Today, Reliance Steel & Aluminum Co. (RS) Rating Increased to Buy at Clarkson Capital

Today, Reliance Steel & Aluminum Co. (RS) Rating Increased to Buy at Clarkson Capital

Reliance Steel & Aluminum Co. (NYSE:RS) was upgraded by investment analysts at Clarkson Capital from a “neutral” rating to a “buy” rating in a research note issued on Tuesday.

Several other brokerages have also issued reports on RS. Jefferies Group restated a “hold” rating on shares of Reliance Steel & Aluminum Co. in a research note on Saturday, October 1st. Zacks Investment Research lowered shares of Reliance Steel & Aluminum Co. from a “hold” rating to a “sell” rating in a research note on Monday, September 26th. Bank of America Corp. upgraded shares of Reliance Steel & Aluminum Co. from an “underperform” rating to a “neutral” rating and set a $84.00 price objective for the company in a research note on Thursday, July 28th. Rosenblatt Securities lifted their price objective on shares of Reliance Steel & Aluminum Co. from $69.00 to $76.00 and gave the company a “neutral” rating in a research note on Tuesday, July 5th. Finally, Cowen and Company lifted their price objective on shares of Reliance Steel & Aluminum Co. from $78.00 to $86.00 and gave the company an “outperform” rating in a research note on Friday, July 22nd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $78.56.

Reliance Steel & Aluminum Co. (NYSE:RS) traded up 0.67% during midday trading on Tuesday, reaching $70.20. The company’s stock had a trading volume of 111,278 shares. The company has a market cap of $5.09 billion, a PE ratio of 16.37 and a beta of 1.50. The stock has a 50-day moving average price of $70.82 and a 200 day moving average price of $73.83. Reliance Steel & Aluminum Co. has a 12 month low of $50.08 and a 12 month high of $84.25.

Reliance Steel & Aluminum Co. (NYSE:RS) last posted its earnings results on Thursday, July 21st. The company reported $1.36 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.30 by $0.06. Reliance Steel & Aluminum Co. had a net margin of 3.61% and a return on equity of 8.05%. The firm had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter last year, the firm earned $1.21 EPS. The company’s quarterly revenue was down 9.1% compared to the same quarter last year. Analysts expect that Reliance Steel & Aluminum Co. will post $4.78 earnings per share for the current fiscal year.

In other Reliance Steel & Aluminum Co. news, Director David H. Hannah sold 8,000 shares of the company’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $75.58, for a total value of $604,640.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Douglas M. Hayes sold 3,383 shares of the company’s stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $73.43, for a total transaction of $248,413.69. Following the completion of the sale, the director now owns 4,709 shares in the company, valued at approximately $345,781.87. The disclosure for this sale can be found here. 3.73% of the stock is currently owned by company insiders.

Large investors have recently made changes to their positions in the company. AJO LP boosted its stake in shares of Reliance Steel & Aluminum Co. by 359.5% in the second quarter. AJO LP now owns 1,693,303 shares of the company’s stock worth $130,215,000 after buying an additional 1,324,763 shares during the period. Acadian Asset Management LLC boosted its stake in shares of Reliance Steel & Aluminum Co. by 217.3% in the second quarter. Acadian Asset Management LLC now owns 1,270,712 shares of the company’s stock worth $97,717,000 after buying an additional 870,286 shares during the period. Robeco Institutional Asset Management B.V. boosted its stake in shares of Reliance Steel & Aluminum Co. by 711.8% in the second quarter. Robeco Institutional Asset Management B.V. now owns 796,416 shares of the company’s stock worth $61,243,000 after buying an additional 698,314 shares during the period. Vanguard Group Inc. boosted its stake in shares of Reliance Steel & Aluminum Co. by 11.3% in the second quarter. Vanguard Group Inc. now owns 5,835,026 shares of the company’s stock worth $448,714,000 after buying an additional 592,648 shares during the period. Finally, Panagora Asset Management Inc. boosted its stake in shares of Reliance Steel & Aluminum Co. by 280.8% in the first quarter. Panagora Asset Management Inc. now owns 528,974 shares of the company’s stock worth $36,600,000 after buying an additional 390,054 shares during the period. Institutional investors and hedge funds own 84.03% of the company’s stock.

About Reliance Steel & Aluminum Co.

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