Analysts Expect Reliance Steel & Aluminum Co (NYSE:RS) Will Announce Quarterly Sales of $2.94 Billion

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Analysts expect Reliance Steel & Aluminum Co (NYSE:RS) to announce $2.94 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Reliance Steel & Aluminum’s earnings, with estimates ranging from $2.90 billion to $2.98 billion. Reliance Steel & Aluminum reported sales of $2.99 billion during the same quarter last year, which indicates a negative year over year growth rate of 1.7%. The firm is scheduled to issue its next quarterly earnings results on Thursday, July 25th.

According to Zacks, analysts expect that Reliance Steel & Aluminum will report full-year sales of $11.42 billion for the current financial year, with estimates ranging from $11.27 billion to $11.51 billion. For the next fiscal year, analysts forecast that the business will report sales of $11.59 billion, with estimates ranging from $11.43 billion to $11.77 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Reliance Steel & Aluminum.

Reliance Steel & Aluminum (NYSE:RS) last posted its quarterly earnings data on Thursday, April 25th. The industrial products company reported $2.80 EPS for the quarter, topping the consensus estimate of $2.38 by $0.42. The firm had revenue of $2.96 billion during the quarter, compared to analyst estimates of $2.97 billion. Reliance Steel & Aluminum had a net margin of 5.58% and a return on equity of 13.70%. Reliance Steel & Aluminum’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.30 EPS.

RS has been the topic of several research analyst reports. Citigroup set a $98.00 target price on shares of Reliance Steel & Aluminum and gave the stock a “hold” rating in a research report on Monday, May 20th. Jefferies Financial Group downgraded shares of Reliance Steel & Aluminum from a “buy” rating to a “hold” rating and dropped their target price for the stock from $105.00 to $100.00 in a research report on Friday, April 26th. Cowen reissued an “outperform” rating and set a $95.00 target price (up previously from $80.00) on shares of Reliance Steel & Aluminum in a research report on Tuesday, February 26th. Longbow Research downgraded shares of Reliance Steel & Aluminum from a “neutral” rating to an “underperform” rating and set a $76.00 target price on the stock. in a research report on Thursday, April 18th. Finally, Bank of America reissued a “neutral” rating and set a $98.00 target price on shares of Reliance Steel & Aluminum in a research report on Friday, May 31st. Three analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $94.08.

In other news, Director Gregg J. Mollins sold 25,000 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $91.81, for a total value of $2,295,250.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Jeffrey Wayne Durham sold 2,675 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $92.29, for a total transaction of $246,875.75. Following the completion of the sale, the vice president now directly owns 8,255 shares in the company, valued at $761,853.95. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,008 shares of company stock worth $3,580,455. 3.43% of the stock is owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc lifted its stake in shares of Reliance Steel & Aluminum by 0.6% in the 3rd quarter. Vanguard Group Inc now owns 6,340,594 shares of the industrial products company’s stock valued at $540,790,000 after purchasing an additional 39,418 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Reliance Steel & Aluminum by 2.2% in the 1st quarter. Victory Capital Management Inc. now owns 4,091,752 shares of the industrial products company’s stock valued at $369,322,000 after purchasing an additional 89,812 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Reliance Steel & Aluminum by 0.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,581,111 shares of the industrial products company’s stock valued at $183,704,000 after purchasing an additional 21,911 shares during the period. Oregon Public Employees Retirement Fund lifted its stake in shares of Reliance Steel & Aluminum by 7,017.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,033,327 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 2,004,757 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Reliance Steel & Aluminum by 7.1% in the 1st quarter. Geode Capital Management LLC now owns 1,038,957 shares of the industrial products company’s stock valued at $93,775,000 after purchasing an additional 68,733 shares during the period. 81.54% of the stock is currently owned by institutional investors and hedge funds.

NYSE RS opened at $89.10 on Wednesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 4.06 and a quick ratio of 1.85. The company has a market cap of $5.82 billion, a P/E ratio of 9.97, a PEG ratio of 1.04 and a beta of 1.26. Reliance Steel & Aluminum has a 52 week low of $68.62 and a 52 week high of $96.36.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 24th will be given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 2.47%. The ex-dividend date is Thursday, May 23rd. Reliance Steel & Aluminum’s dividend payout ratio is presently 24.61%.

Reliance Steel & Aluminum Company Profile

Reliance Steel & Aluminum Co operates as a metals service center company. The company provides alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products and related processing services to general manufacturing, non-residential construction, transportation, aerospace and defense, energy, electronics and semiconductor fabrication, auto, and heavy industries.

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Earnings History and Estimates for Reliance Steel & Aluminum (NYSE:RS)

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