Reliance Steel & Aluminum (NYSE:RS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.

According to Zacks, “Estimates for Reliance Steel for the third quarter and full year have been stable lately. Reliance Steel expects business conditions to remain favorable in the third quarter.  Reliance Steel has outperformed the industry it belongs to over a year. The company is seeing continued momentum across aerospace and automotive markets. Aerospace remains a strong market as manifested by solid demand. Reliance Steel should also benefit from its aggressive acquisition strategy, broad and diversified product base and wide geographic footprint. Higher metal pricing is also expected to support its margins in third-quarter 2018. However, Reliance Steel faces low demand across heavy industry end-markets. The steel industry is also not out of the woods yet.”

A number of other research analysts also recently weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of Reliance Steel & Aluminum from $100.00 to $105.00 and gave the company a “neutral” rating in a research report on Friday, July 27th. Jefferies Financial Group raised shares of Reliance Steel & Aluminum from a “hold” rating to a “buy” rating and set a $72.00 target price for the company in a research report on Tuesday, July 10th. ValuEngine downgraded shares of Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a research report on Friday, June 29th. Finally, KeyCorp raised their target price on shares of Reliance Steel & Aluminum from $97.00 to $100.00 and gave the company an “overweight” rating in a research report on Thursday, June 14th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Reliance Steel & Aluminum presently has an average rating of “Buy” and an average target price of $98.13.

Shares of RS stock opened at $87.06 on Monday. The company has a quick ratio of 1.76, a current ratio of 4.06 and a debt-to-equity ratio of 0.39. Reliance Steel & Aluminum has a 12-month low of $71.17 and a 12-month high of $97.41. The firm has a market cap of $6.36 billion, a PE ratio of 16.00, a P/E/G ratio of 0.99 and a beta of 1.16.

Reliance Steel & Aluminum (NYSE:RS) last issued its quarterly earnings data on Thursday, July 26th. The industrial products company reported $3.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.75 by $0.35. Reliance Steel & Aluminum had a net margin of 7.55% and a return on equity of 12.29%. The company had revenue of $2.99 billion during the quarter. During the same period in the prior year, the company earned $1.40 EPS. The firm’s revenue was up 20.8% on a year-over-year basis. research analysts anticipate that Reliance Steel & Aluminum will post 9.85 EPS for the current fiscal year.

In other Reliance Steel & Aluminum news, Director David H. Hannah sold 25,000 shares of the stock in a transaction on Wednesday, August 1st. The shares were sold at an average price of $90.04, for a total value of $2,251,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 3.24% of the company’s stock.

A number of hedge funds have recently made changes to their positions in RS. Moneta Group Investment Advisors LLC lifted its stake in shares of Reliance Steel & Aluminum by 107.9% during the 2nd quarter. Moneta Group Investment Advisors LLC now owns 1,445 shares of the industrial products company’s stock worth $126,000 after buying an additional 750 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of Reliance Steel & Aluminum during the 1st quarter worth about $135,000. Itau Unibanco Holding S.A. lifted its stake in shares of Reliance Steel & Aluminum by 130.1% during the 2nd quarter. Itau Unibanco Holding S.A. now owns 2,391 shares of the industrial products company’s stock worth $209,000 after buying an additional 1,352 shares during the last quarter. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Reliance Steel & Aluminum during the 2nd quarter worth about $237,000. Finally, GAM Holding AG acquired a new stake in shares of Reliance Steel & Aluminum during the 2nd quarter worth about $245,000. Hedge funds and other institutional investors own 81.00% of the company’s stock.

About Reliance Steel & Aluminum

Reliance Steel & Aluminum Co operates as a metals service center company in the United States and internationally. The company provides steel, aluminum, stainless, and specialty metals and related processing services to customers in various industries, such as infrastructure and energy; fabricates steel and aluminum products; and provides various precision fabrication services, including laser cutting, shearing, computer numerated control (CNC) punching, and CNC forming and rolling, as well as welding, assembly, painting, inventory management, and engineering expertise.

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