Clarkson Capital upgraded shares of Reliance Steel & Aluminum Co. (NYSE:RS) from a neutral rating to a buy rating in a research note issued to investors on Tuesday.

A number of other research firms also recently weighed in on RS. Zacks Investment Research raised Reliance Steel & Aluminum Co. from a hold rating to a buy rating and set a $94.00 price target for the company in a research report on Friday, July 15th. Rosenblatt Securities upped their price target on Reliance Steel & Aluminum Co. from $69.00 to $76.00 and gave the stock a neutral rating in a research report on Tuesday, July 5th. Bank of America Corp. raised Reliance Steel & Aluminum Co. from an underperform rating to a neutral rating and set a $84.00 price target for the company in a research report on Thursday, July 28th. Cowen and Company increased their price objective on Reliance Steel & Aluminum Co. from $78.00 to $86.00 and gave the company an outperform rating in a report on Friday, July 22nd. Finally, Jefferies Group reissued a hold rating on shares of Reliance Steel & Aluminum Co. in a report on Saturday, October 1st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. Reliance Steel & Aluminum Co. has an average rating of Hold and an average target price of $78.56.

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

Shares of Reliance Steel & Aluminum Co. (NYSE:RS) traded up 1.00% during trading on Tuesday, reaching $71.67. 107,143 shares of the company were exchanged. The stock has a market capitalization of $5.20 billion, a price-to-earnings ratio of 16.71 and a beta of 1.50. The company has a 50 day moving average price of $70.77 and a 200-day moving average price of $73.84. Reliance Steel & Aluminum Co. has a one year low of $50.08 and a one year high of $84.25.

In other news, Director Douglas M. Hayes sold 3,383 shares of the stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $73.43, for a total transaction of $248,413.69. Following the sale, the director now directly owns 4,709 shares of the company’s stock, valued at approximately $345,781.87. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director David H. Hannah sold 8,000 shares of the stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $75.58, for a total value of $604,640.00. The disclosure for this sale can be found here. Company insiders own 3.73% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in RS. Synovus Financial Corp raised its stake in Reliance Steel & Aluminum Co. by 0.6% in the second quarter. Synovus Financial Corp now owns 3,263 shares of the company’s stock valued at $250,000 after buying an additional 19 shares during the period. Eqis Capital Management Inc. raised its stake in Reliance Steel & Aluminum Co. by 0.8% in the second quarter. Eqis Capital Management Inc. now owns 5,385 shares of the company’s stock valued at $414,000 after buying an additional 42 shares during the period. Northwestern Mutual Investment Management Company LLC raised its stake in Reliance Steel & Aluminum Co. by 0.7% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 12,487 shares of the company’s stock valued at $960,000 after buying an additional 89 shares during the period. Arizona State Retirement System raised its stake in Reliance Steel & Aluminum Co. by 0.3% in the first quarter. Arizona State Retirement System now owns 34,184 shares of the company’s stock valued at $2,365,000 after buying an additional 100 shares during the period. Finally, Paradigm Asset Management Co. LLC raised its stake in Reliance Steel & Aluminum Co. by 4.9% in the second quarter. Paradigm Asset Management Co. LLC now owns 2,151 shares of the company’s stock valued at $165,000 after buying an additional 100 shares during the period. 84.03% of the stock is currently owned by institutional investors.

Reliance Steel & Aluminum Co. Company Profile

Reliance Steel & Aluminum Co is a metals service center company. The Company operates through metals service centers segment. The Company’s network of metals service centers operates over 300 locations in approximately 40 states in the United States and in other countries, including Australia, Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom.

5 Day Chart for NYSE:RS

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