Reliance Steel & Aluminum Co (NYSE:RS) Expected to Post Earnings of $1.70 Per Share

Brokerages forecast that Reliance Steel & Aluminum Co (NYSE:RS) will post $1.70 earnings per share for the current quarter, according to Zacks. Four analysts have made estimates for Reliance Steel & Aluminum’s earnings, with the lowest EPS estimate coming in at $1.65 and the highest estimate coming in at $1.73. Reliance Steel & Aluminum reported earnings of $1.08 per share in the same quarter last year, which would indicate a positive year over year growth rate of 57.4%. The company is expected to issue its next earnings results on Thursday, February 20th.

According to Zacks, analysts expect that Reliance Steel & Aluminum will report full-year earnings of $9.60 per share for the current year, with EPS estimates ranging from $9.57 to $9.63. For the next financial year, analysts expect that the firm will post earnings of $8.77 per share, with EPS estimates ranging from $8.30 to $9.16. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of research analysts that that provide coverage for Reliance Steel & Aluminum.

Reliance Steel & Aluminum (NYSE:RS) last released its quarterly earnings data on Thursday, October 24th. The industrial products company reported $2.39 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.95 by $0.44. Reliance Steel & Aluminum had a net margin of 5.48% and a return on equity of 12.52%. The firm had revenue of $2.69 billion for the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter in the prior year, the company posted $2.42 earnings per share. The business’s revenue was down 9.7% on a year-over-year basis.

Several research firms have weighed in on RS. BNP Paribas assumed coverage on shares of Reliance Steel & Aluminum in a report on Thursday, November 14th. They set a “hold” rating and a $117.00 price objective on the stock. Cowen reiterated an “outperform” rating and issued a $123.00 target price (up previously from $107.00) on shares of Reliance Steel & Aluminum in a report on Tuesday, October 29th. Deutsche Bank downgraded shares of Reliance Steel & Aluminum from a “buy” rating to a “hold” rating and increased their target price for the company from $105.00 to $110.00 in a report on Wednesday, October 30th. Exane BNP Paribas assumed coverage on shares of Reliance Steel & Aluminum in a report on Thursday, November 14th. They issued a “neutral” rating and a $117.00 target price for the company. Finally, Longbow Research upgraded shares of Reliance Steel & Aluminum from an “underperform” rating to a “neutral” rating in a report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $107.40.

RS traded down $1.12 during trading on Tuesday, hitting $119.75. 306,155 shares of the company’s stock were exchanged, compared to its average volume of 508,192. The company has a quick ratio of 1.90, a current ratio of 4.01 and a debt-to-equity ratio of 0.31. The business’s 50 day moving average is $117.44 and its two-hundred day moving average is $101.07. Reliance Steel & Aluminum has a fifty-two week low of $68.62 and a fifty-two week high of $121.72. The stock has a market cap of $8.06 billion, a P/E ratio of 13.46, a PEG ratio of 1.40 and a beta of 1.35.

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were issued a $0.55 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $2.20 annualized dividend and a dividend yield of 1.84%. Reliance Steel & Aluminum’s dividend payout ratio is currently 24.61%.

In related news, CFO Karla R. Lewis sold 7,800 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $116.28, for a total transaction of $906,984.00. Following the completion of the transaction, the chief financial officer now owns 86,476 shares in the company, valued at $10,055,429.28. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Stephen Paul Koch sold 6,040 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $116.31, for a total transaction of $702,512.40. Following the transaction, the vice president now owns 12,360 shares of the company’s stock, valued at approximately $1,437,591.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,160 shares of company stock valued at $2,589,192. 3.43% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Maverick Capital Ltd. bought a new position in Reliance Steel & Aluminum during the third quarter valued at about $1,210,000. Squarepoint Ops LLC bought a new position in Reliance Steel & Aluminum during the third quarter valued at about $1,620,000. Voloridge Investment Management LLC bought a new position in Reliance Steel & Aluminum during the third quarter valued at about $4,947,000. Point72 Asset Management L.P. bought a new position in Reliance Steel & Aluminum during the third quarter valued at about $538,000. Finally, Parametric Portfolio Associates LLC grew its position in Reliance Steel & Aluminum by 17.0% during the third quarter. Parametric Portfolio Associates LLC now owns 310,609 shares of the industrial products company’s stock valued at $30,955,000 after buying an additional 45,163 shares during the period. Institutional investors own 83.17% of the company’s stock.

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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