Zacks Investment Research upgraded shares of Reliance Steel & Aluminum Co. (NYSE:RS) from a hold rating to a buy rating in a report issued on Monday. The brokerage currently has $86.00 price objective on the industrial products company’s stock.

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.”

A number of other equities research analysts have also commented on RS. BidaskClub lowered Reliance Steel & Aluminum Co. from a sell rating to a strong sell rating in a research report on Wednesday, June 21st. Deutsche Bank AG reiterated a buy rating on shares of Reliance Steel & Aluminum Co. in a research report on Saturday, June 24th. KeyCorp reiterated an overweight rating and issued 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. Jefferies Group LLC reiterated a hold rating and issued a $72.00 price target on shares of Reliance Steel & Aluminum Co. in a research report on Wednesday, July 19th. Finally, Cowen and Company set a $92.00 price target on Reliance Steel & Aluminum Co. and gave the company an outperform rating in a research report on Thursday, July 27th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. Reliance Steel & Aluminum Co. presently has a consensus rating of Buy and an average target price of $82.00.

Reliance Steel & Aluminum Co. (RS) opened at 75.15 on Monday. Reliance Steel & Aluminum Co. has a 52 week low of $65.10 and a 52 week high of $88.58. The stock’s 50 day moving average price is $74.66 and its 200 day moving average price is $74.22. The firm has a market cap of $5.48 billion, a price-to-earnings ratio of 16.95 and a beta of 1.24.

Reliance Steel & Aluminum Co. (NYSE:RS) last issued its quarterly earnings data on Thursday, October 26th. The industrial products company reported $0.84 earnings per share for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.45). Reliance Steel & Aluminum Co. had a return on equity of 8.67% and a net margin of 3.57%. On average, equities research analysts predict that Reliance Steel & Aluminum Co. will post $5.16 EPS for the current year.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Global X Management Co. LLC lifted its stake in shares of Reliance Steel & Aluminum Co. by 220.0% in the 2nd quarter. Global X Management Co. LLC now owns 2,304 shares of the industrial products company’s stock valued at $168,000 after purchasing an additional 1,584 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Reliance Steel & Aluminum Co. by 15.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,788 shares of the industrial products company’s stock valued at $203,000 after purchasing an additional 382 shares during the period. BB&T Securities LLC lifted its stake in shares of Reliance Steel & Aluminum Co. by 25.5% in the 2nd quarter. BB&T Securities LLC now owns 3,266 shares of the industrial products company’s stock valued at $237,000 after purchasing an additional 664 shares during the period. Two Sigma Securities LLC acquired a new position in shares of Reliance Steel & Aluminum Co. in the 1st quarter valued at about $248,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Reliance Steel & Aluminum Co. in the 2nd quarter valued at about $252,000. Hedge funds and other institutional investors own 82.49% 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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