Fiscal 2022 EPS estimates for Reliance Steel & Aluminum Co. (NYSE:RS) boosted by analyst | Techno Glob


Reliance Steel & Aluminum Co. (NYSE:RS – Get Rating) – KeyCorp investment analysts raised their fiscal 2022 earnings estimates for Reliance Steel & Aluminum in a research note released to investors Thursday, October 27. KeyCorp analyst P. Gibbs now expects the industrial products company to post earnings per share of $28.60 for the year, up from its previous estimate of $27.80. . KeyCorp has an “overweight” rating and a price target of $210.00 on the stock. Reliance Steel & Aluminum’s current annual earnings consensus estimate is $28.69 per share. KeyCorp also released estimates for Reliance Steel & Aluminum’s fourth quarter 2022 earnings at $4.41 EPS and fiscal year 2023 earnings at $16.35 EPS.

Other research analysts have also recently published research reports on the stock. BMO Capital Markets began covering Reliance Steel & Aluminum shares in a Monday, August 15, report. They set an “outperform” rating and a price target of $230.00 on the stock. Goldman Sachs Group downgraded shares of Reliance Steel & Aluminum from a “buy” rating to a “neutral” rating and lowered its target price for the stock from $218.00 to $201.00 in a report from the Thursday, October 6. Finally, StockNews.com downgraded shares of Reliance Steel & Aluminum from a “strong buy” rating to a “buy” rating in a Thursday, October 6 report. One financial analyst gave the stock a hold rating and six gave the stock a buy rating. According to MarketBeat, Reliance Steel & Aluminum has an average rating of “Moderate Buy” and a consensus price target of $219.40.

Reliance steel and aluminum stock down 0.2%

Reliance Steel & Aluminum stock opened at $199.53 on Monday. The company has a market capitalization of $12.03 billion, a P/E ratio of 6.53 and a beta of 0.83. The company’s fifty-day simple moving average is $184.64 and its 200-day simple moving average is $185.54. The company has a current ratio of 3.25, a quick ratio of 1.60 and a debt ratio of 0.17. Reliance Steel & Aluminum has a 1-year low of $144.74 and a 1-year high of $211.65.

Reliance Steel & Aluminum (NYSE:RS – Get Rating) last reported results on Thursday, October 27. The industrial products company reported earnings per share (EPS) of $6.48 for the quarter, beating analysts’ consensus estimate of $6.19 by $0.29. The company posted revenue of $4.25 billion in the quarter, versus analyst estimates of $4.14 billion. Reliance Steel & Aluminum posted a net margin of 10.98% and a return on equity of 29.31%. The company’s revenue for the quarter increased 10.4% on an annual basis. In the same quarter last year, the company posted EPS of $6.15.

Reliance Steel & Aluminum Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 2. Shareholders of record on Friday, November 18 will receive a dividend of $0.875. This represents an annualized dividend of $3.50 and a dividend yield of 1.75%. The ex-dividend date is Thursday, November 17. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is currently 11.45%.

Insider buying and selling

In related news, CEO James Donald Hoffman sold 10,000 shares in a trade on Thursday, October 6. The shares were sold at an average price of $183.31, for a total transaction of $1,833,100.00. Following completion of the transaction, the CEO now owns 132,738 shares of the company, valued at $24,332,202.78. The sale was disclosed in a filing with the Securities & Exchange Commission, accessible via the SEC’s website. In other Reliance Steel & Aluminum news, Chief Financial Officer Arthur Ajemyan sold 1,000 shares of the company in a trade on Tuesday August 16th. The shares were sold at an average price of $198.39, for a total transaction of $198,390.00. Following the sale, the CFO now directly owns 12,870 shares of the company, valued at $2,553,279.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this hyperlink. Additionally, CEO James Donald Hoffman sold 10,000 shares of the company in a trade on Thursday, October 6. The stock was sold at an average price of $183.31, for a total transaction of $1,833,100.00. Following the sale, the CEO now directly owns 132,738 shares of the company, valued at $24,332,202.78. The disclosure of this sale can be found here. 0.62% of the shares are currently held by company insiders.

Reliance Steel & Aluminum Institutional Trade

Several institutional investors and hedge funds have recently increased or reduced their stake in RS. BlackRock Inc. increased its position in Reliance Steel & Aluminum shares by 6.5% in the first quarter. BlackRock Inc. now owns 6,370,754 shares of the industrial products company valued at $1,168,079,000 after purchasing an additional 389,942 shares during the period. State Street Corp raised its position in Reliance Steel & Aluminum shares by 16.4% in the first quarter. State Street Corp now owns 2,549,898 shares of the industrial products company valued at $467,524,000 after purchasing an additional 359,364 shares during the period. Dimensional Fund Advisors LP raised its position in Reliance Steel & Aluminum shares by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 2,242,803 shares of the industrial products company valued at $411,223,000 after purchasing an additional 44,267 shares during the period. Price T Rowe Associates Inc. MD increased its position in Reliance Steel & Aluminum shares by 15.0% in the second quarter. Price T Rowe Associates Inc. MD now owns 1,981,575 shares of the industrial products company valued at $336,590,000 after purchasing an additional 258,662 shares during the period. Finally, Yacktman Asset Management LP increased its position in Reliance Steel & Aluminum shares by 19.9% ​​in the first quarter. Yacktman Asset Management LP now owns 1,263,336 shares of the industrial products company valued at $231,633,000 after purchasing an additional 209,836 shares during the period. 83.16% of the shares are held by institutional investors.

About Reliance Steel and Aluminum

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Reliance Steel & Aluminum Co engages in the provision of metal processing services and the distribution of metal products. It offers products in alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and special steels. The company was founded by Thomas J. Neilan on February 3, 1939 and is headquartered in Scottsdale, AZ.

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Earnings history and estimates for Reliance Steel & Aluminum (NYSE:RS)

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