Cowen and Company set a $92.00 price objective on Reliance Steel & Aluminum Co. (NYSE:RS) in a report issued on Thursday morning, MarketBeat.com reports. The firm currently has an outperform rating on the industrial products company’s stock.

A number of other equities research analysts have also recently weighed in on the stock. Bank of America Corporation upgraded shares of Reliance Steel & Aluminum Co. from a neutral rating to a buy rating and set a $88.00 price objective on the stock in a research note on Tuesday, May 23rd. They noted that the move was a valuation call. Jefferies Group LLC restated a hold rating and set a $77.00 price objective (down from $80.00) on shares of Reliance Steel & Aluminum Co. in a research note on Friday, April 28th. BidaskClub cut shares of Reliance Steel & Aluminum Co. from a sell rating to a strong sell rating in a research note on Wednesday, June 21st. Barclays PLC restated a hold rating and set a $59.00 price objective on shares of Reliance Steel & Aluminum Co. in a research note on Monday, May 1st. Finally, Longbow Research started coverage on shares of Reliance Steel & Aluminum Co. in a research note on Wednesday, April 19th. They set a neutral rating on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. Reliance Steel & Aluminum Co. currently has a consensus rating of Buy and an average price target of $82.86.

Reliance Steel & Aluminum Co. (NYSE:RS) opened at 71.75 on Thursday. The stock has a market cap of $5.23 billion, a P/E ratio of 16.18 and a beta of 1.23. Reliance Steel & Aluminum Co. has a one year low of $65.10 and a one year high of $88.58. The stock has a 50 day moving average of $73.37 and a 200-day moving average of $77.71.

Reliance Steel & Aluminum Co. (NYSE:RS) last issued its quarterly earnings data on Thursday, July 27th. The industrial products company reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.02. Reliance Steel & Aluminum Co. had a net margin of 3.57% and a return on equity of 8.67%. The business had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.42 billion. During the same period in the previous year, the business earned $1.36 earnings per share. The company’s revenue was up 12.3% on a year-over-year basis. Analysts anticipate that Reliance Steel & Aluminum Co. will post $5.27 EPS for the current year.

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The firm also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 18th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.51%. The ex-dividend date is Wednesday, August 16th. Reliance Steel & Aluminum Co.’s dividend payout ratio (DPR) is presently 40.54%.

A number of large investors have recently modified their holdings of RS. HighTower Advisors LLC boosted its stake in shares of Reliance Steel & Aluminum Co. by 3.3% in the first quarter. HighTower Advisors LLC now owns 35,869 shares of the industrial products company’s stock valued at $2,875,000 after buying an additional 1,159 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Reliance Steel & Aluminum Co. by 1.0% in the first quarter. JPMorgan Chase & Co. now owns 371,030 shares of the industrial products company’s stock valued at $29,690,000 after buying an additional 3,704 shares during the period. BlackRock Inc. boosted its stake in shares of Reliance Steel & Aluminum Co. by 11,996.1% in the first quarter. BlackRock Inc. now owns 6,681,296 shares of the industrial products company’s stock valued at $534,635,000 after buying an additional 6,626,061 shares during the period. Comerica Bank boosted its stake in shares of Reliance Steel & Aluminum Co. by 4.3% in the first quarter. Comerica Bank now owns 59,388 shares of the industrial products company’s stock valued at $4,783,000 after buying an additional 2,453 shares during the period. Finally, Nationwide Fund Advisors boosted its stake in shares of Reliance Steel & Aluminum Co. by 3.0% in the first quarter. Nationwide Fund Advisors now owns 285,502 shares of the industrial products company’s stock valued at $22,846,000 after buying an additional 8,375 shares during the period. Hedge funds and other institutional investors own 82.45% 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).

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

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