Reliance Steel & Aluminum Co. (NYSE:RS) was upgraded by research analysts at Deutsche Bank AG from a “hold” rating to a “buy” rating in a report issued on Wednesday. The brokerage currently has a $74.00 price target on the stock, down from their prior price target of $75.00. Deutsche Bank AG’s target price would suggest a potential downside of 5.16% from the company’s current price.

Several other brokerages have also issued reports on RS. Zacks Investment Research upgraded shares of 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 note on Friday, July 15th. Cowen and Company raised their price target on shares of Reliance Steel & Aluminum Co. from $78.00 to $86.00 and gave the stock an “outperform” rating in a research note on Friday, July 22nd. Bank of America Corp. upgraded shares of 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 note on Thursday, July 28th. TheStreet lowered shares of Reliance Steel & Aluminum Co. from a “buy” rating to a “hold” rating in a research note on Thursday, October 20th. Finally, Jefferies Group restated a “hold” rating and set a $72.00 price target on shares of Reliance Steel & Aluminum Co. in a research note on Friday, September 16th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. Reliance Steel & Aluminum Co. presently has an average rating of “Hold” and an average price target of $78.78.

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

Reliance Steel & Aluminum Co. (NYSE:RS) opened at 78.03 on Wednesday. The firm’s 50-day moving average is $70.11 and its 200 day moving average is $73.62. Reliance Steel & Aluminum Co. has a 12 month low of $50.08 and a 12 month high of $84.25. The firm has a market capitalization of $5.66 billion, a P/E ratio of 18.29 and a beta of 1.25.

Reliance Steel & Aluminum Co. (NYSE:RS) last issued its quarterly earnings results on Thursday, October 20th. The company reported $1.25 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.32 by $0.07. Reliance Steel & Aluminum Co. had a return on equity of 8.10% and a net margin of 3.63%. The company had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $1.84 billion. During the same quarter in the previous year, the business earned $1.16 EPS. The company’s revenue for the quarter was down 4.4% on a year-over-year basis. On average, analysts expect that Reliance Steel & Aluminum Co. will post $4.40 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Shareholders of record on Friday, November 18th will be issued a $0.425 dividend. This represents a $1.70 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Wednesday, November 16th. Reliance Steel & Aluminum Co.’s payout ratio is 39.81%.

In other Reliance Steel & Aluminum Co. news, Director Douglas M. Hayes sold 3,383 shares of the firm’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $73.43, for a total value of $248,413.69. Following the completion of the transaction, the director now directly owns 4,709 shares of the company’s stock, valued at approximately $345,781.87. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 3.73% of the stock is currently owned by company insiders.

Hedge funds have recently bought and sold shares of the company. UBS Asset Management Americas Inc. increased its stake in Reliance Steel & Aluminum Co. by 70.4% in the first quarter. UBS Asset Management Americas Inc. now owns 118,700 shares of the company’s stock worth $8,214,000 after buying an additional 49,058 shares in the last quarter. Geode Capital Management LLC increased its stake in Reliance Steel & Aluminum Co. by 30.4% in the first quarter. Geode Capital Management LLC now owns 653,230 shares of the company’s stock worth $45,196,000 after buying an additional 152,134 shares in the last quarter. HBK Investments L P bought a new stake in Reliance Steel & Aluminum Co. during the first quarter worth about $491,000. Metropolitan Life Insurance Co. NY increased its stake in Reliance Steel & Aluminum Co. by 3.2% in the first quarter. Metropolitan Life Insurance Co. NY now owns 65,203 shares of the company’s stock worth $4,511,000 after buying an additional 2,033 shares in the last quarter. Finally, Panagora Asset Management Inc. increased its stake in Reliance Steel & Aluminum Co. by 280.8% in the first quarter. Panagora Asset Management Inc. now owns 528,974 shares of the company’s stock worth $36,600,000 after buying an additional 390,054 shares in the last quarter. 83.33% of the stock is 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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