billion for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Reliance Steel & Aluminum’s earnings, with estimates ranging from $2.66 billion to $2.71 billion. Reliance Steel & Aluminum posted sales of $2.97 billion during the same quarter last year, which would indicate a negative year over year growth rate of 9.4%. The company is scheduled to report its next earnings report on Thursday, October 24th.

On average, analysts expect that Reliance Steel & Aluminum will report full year sales of $11.12 billion for the current fiscal year, with estimates ranging from $11.00 billion to $11.21 billion. For the next financial year, analysts anticipate that the firm will post sales of $11.10 billion, with estimates ranging from $10.63 billion to $11.37 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that follow Reliance Steel & Aluminum.

Reliance Steel & Aluminum (NYSE:RS) last posted its earnings results on Thursday, July 25th. The industrial products company reported $2.71 EPS for the quarter, beating the Zacks’ consensus estimate of $2.60 by $0.11. Reliance Steel & Aluminum had a net margin of 5.22% and a return on equity of 12.85%. The company had revenue of $2.88 billion during the quarter, compared to analysts’ expectations of $2.93 billion. During the same quarter in the prior year, the company posted $3.10 earnings per share. Reliance Steel & Aluminum’s revenue for the quarter was down 3.5% compared to the same quarter last year.

A number of equities research analysts recently commented on the stock. Bank of America reissued a “neutral” rating and set a $98.00 target price on shares of Reliance Steel & Aluminum in a research report on Friday, May 31st. Longbow Research raised shares of Reliance Steel & Aluminum from an “underperform” rating to a “neutral” rating in a report on Friday, September 6th. KeyCorp raised their price target on shares of Reliance Steel & Aluminum from $107.00 to $109.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Citigroup set a $104.00 price target on shares of Reliance Steel & Aluminum and gave the stock a “hold” rating in a report on Friday, July 26th. Finally, ValuEngine cut shares of Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Reliance Steel & Aluminum currently has an average rating of “Hold” and an average price target of $99.89.

In related news, VP Arthur Ajemyan sold 3,200 shares of the firm’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $101.61, for a total transaction of $325,152.00. Following the completion of the transaction, the vice president now owns 7,544 shares of the company’s stock, valued at $766,545.84. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 3.43% of the company’s stock.

Several institutional investors have recently modified their holdings of the stock. Rehmann Capital Advisory Group raised its holdings in shares of Reliance Steel & Aluminum by 997.4% during the second quarter. Rehmann Capital Advisory Group now owns 417 shares of the industrial products company’s stock worth $39,000 after purchasing an additional 379 shares during the last quarter. Natixis raised its holdings in shares of Reliance Steel & Aluminum by 45.0% during the second quarter. Natixis now owns 43,817 shares of the industrial products company’s stock worth $4,146,000 after purchasing an additional 13,590 shares during the last quarter. Salomon & Ludwin LLC purchased a new position in shares of Reliance Steel & Aluminum during the second quarter worth $95,000. Barings LLC raised its holdings in shares of Reliance Steel & Aluminum by 12.7% during the second quarter. Barings LLC now owns 22,112 shares of the industrial products company’s stock worth $2,092,000 after purchasing an additional 2,500 shares during the last quarter. Finally, UBS Group AG raised its holdings in shares of Reliance Steel & Aluminum by 48.3% during the second quarter. UBS Group AG now owns 147,884 shares of the industrial products company’s stock worth $13,993,000 after purchasing an additional 48,188 shares during the last quarter. 83.94% of the stock is owned by hedge funds and other institutional investors.

NYSE:RS traded down $0.18 during midday trading on Wednesday, reaching $103.15. 291,218 shares of the stock traded hands, compared to its average volume of 459,041. Reliance Steel & Aluminum has a 12-month low of $68.62 and a 12-month high of $105.25. The business has a 50-day moving average of $98.70 and a two-hundred day moving average of $92.28. The company has a debt-to-equity ratio of 0.39, a quick ratio of 2.08 and a current ratio of 4.42. The stock has a market capitalization of $6.89 billion, a PE ratio of 11.54, a price-to-earnings-growth ratio of 1.25 and a beta of 1.30.

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were issued a $0.55 dividend. The ex-dividend date was Thursday, August 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.13%. Reliance Steel & Aluminum’s dividend payout ratio is currently 24.61%.

About Reliance Steel & Aluminum

Reliance Steel & Aluminum Co operates as a metals service center company. The company provides alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products and related processing services to general manufacturing, non-residential construction, transportation, aerospace and defense, energy, electronics and semiconductor fabrication, auto, and heavy industries.

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