Zacks Investment Research downgraded shares of Reliance Steel & Aluminum Co. (NYSE:RS) from a buy rating to a hold rating in a report published on Wednesday.

According to Zacks, “Reliance Steel has outperformed the industry it belongs to over the last year. The company should gain from the strong momentum across aerospace and automotive markets. Reliance Steel should also benefit from its aggressive acquisition strategy, broad and diversified product base and wide geographic footprint. However, Reliance Steel continues to face low demand across energy and non-residential construction markets. The steel industry is also not out of the woods yet.”

RS has been the subject of several other research reports. Jefferies Group LLC reissued a hold rating and set a $72.00 price target on shares of Reliance Steel & Aluminum Co. in a research report on Wednesday, July 19th. Deutsche Bank AG reissued a buy rating on shares of Reliance Steel & Aluminum Co. in a research report on Saturday, June 24th. BidaskClub raised shares of Reliance Steel & Aluminum Co. from a sell rating to a hold rating in a research report on Thursday, July 6th. Cowen and Company set a $92.00 price target on shares of Reliance Steel & Aluminum Co. and gave the company an outperform rating in a research report on Thursday, July 27th. Finally, KeyCorp reissued an overweight rating and set a $81.00 price target (down previously from $85.00) on shares of Reliance Steel & Aluminum Co. in a research report on Monday, June 26th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $82.00.

Shares of Reliance Steel & Aluminum Co. (NYSE:RS) traded down 0.01% during trading on Wednesday, hitting $75.95. 339,490 shares of the stock were exchanged. The firm has a market capitalization of $5.54 billion, a price-to-earnings ratio of 17.13 and a beta of 1.24. The stock’s 50 day moving average price is $74.90 and its 200 day moving average price is $74.16. Reliance Steel & Aluminum Co. has a 52 week low of $65.10 and a 52 week high of $88.58.

Reliance Steel & Aluminum Co. (NYSE:RS) last announced its quarterly earnings data on Thursday, October 26th. The industrial products company reported $0.84 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.29 by ($0.45). Reliance Steel & Aluminum Co. had a net margin of 3.57% and a return on equity of 8.67%. On average, equities analysts predict that Reliance Steel & Aluminum Co. will post $5.08 earnings per share for the current year.

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A number of hedge funds and other institutional investors have recently modified their holdings of the business. QS Investors LLC raised its holdings in Reliance Steel & Aluminum Co. by 0.5% in the 2nd quarter. QS Investors LLC now owns 3,710 shares of the industrial products company’s stock worth $270,000 after purchasing an additional 17 shares in the last quarter. M&T Bank Corp raised its holdings in Reliance Steel & Aluminum Co. by 0.6% in the 2nd quarter. M&T Bank Corp now owns 6,785 shares of the industrial products company’s stock worth $494,000 after purchasing an additional 42 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in Reliance Steel & Aluminum Co. by 1.2% in the 2nd quarter. Teacher Retirement System of Texas now owns 5,842 shares of the industrial products company’s stock worth $425,000 after purchasing an additional 67 shares in the last quarter. Synovus Financial Corp raised its holdings in Reliance Steel & Aluminum Co. by 3.1% in the 2nd quarter. Synovus Financial Corp now owns 3,546 shares of the industrial products company’s stock worth $259,000 after purchasing an additional 106 shares in the last quarter. Finally, Palo Capital Inc. raised its holdings in Reliance Steel & Aluminum Co. by 0.7% in the 2nd quarter. Palo Capital Inc. now owns 20,430 shares of the industrial products company’s stock worth $1,488,000 after purchasing an additional 142 shares in the last quarter. Institutional investors and hedge funds own 82.49% of the company’s stock.

Reliance Steel & Aluminum Co. 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).

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

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