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

According to Zacks, “Reliance Steel is seeing continued momentum across aerospace and automotive markets. Aerospace remains a strong market as manifested by healthy demand. Demand in this market is expected to be supported by higher commercial aerospace build rates. Strong demand is also witnessed in the automotive market, backed by the company’s toll processing businesses in the U.S. and Mexico as well as increased use of aluminum in the industry. Reliance Steel should also benefit from its aggressive acquisition strategy, broad and diversified product base and wide geographic footprint. However, Reliance Steel is expected to face some pricing and volume pressure in the fourth quarter of 2017, as reflected in its guidance. The company remains challenged by the weak steel industry fundamentals. “

RS has been the subject of several other reports. Bank of America set a $97.00 target price on Reliance Steel & Aluminum and gave the company a buy rating in a research note on Monday. Clarkson Capital restated a buy rating on shares of Reliance Steel & Aluminum in a research note on Wednesday, November 15th. ValuEngine downgraded Reliance Steel & Aluminum from a buy rating to a hold rating in a research note on Thursday, November 9th. Cowen reaffirmed a buy rating and issued a $92.00 price target on shares of Reliance Steel & Aluminum in a research report on Wednesday, October 4th. Finally, Jefferies Group reaffirmed a hold rating and issued a $72.00 price target on shares of Reliance Steel & Aluminum in a research report on Friday, October 6th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of Buy and an average price target of $83.50.

Shares of Reliance Steel & Aluminum (NYSE RS) traded down $0.38 on Monday, hitting $90.45. The stock had a trading volume of 334,825 shares, compared to its average volume of 438,378. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.79 and a current ratio of 4.06. The firm has a market cap of $6,600.00, a P/E ratio of 17.77, a PEG ratio of 1.64 and a beta of 1.29. Reliance Steel & Aluminum has a 12 month low of $68.46 and a 12 month high of $91.24.

Reliance Steel & Aluminum (NYSE:RS) last issued its earnings results on Thursday, October 26th. The industrial products company reported $1.30 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.11. The company had revenue of $2.45 billion during the quarter. Reliance Steel & Aluminum had a return on equity of 8.61% and a net margin of 3.97%. The business’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.25 earnings per share. equities research analysts predict that Reliance Steel & Aluminum will post 5.21 earnings per share for the current fiscal year.

In related news, SVP William A. Smith II sold 1,123 shares of the firm’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $82.69, for a total value of $92,860.87. Following the transaction, the senior vice president now owns 15,320 shares of the company’s stock, valued at approximately $1,266,810.80. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.18% of the stock is currently owned by company insiders.

Several institutional investors have recently bought and sold shares of the business. Crow Point Partners LLC bought a new position in shares of Reliance Steel & Aluminum during the 4th quarter worth approximately $291,000. Prudential Financial Inc. lifted its position in shares of Reliance Steel & Aluminum by 2.6% during the 3rd quarter. Prudential Financial Inc. now owns 771,216 shares of the industrial products company’s stock worth $58,744,000 after buying an additional 19,560 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its position in shares of Reliance Steel & Aluminum by 633.3% during the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,552 shares of the industrial products company’s stock worth $194,000 after buying an additional 2,204 shares in the last quarter. Public Employees Retirement System of Ohio lifted its position in shares of Reliance Steel & Aluminum by 19.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 168,616 shares of the industrial products company’s stock worth $12,843,000 after buying an additional 27,681 shares in the last quarter. Finally, Hahn Capital Management LLC lifted its position in shares of Reliance Steel & Aluminum by 1.0% during the 3rd quarter. Hahn Capital Management LLC now owns 327,036 shares of the industrial products company’s stock worth $24,910,000 after buying an additional 3,118 shares in the last quarter. 82.30% of the stock is currently owned by hedge funds and other institutional investors.

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Reliance Steel & Aluminum 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).

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

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