$2.70 Billion in Sales Expected for Reliance Steel & Aluminum Co (RS) This Quarter

Equities analysts predict that Reliance Steel & Aluminum Co (NYSE:RS) will post sales of $2.70 billion for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Reliance Steel & Aluminum’s earnings. The highest sales estimate is $2.73 billion and the lowest is $2.65 billion. Reliance Steel & Aluminum posted sales of $2.42 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 11.6%. The firm is expected to issue its next earnings report before the market opens on Thursday, April 26th.

According to Zacks, analysts expect that Reliance Steel & Aluminum will report full-year sales of $10.93 billion for the current financial year, with estimates ranging from $10.61 billion to $11.10 billion. For the next year, analysts forecast that the firm will report sales of $11.09 billion per share, with estimates ranging from $10.84 billion to $11.40 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Reliance Steel & Aluminum.

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Reliance Steel & Aluminum (NYSE:RS) last released its quarterly earnings results on Thursday, February 15th. The industrial products company reported $1.22 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.00 by $0.22. Reliance Steel & Aluminum had a return on equity of 9.00% and a net margin of 6.31%. The company had revenue of $2.38 billion during the quarter. During the same period last year, the firm earned $0.84 earnings per share. The business’s revenue was up 15.3% compared to the same quarter last year.

A number of equities analysts have recently weighed in on RS shares. Bank of America set a $97.00 price target on Reliance Steel & Aluminum and gave the stock a “buy” rating in a report on Monday, January 8th. Zacks Investment Research lowered Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a research note on Monday, January 8th. KeyCorp set a $95.00 target price on Reliance Steel & Aluminum and gave the company a “buy” rating in a research note on Wednesday, January 10th. Longbow Research upgraded Reliance Steel & Aluminum from a “neutral” rating to a “buy” rating in a research note on Wednesday, February 7th. Finally, Cowen upped their target price on Reliance Steel & Aluminum from $101.00 to $107.00 and gave the company an “outperform” rating in a research note on Friday, February 16th. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $91.38.

In other Reliance Steel & Aluminum news, CEO Gregg J. Mollins sold 8,990 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $94.89, for a total transaction of $853,061.10. Following the completion of the sale, the chief executive officer now owns 201,895 shares of the company’s stock, valued at $19,157,816.55. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO James Donald Hoffman sold 5,000 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $92.30, for a total value of $461,500.00. Following the sale, the chief operating officer now directly owns 30,105 shares of the company’s stock, valued at approximately $2,778,691.50. The disclosure for this sale can be found here. Insiders sold 58,322 shares of company stock valued at $5,431,021 over the last quarter. Insiders own 3.24% of the company’s stock.

A number of hedge funds have recently bought and sold shares of RS. New York State Common Retirement Fund boosted its position in shares of Reliance Steel & Aluminum by 1.7% in the third quarter. New York State Common Retirement Fund now owns 175,015 shares of the industrial products company’s stock worth $13,331,000 after buying an additional 3,000 shares during the period. Schwab Charles Investment Management Inc. boosted its position in shares of Reliance Steel & Aluminum by 4.8% in the third quarter. Schwab Charles Investment Management Inc. now owns 273,901 shares of the industrial products company’s stock worth $20,864,000 after buying an additional 12,494 shares during the period. Stifel Financial Corp boosted its position in shares of Reliance Steel & Aluminum by 19.8% in the third quarter. Stifel Financial Corp now owns 21,951 shares of the industrial products company’s stock worth $1,672,000 after buying an additional 3,627 shares during the period. California Public Employees Retirement System boosted its position in shares of Reliance Steel & Aluminum by 9.1% in the third quarter. California Public Employees Retirement System now owns 189,237 shares of the industrial products company’s stock worth $14,414,000 after buying an additional 15,717 shares during the period. Finally, Public Employees Retirement System of Ohio boosted its position in shares of Reliance Steel & Aluminum by 19.6% in the third 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 during the period. 82.75% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE RS traded down $0.43 during trading on Tuesday, reaching $89.80. The company had a trading volume of 212,938 shares, compared to its average volume of 496,919. Reliance Steel & Aluminum has a twelve month low of $68.46 and a twelve month high of $95.97. The stock has a market cap of $6,512.46, a price-to-earnings ratio of 16.44, a price-to-earnings-growth ratio of 1.38 and a beta of 1.16. The company has a quick ratio of 1.88, a current ratio of 4.34 and a debt-to-equity ratio of 0.38.

The firm also recently announced a quarterly dividend, which was paid on Friday, March 30th. Investors of record on Friday, March 16th were paid a $0.50 dividend. This is a positive change from Reliance Steel & Aluminum’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a yield of 2.23%. The ex-dividend date was Thursday, March 15th. Reliance Steel & Aluminum’s dividend payout ratio is presently 36.76%.

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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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