Research Analysts Issue Forecasts for Reliance Steel & Aluminum Co.’s Q2 2017 Earnings (RS)

Reliance Steel & Aluminum Co. (NYSE:RS) – KeyCorp cut their Q2 2017 earnings per share estimates for shares of Reliance Steel & Aluminum Co. in a report issued on Tuesday. KeyCorp analyst P. Gibbs now anticipates that the industrial products company will earn $1.53 per share for the quarter, down from their prior forecast of $1.54. KeyCorp also issued estimates for Reliance Steel & Aluminum Co.’s FY2017 earnings at $5.25 EPS.

Reliance Steel & Aluminum Co. (NYSE:RS) last released its earnings results on Thursday, April 27th. The industrial products company reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.10. The business had revenue of $2.42 billion for the quarter. Reliance Steel & Aluminum Co. had a net margin of 3.65% and a return on equity of 8.71%. The business’s revenue was up 11.9% on a year-over-year basis. During the same period last year, the business earned $1.03 earnings per share. TRADEMARK VIOLATION NOTICE: “Research Analysts Issue Forecasts for Reliance Steel & Aluminum Co.’s Q2 2017 Earnings (RS)” was originally published by WKRB News and is the sole property of of WKRB News. If you are accessing this article on another publication, it was stolen and reposted in violation of US and international trademark & copyright laws. The correct version of this article can be viewed at https://www.wkrb13.com/markets/2229423/research-analysts-issue-forecasts-for-reliance-steel-aluminum-co-s-q2-2017-earnings-rs.html.

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

A number of other analysts have also recently issued reports on RS. Zacks Investment Research cut Reliance Steel & Aluminum Co. from a “buy” rating to a “hold” rating in a research note on Wednesday, February 22nd. Macquarie raised Reliance Steel & Aluminum Co. from a “neutral” rating to an “outperform” rating in a research note on Tuesday, March 14th. Longbow Research assumed coverage on Reliance Steel & Aluminum Co. in a research note on Wednesday, April 19th. They set a “neutral” rating for the company. Jefferies Group LLC reaffirmed a “hold” rating and set a $77.00 price target (down from $80.00) on shares of Reliance Steel & Aluminum Co. in a research note on Friday, April 28th. Finally, Barclays PLC reaffirmed a “hold” rating and set a $59.00 price target on shares of Reliance Steel & Aluminum Co. in a research note on Monday, May 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company’s stock. Reliance Steel & Aluminum Co. presently has an average rating of “Hold” and an average target price of $83.25.

Shares of Reliance Steel & Aluminum Co. (RS) opened at 72.44 on Thursday. The firm has a market capitalization of $5.28 billion, a PE ratio of 16.42 and a beta of 1.25. Reliance Steel & Aluminum Co. has a 12-month low of $65.10 and a 12-month high of $88.58. The company’s 50 day moving average is $74.08 and its 200 day moving average is $79.64.

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 16th. Stockholders of record on Friday, May 26th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.48%. The ex-dividend date was Wednesday, May 24th. Reliance Steel & Aluminum Co.’s payout ratio is presently 40.72%.

Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in Reliance Steel & Aluminum Co. by 11,996.1% in the first quarter. BlackRock Inc. now owns 6,681,296 shares of the industrial products company’s stock valued at $534,635,000 after buying an additional 6,626,061 shares during the last quarter. Vanguard Group Inc. increased its stake in Reliance Steel & Aluminum Co. by 4.2% in the first quarter. Vanguard Group Inc. now owns 5,934,721 shares of the industrial products company’s stock valued at $474,896,000 after buying an additional 239,449 shares during the last quarter. State Street Corp increased its stake in Reliance Steel & Aluminum Co. by 2.2% in the first quarter. State Street Corp now owns 2,558,032 shares of the industrial products company’s stock valued at $204,690,000 after buying an additional 55,262 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Reliance Steel & Aluminum Co. by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 2,500,776 shares of the industrial products company’s stock valued at $200,111,000 after buying an additional 23,898 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in Reliance Steel & Aluminum Co. by 22.7% in the first quarter. Victory Capital Management Inc. now owns 2,127,546 shares of the industrial products company’s stock valued at $170,245,000 after buying an additional 393,700 shares during the last quarter. 83.68% of the stock is owned by institutional investors.

About Reliance Steel & Aluminum Co.

Reliance Steel & Aluminum Co is a metals service center company in North America (the United States and Canada). As of December 31, 2016, the Company’s network of metals service centers operated over 300 locations in 39 states in the United States and in 12 other countries (Australia, Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom).

This story was originally published by WKRB News (https://www.wkrb13.com) and is the sole property of WKRB News. If you are reading this article on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. You can view the original version of this story at https://www.wkrb13.com/markets/2229423/research-analysts-issue-forecasts-for-reliance-steel-aluminum-co-s-q2-2017-earnings-rs.html

Receive News & Ratings for Reliance Steel & Aluminum Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Reliance Steel & Aluminum Co. and related companies with MarketBeat.com's FREE daily email newsletter.

 


Leave a Reply

 
© 2006-2017 WKRB News.