Reliance Steel & Aluminum Co (RS) Expected to Announce Earnings of $2.70 Per Share

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Wall Street analysts expect Reliance Steel & Aluminum Co (NYSE:RS) to post $2.70 earnings per share for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Reliance Steel & Aluminum’s earnings, with the highest EPS estimate coming in at $2.75 and the lowest estimate coming in at $2.66. Reliance Steel & Aluminum reported earnings of $1.30 per share during the same quarter last year, which would suggest a positive year over year growth rate of 107.7%. The business is scheduled to issue its next earnings results before the market opens on Thursday, October 25th.

On average, analysts expect that Reliance Steel & Aluminum will report full year earnings of $9.94 per share for the current financial year, with EPS estimates ranging from $9.47 to $10.35. For the next financial year, analysts forecast that the firm will report earnings of $8.45 per share, with EPS estimates ranging from $7.38 to $9.70. Zacks’ earnings per share calculations are an average based on a survey of sell-side analysts that follow Reliance Steel & Aluminum.

Reliance Steel & Aluminum (NYSE:RS) last posted its quarterly earnings results on Thursday, July 26th. The industrial products company reported $3.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.75 by $0.35. The company had revenue of $2.99 billion during the quarter. Reliance Steel & Aluminum had a return on equity of 12.29% and a net margin of 7.55%. The firm’s revenue for the quarter was up 20.8% on a year-over-year basis. During the same period last year, the business earned $1.40 earnings per share.

RS has been the topic of a number of analyst reports. KeyCorp lowered their price objective on Reliance Steel & Aluminum from $100.00 to $97.00 and set a “buy” rating on the stock in a report on Monday, September 10th. Zacks Investment Research raised Reliance Steel & Aluminum from a “hold” rating to a “buy” rating and set a $98.00 price objective on the stock in a report on Wednesday, September 5th. Jefferies Financial Group raised Reliance Steel & Aluminum from a “hold” rating to a “buy” rating and set a $72.00 price objective on the stock in a report on Tuesday, July 10th. Citigroup lowered Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a report on Tuesday, October 2nd. Finally, Deutsche Bank lowered Reliance Steel & Aluminum from a “buy” rating to a “hold” rating and lowered their price objective for the company from $100.00 to $90.00 in a report on Tuesday, October 2nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. Reliance Steel & Aluminum has an average rating of “Hold” and an average target price of $95.22.

In other Reliance Steel & Aluminum news, Director David H. Hannah sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $90.04, for a total value of $2,251,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 3.24% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. ING Groep NV bought a new stake in shares of Reliance Steel & Aluminum in the 2nd quarter worth approximately $970,000. Laurion Capital Management LP lifted its position in shares of Reliance Steel & Aluminum by 106.3% in the 2nd quarter. Laurion Capital Management LP now owns 35,633 shares of the industrial products company’s stock worth $3,119,000 after acquiring an additional 18,359 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Reliance Steel & Aluminum by 0.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,581,731 shares of the industrial products company’s stock worth $226,010,000 after acquiring an additional 18,241 shares during the period. Zurich Insurance Group Ltd FI bought a new stake in shares of Reliance Steel & Aluminum in the 2nd quarter worth approximately $937,000. Finally, Yorktown Management & Research Co Inc lifted its position in shares of Reliance Steel & Aluminum by 7.2% in the 2nd quarter. Yorktown Management & Research Co Inc now owns 11,900 shares of the industrial products company’s stock worth $1,042,000 after acquiring an additional 800 shares during the period. 80.97% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE RS traded down $0.36 during mid-day trading on Friday, reaching $81.07. 291,137 shares of the company traded hands, compared to its average volume of 573,155. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.76 and a current ratio of 4.06. The firm has a market cap of $5.87 billion, a price-to-earnings ratio of 14.90, a P/E/G ratio of 0.91 and a beta of 1.13. Reliance Steel & Aluminum has a fifty-two week low of $72.69 and a fifty-two week high of $97.41.

Reliance Steel & Aluminum Company Profile

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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