$4.58 Billion in Sales Expected for Reliance Steel & Aluminum Co. (NYSE:RS) This Quarter
Equities research analysts expect Reliance Steel & Aluminum Co. (NYSE:RS – Get Rating) to report $4.58 billion in sales for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Reliance Steel & Aluminum’s earnings, with the lowest sales estimate coming in at $4.54 billion and the highest estimate coming in at $4.62 billion. Reliance Steel & Aluminum posted sales of $3.42 billion during the same quarter last year, which suggests a positive year over year growth rate of 33.9%. The business is expected to report its next earnings report on Monday, January 1st.
On average, analysts expect that Reliance Steel & Aluminum will report full-year sales of $16.43 billion for the current fiscal year, with estimates ranging from $15.77 billion to $17.38 billion. For the next year, analysts forecast that the firm will report sales of $14.48 billion, with estimates ranging from $14.43 billion to $14.53 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that cover Reliance Steel & Aluminum.
Reliance Steel & Aluminum (NYSE:RS – Get Rating) last announced its earnings results on Thursday, April 28th. The industrial products company reported $8.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.14 by $1.28. Reliance Steel & Aluminum had a net margin of 10.61% and a return on equity of 27.94%. The business had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same period last year, the firm posted $4.10 earnings per share. The company’s revenue for the quarter was up 58.0% compared to the same quarter last year.
Several equities research analysts recently weighed in on RS shares. StockNews.com raised Reliance Steel & Aluminum from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 28th. KeyCorp increased their price target on Reliance Steel & Aluminum from $200.00 to $215.00 and gave the stock an “overweight” rating in a report on Wednesday, April 20th. Exane BNP Paribas raised Reliance Steel & Aluminum from a “neutral” rating to an “outperform” rating in a report on Thursday, April 14th. BNP Paribas raised Reliance Steel & Aluminum from a “neutral” rating to an “outperform” rating in a report on Thursday, April 14th. Finally, Citigroup raised their target price on Reliance Steel & Aluminum from $200.00 to $230.00 in a report on Friday, April 29th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $191.75.
Shares of NYSE RS opened at $192.98 on Tuesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 3.96 and a quick ratio of 2.28. The stock has a fifty day moving average price of $190.74 and a 200 day moving average price of $171.29. Reliance Steel & Aluminum has a 1-year low of $135.46 and a 1-year high of $211.65. The company has a market cap of $12.09 billion, a PE ratio of 7.37 and a beta of 0.76.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 10th. Stockholders of record on Friday, May 27th will be paid a dividend of $0.875 per share. This represents a $3.50 annualized dividend and a dividend yield of 1.81%. The ex-dividend date of this dividend is Thursday, May 26th. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is presently 13.36%.
In related news, VP Jeffrey Wayne Durham sold 10,000 shares of Reliance Steel & Aluminum stock in a transaction dated Friday, May 6th. The stock was sold at an average price of $196.06, for a total transaction of $1,960,600.00. Following the completion of the sale, the vice president now owns 19,071 shares in the company, valued at approximately $3,739,060.26. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Arthur Ajemyan sold 4,540 shares of Reliance Steel & Aluminum stock in a transaction dated Tuesday, February 22nd. The stock was sold at an average price of $175.72, for a total value of $797,768.80. The disclosure for this sale can be found here. Insiders have sold a total of 135,634 shares of company stock valued at $24,280,557 in the last ninety days. Corporate insiders own 0.62% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. Rational Advisors LLC purchased a new position in shares of Reliance Steel & Aluminum during the 4th quarter worth about $28,000. National Bank of Canada FI purchased a new position in shares of Reliance Steel & Aluminum during the 4th quarter worth about $33,000. Sageworth Trust Co of South Dakota purchased a new position in shares of Reliance Steel & Aluminum during the 4th quarter worth about $33,000. Denali Advisors LLC lifted its holdings in shares of Reliance Steel & Aluminum by 100.0% during the 1st quarter. Denali Advisors LLC now owns 200 shares of the industrial products company’s stock worth $37,000 after acquiring an additional 100 shares during the period. Finally, IndexIQ Advisors LLC lifted its holdings in shares of Reliance Steel & Aluminum by 62.4% during the 3rd quarter. IndexIQ Advisors LLC now owns 328 shares of the industrial products company’s stock worth $47,000 after acquiring an additional 126 shares during the period. Hedge funds and other institutional investors own 81.84% of the company’s stock.
About Reliance Steel & Aluminum (Get Rating)
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.
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