Reliance Steel & Aluminum Co (NYSE:RS) Expected to Announce Earnings of $1.70 Per Share

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Wall Street brokerages expect Reliance Steel & Aluminum Co (NYSE:RS) to post earnings of $1.70 per share for the current quarter, Zacks reports. Four analysts have issued estimates for Reliance Steel & Aluminum’s earnings. The highest EPS estimate is $1.73 and the lowest is $1.65. Reliance Steel & Aluminum reported earnings per share of $1.08 in the same quarter last year, which indicates a positive year over year growth rate of 57.4%. The business is scheduled to announce its next earnings results on Thursday, February 20th.

On average, analysts expect that Reliance Steel & Aluminum will report full-year earnings of $9.60 per share for the current fiscal year, with EPS estimates ranging from $9.57 to $9.63. For the next financial year, analysts forecast that the company will post earnings of $8.77 per share, with EPS estimates ranging from $8.30 to $9.16. Zacks’ EPS averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Reliance Steel & Aluminum.

Reliance Steel & Aluminum (NYSE:RS) last announced its earnings results on Thursday, October 24th. The industrial products company reported $2.39 EPS for the quarter, beating the consensus estimate of $1.95 by $0.44. Reliance Steel & Aluminum had a return on equity of 12.52% and a net margin of 5.48%. The business had revenue of $2.69 billion during the quarter, compared to the consensus estimate of $2.67 billion. During the same period in the prior year, the business posted $2.42 earnings per share. Reliance Steel & Aluminum’s revenue was down 9.7% compared to the same quarter last year.

Several brokerages have weighed in on RS. Exane BNP Paribas began coverage on Reliance Steel & Aluminum in a research report on Thursday, November 14th. They issued a “neutral” rating and a $117.00 target price on the stock. Bank of America set a $115.00 target price on Reliance Steel & Aluminum and gave the stock a “hold” rating in a research report on Friday, October 25th. BNP Paribas began coverage on Reliance Steel & Aluminum in a research report on Thursday, November 14th. They issued a “hold” rating and a $117.00 target price on the stock. Cowen reaffirmed an “outperform” rating and issued a $123.00 target price (up from $107.00) on shares of Reliance Steel & Aluminum in a research report on Tuesday, October 29th. Finally, Deutsche Bank lowered Reliance Steel & Aluminum from a “buy” rating to a “hold” rating and increased their price objective for the company from $105.00 to $110.00 in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $107.40.

Reliance Steel & Aluminum stock traded down $0.33 during mid-day trading on Wednesday, hitting $119.76. The company’s stock had a trading volume of 369,153 shares, compared to its average volume of 441,607. The firm’s 50 day moving average is $118.56 and its 200 day moving average is $104.21. The company has a market cap of $7.98 billion, a PE ratio of 13.40, a price-to-earnings-growth ratio of 1.39 and a beta of 1.35. The company has a debt-to-equity ratio of 0.31, a current ratio of 4.01 and a quick ratio of 1.90. Reliance Steel & Aluminum has a 52-week low of $69.06 and a 52-week high of $122.17.

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were paid a $0.55 dividend. The ex-dividend date was Thursday, November 14th. This represents a $2.20 annualized dividend and a dividend yield of 1.84%. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is currently 24.61%.

In other Reliance Steel & Aluminum news, VP Stephen Paul Koch sold 6,040 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $116.31, for a total value of $702,512.40. Following the completion of the sale, the vice president now directly owns 12,360 shares in the company, valued at $1,437,591.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James Donald Hoffman sold 3,000 shares of the stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $120.22, for a total value of $360,660.00. Insiders sold a total of 22,160 shares of company stock valued at $2,589,192 over the last three months. Insiders own 3.43% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Maverick Capital Ltd. acquired a new stake in shares of Reliance Steel & Aluminum in the third quarter valued at approximately $1,210,000. Squarepoint Ops LLC bought a new position in shares of Reliance Steel & Aluminum during the third quarter worth approximately $1,620,000. Voloridge Investment Management LLC bought a new position in shares of Reliance Steel & Aluminum during the third quarter worth approximately $4,947,000. Point72 Asset Management L.P. bought a new position in shares of Reliance Steel & Aluminum during the third quarter worth approximately $538,000. Finally, Parametric Portfolio Associates LLC increased its stake in shares of Reliance Steel & Aluminum by 17.0% during the third quarter. Parametric Portfolio Associates LLC now owns 310,609 shares of the industrial products company’s stock worth $30,955,000 after purchasing an additional 45,163 shares during the period. 83.17% of the stock is owned by hedge funds and other institutional investors.

Reliance Steel & Aluminum Company Profile

Reliance Steel & Aluminum Co operates as a metals service center company. The company provides alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products and related processing services to general manufacturing, non-residential construction, transportation, aerospace and defense, energy, electronics and semiconductor fabrication, auto, and heavy industries.

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