Reliance Steel & Aluminum (NYSE:RS – Get Free Report) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Tuesday.
Separately, Wolfe Research downgraded shares of Reliance Steel & Aluminum from an “outperform” rating to a “peer perform” rating in a report on Friday, April 28th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $270.00.
View Our Latest Research Report on Reliance Steel & Aluminum
Reliance Steel & Aluminum Trading Down 0.9 %
Reliance Steel & Aluminum (NYSE:RS – Get Free Report) last posted its quarterly earnings data on Thursday, July 27th. The industrial products company reported $6.49 EPS for the quarter, missing analysts’ consensus estimates of $6.52 by ($0.03). Reliance Steel & Aluminum had a net margin of 9.63% and a return on equity of 20.88%. The firm had revenue of $3.88 billion during the quarter, compared to the consensus estimate of $3.98 billion. During the same period in the prior year, the company posted $9.15 earnings per share. The company’s revenue for the quarter was down 17.1% compared to the same quarter last year. On average, analysts expect that Reliance Steel & Aluminum will post 22.19 EPS for the current year.
Insiders Place Their Bets
In other Reliance Steel & Aluminum news, SVP William A. Smith II sold 6,000 shares of the company’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $292.71, for a total value of $1,756,260.00. Following the transaction, the senior vice president now owns 18,366 shares of the company’s stock, valued at approximately $5,375,911.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director James Donald Hoffman sold 10,000 shares of the stock in a transaction that occurred 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 transaction, the director now owns 124,042 shares of the company’s stock, valued at $29,169,716.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP William A. Smith II sold 6,000 shares of Reliance Steel & Aluminum stock in a transaction on Monday, July 31st. The shares were sold at an average price of $292.71, for a total value of $1,756,260.00. Following the sale, the senior vice president now directly owns 18,366 shares of the company’s stock, valued at $5,375,911.86. The disclosure for this sale can be found here. 0.71% of the stock is owned by insiders.
Hedge Funds Weigh In On Reliance Steel & Aluminum
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its holdings in shares of Reliance Steel & Aluminum by 14.5% during the 1st quarter. BlackRock Inc. now owns 6,453,558 shares of the industrial products company’s stock valued at $1,656,886,000 after purchasing an additional 815,429 shares during the last quarter. State Street Corp boosted its holdings in Reliance Steel & Aluminum by 13.8% in the first quarter. State Street Corp now owns 2,560,441 shares of the industrial products company’s stock worth $657,368,000 after acquiring an additional 310,339 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Reliance Steel & Aluminum by 814.7% during the first quarter. Envestnet Asset Management Inc. now owns 1,436,988 shares of the industrial products company’s stock worth $47,995,000 after acquiring an additional 1,279,892 shares during the last quarter. Royal London Asset Management Ltd. increased its holdings in shares of Reliance Steel & Aluminum by 15.6% during the fourth quarter. Royal London Asset Management Ltd. now owns 1,423,772 shares of the industrial products company’s stock valued at $288,058,000 after acquiring an additional 191,603 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Reliance Steel & Aluminum by 3.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,394,787 shares of the industrial products company’s stock valued at $358,099,000 after purchasing an additional 50,623 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.
About Reliance Steel & Aluminum
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.
Read More
- Five stocks we like better than Reliance Steel & Aluminum
- CD Calculator: Certificate of Deposit Calculator
- 3 Best Renewable Energy Stocks as Summer Heat Builds
- Natural Gas Prices Continue To Rally, These Stocks Should Benefit
- Kinder Morgan Shines With Dividend Yield, Cash Flow, Buybacks
- How to Buy Metaverse Stock Step by Step
- 3 Stocks to Buy No Matter Which Way Inflation Moves
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.
