Q2 2023 EPS Estimates for Reliance Steel & Aluminum Co. Boosted by Analyst (NYSE:RS)

Posted by Defense World Staff on Jul 20th, 2023

Reliance Steel & Aluminum Co. (NYSE:RS – Free Report) – Stock analysts at KeyCorp lifted their Q2 2023 earnings estimates for Reliance Steel & Aluminum in a research report issued to clients and investors on Sunday, July 16th. KeyCorp analyst P. Gibbs now anticipates that the industrial products company will earn $6.52 per share for the quarter, up from their prior estimate of $6.50. The consensus estimate for Reliance Steel & Aluminum’s current full-year earnings is $22.76 per share. KeyCorp also issued estimates for Reliance Steel & Aluminum’s Q3 2023 earnings at $5.14 EPS and Q4 2023 earnings at $4.32 EPS.

RS has been the topic of a number of other reports. Wolfe Research cut Reliance Steel & Aluminum from an “outperform” rating to a “peer perform” rating in a research report on Friday, April 28th. StockNews.com started coverage on shares of Reliance Steel & Aluminum in a research note on Thursday, May 18th. They issued a “buy” rating for the company. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $270.00.

Reliance Steel & Aluminum Price Performance

RS opened at $285.07 on Wednesday. Reliance Steel & Aluminum has a 12-month low of $168.24 and a 12-month high of $289.05. The firm has a market cap of $16.76 billion, a price-to-earnings ratio of 10.21 and a beta of 0.90. The company has a current ratio of 4.83, a quick ratio of 2.80 and a debt-to-equity ratio of 0.16. The stock’s 50-day moving average price is $256.54 and its 200 day moving average price is $244.71.

Reliance Steel & Aluminum (NYSE:RS – Get Free Report) last released its earnings results on Thursday, April 27th. The industrial products company reported $6.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.70 by $0.67. The company had revenue of $3.97 billion during 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 quarterly revenue was down 11.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $8.42 EPS.

Reliance Steel & Aluminum Announces Dividend

The company 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 annualized dividend and a dividend yield of 1.40%. The ex-dividend date was Thursday, May 25th. Reliance Steel & Aluminum’s dividend payout ratio is currently 14.33%.

Insider Activity

In other news, Director James Donald Hoffman sold 10,000 shares of the company’s stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $235.16, for a total transaction of $2,351,600.00. Following the completion of the transaction, the director now owns 124,042 shares of the company’s stock, valued at approximately $29,169,716.72. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.71% of the company’s stock.

Institutional Trading of Reliance Steel & Aluminum

Institutional investors and hedge funds have recently modified their holdings of the company. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Reliance Steel & Aluminum by 0.8% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 5,005 shares of the industrial products company’s stock valued at $1,285,000 after purchasing an additional 41 shares during the period. Occidental Asset Management LLC raised its position in shares of Reliance Steel & Aluminum by 0.3% during the 2nd quarter. Occidental Asset Management LLC now owns 13,962 shares of the industrial products company’s stock valued at $3,792,000 after buying an additional 41 shares in the last quarter. Signaturefd LLC boosted its stake in shares of Reliance Steel & Aluminum by 3.8% during the first quarter. Signaturefd LLC now owns 1,162 shares of the industrial products company’s stock valued at $298,000 after purchasing an additional 42 shares in the last quarter. CWM LLC increased its holdings in Reliance Steel & Aluminum by 4.8% in the fourth quarter. CWM LLC now owns 1,039 shares of the industrial products company’s stock valued at $210,000 after buying an additional 48 shares in the last quarter. Finally, Arizona State Retirement System raised its stake in shares of Reliance Steel & Aluminum by 0.3% in the 1st quarter. Arizona State Retirement System now owns 17,063 shares of the industrial products company’s stock valued at $4,381,000 after acquiring an additional 49 shares during the period. 83.51% of the stock is currently owned by institutional investors.

Reliance Steel & Aluminum Company Profile

(Get Free Report)

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.