Reliance Steel & Aluminum Co. (NYSE:RS) to Post Q2 2023 Earnings of $6.42 Per Share, Seaport Res Ptn Forecasts

Posted by Defense World Staff on Jun 26th, 2023

Reliance Steel & Aluminum Co. (NYSE:RS – Get Rating) – Investment analysts at Seaport Res Ptn issued their Q2 2023 earnings estimates for shares of Reliance Steel & Aluminum in a report issued on Thursday, June 22nd. Seaport Res Ptn analyst M. Englert forecasts that the industrial products company will earn $6.42 per share for the quarter. The consensus estimate for Reliance Steel & Aluminum’s current full-year earnings is $22.65 per share. Seaport Res Ptn also issued estimates for Reliance Steel & Aluminum’s Q3 2023 earnings at $5.67 EPS, Q4 2023 earnings at $4.92 EPS, FY2023 earnings at $23.38 EPS, FY2024 earnings at $14.88 EPS and FY2025 earnings at $15.94 EPS.

Several other equities analysts have also issued reports on RS. Wolfe Research lowered Reliance Steel & Aluminum from an “outperform” rating to a “peer perform” rating in a research note on Friday, April 28th. StockNews.com started coverage on shares of Reliance Steel & Aluminum in a research note on Thursday, May 18th. They set a “buy” rating on the stock. Finally, The Goldman Sachs Group increased their target price on Reliance Steel & Aluminum from $245.00 to $270.00 and gave the company a “neutral” rating in a research report on Friday, March 10th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $270.00.

Reliance Steel & Aluminum Stock Performance

Shares of RS stock opened at $258.26 on Monday. The company has a 50-day simple moving average of $245.87 and a 200 day simple moving average of $235.82. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.80 and a current ratio of 4.83. The company has a market capitalization of $15.18 billion, a price-to-earnings ratio of 9.25 and a beta of 0.88. Reliance Steel & Aluminum has a 52 week low of $162.50 and a 52 week high of $264.42.

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

Institutional Investors Weigh In On Reliance Steel & Aluminum

Several hedge funds and other institutional investors have recently made changes to their positions in RS. Raymond James Financial Services Advisors Inc. boosted its position in shares of Reliance Steel & Aluminum by 212.0% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 6,876 shares of the industrial products company’s stock worth $1,261,000 after buying an additional 4,672 shares during the period. American Century Companies Inc. grew its holdings in shares of Reliance Steel & Aluminum by 0.8% during the first quarter. American Century Companies Inc. now owns 11,264 shares of the industrial products company’s stock worth $2,065,000 after purchasing an additional 88 shares during the last quarter. APG Asset Management N.V. acquired a new stake in shares of Reliance Steel & Aluminum during the first quarter worth about $1,533,000. Great West Life Assurance Co. Can boosted its position in shares of Reliance Steel & Aluminum by 8.2% in the 1st quarter. Great West Life Assurance Co. Can now owns 40,567 shares of the industrial products company’s stock valued at $7,679,000 after purchasing an additional 3,058 shares during the period. Finally, Sei Investments Co. boosted its holdings in shares of Reliance Steel & Aluminum by 14.6% in the first quarter. Sei Investments Co. now owns 35,984 shares of the industrial products company’s stock valued at $6,602,000 after acquiring an additional 4,573 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Insider Buying and Selling at Reliance Steel & Aluminum

In other Reliance Steel & Aluminum news, Director James Donald Hoffman sold 10,000 shares of the company’s stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $235.16, for a total value of $2,351,600.00. Following the sale, the director now directly owns 124,042 shares of the company’s stock, valued at $29,169,716.72. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.62% of the stock is currently owned by company insiders.

Reliance Steel & Aluminum Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 9th. Investors of record on Friday, May 26th were paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date of this dividend was Thursday, May 25th. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is presently 14.33%.

Reliance Steel & Aluminum Company Profile

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Reliance Steel & Aluminum Co operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.