Reliance Steel & Aluminum Co. (NYSE:RS) to Post Q2 2023 Earnings of $6.52 Per Share, Zacks Research Forecasts

Posted by Defense World Staff on Jun 5th, 2023

Reliance Steel & Aluminum Co. (NYSE:RS – Get Rating) – Research analysts at Zacks Research upped their Q2 2023 earnings estimates for Reliance Steel & Aluminum in a note issued to investors on Friday, June 2nd. Zacks Research analyst A. Barman now forecasts that the industrial products company will post earnings of $6.52 per share for the quarter, up from their prior estimate of $6.41. The consensus estimate for Reliance Steel & Aluminum’s current full-year earnings is $22.07 per share. Zacks Research also issued estimates for Reliance Steel & Aluminum’s FY2023 earnings at $22.06 EPS, Q2 2024 earnings at $3.75 EPS, Q4 2024 earnings at $2.39 EPS, FY2024 earnings at $14.85 EPS, Q1 2025 earnings at $4.58 EPS and FY2025 earnings at $15.74 EPS.

Reliance Steel & Aluminum (NYSE:RS – Get Rating) last announced its quarterly earnings data on Thursday, April 27th. The industrial products company reported $6.37 EPS for the quarter, topping analysts’ consensus estimates of $5.70 by $0.67. The business had revenue of $3.97 billion for the quarter, compared to analyst estimates of $3.92 billion. Reliance Steel & Aluminum had a net margin of 10.30% and a return on equity of 24.11%. The firm’s revenue for the quarter was down 11.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $8.42 earnings per share.

Other equities research analysts also recently issued reports about the stock. Citigroup lifted their target price on shares of Reliance Steel & Aluminum from $230.00 to $280.00 and gave the stock a “buy” rating in a research report on Friday, February 17th. StockNews.com started coverage on shares of Reliance Steel & Aluminum in a research note on Thursday, May 18th. They set a “buy” rating for the company. The Goldman Sachs Group boosted their price target on shares of Reliance Steel & Aluminum from $245.00 to $270.00 and gave the stock a “neutral” rating in a report on Friday, March 10th. KeyCorp upped their price objective on shares of Reliance Steel & Aluminum from $235.00 to $265.00 and gave the company an “overweight” rating in a report on Friday, February 17th. Finally, BMO Capital Markets upped their price objective on shares of Reliance Steel & Aluminum from $235.00 to $265.00 in a report on Friday, February 17th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $270.00.

Reliance Steel & Aluminum Price Performance

RS stock opened at $241.69 on Monday. The company has a quick ratio of 2.80, a current ratio of 4.83 and a debt-to-equity ratio of 0.16. Reliance Steel & Aluminum has a 12 month low of $160.29 and a 12 month high of $264.42. The firm has a market cap of $14.21 billion, a P/E ratio of 8.66 and a beta of 0.88. The company’s 50-day moving average price is $244.93 and its two-hundred day moving average price is $231.35.

Reliance Steel & Aluminum Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 9th. Investors of record on Friday, May 26th will be given a dividend of $1.00 per share. The ex-dividend date is Thursday, May 25th. This represents a $4.00 dividend on an annualized basis and a yield of 1.66%. Reliance Steel & Aluminum’s payout ratio is 14.33%.

Insider Buying and Selling

In related news, Director James Donald Hoffman sold 10,000 shares of the business’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $235.16, for a total value of $2,351,600.00. Following the sale, the director now owns 124,042 shares in the company, valued at approximately $29,169,716.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.62% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in RS. Worth Asset Management LLC acquired a new position in shares of Reliance Steel & Aluminum in the 1st quarter valued at approximately $28,000. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Reliance Steel & Aluminum by 124.3% during the first quarter. Massmutual Trust Co. FSB ADV now owns 166 shares of the industrial products company’s stock valued at $43,000 after purchasing an additional 92 shares during the last quarter. Belpointe Asset Management LLC purchased a new stake in shares of Reliance Steel & Aluminum during the fourth quarter valued at $39,000. Advisory Services Network LLC lifted its stake in Reliance Steel & Aluminum by 160.0% in the 1st quarter. Advisory Services Network LLC now owns 221 shares of the industrial products company’s stock worth $57,000 after acquiring an additional 136 shares in the last quarter. Finally, Atlas Capital Advisors LLC increased its holdings in shares of Reliance Steel & Aluminum by 131.7% during the 1st quarter. Atlas Capital Advisors LLC now owns 234 shares of the industrial products company’s stock valued at $60,000 after acquiring an additional 133 shares during the last quarter. Institutional investors and hedge funds own 81.73% of the company’s stock.

Reliance Steel & Aluminum Company Profile

(Get Rating)

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

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

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