Reliance Steel & Aluminum (NYSE:RS) Trading Up 15.9%

Reliance Steel & Aluminum Co (NYSE:RS) shares were up 15.9% on Tuesday . The stock traded as high as $83.35 and last traded at $82.81, approximately 828,513 shares changed hands during mid-day trading. An increase of 46% from the average daily volume of 569,346 shares. The stock had previously closed at $71.42.

Several equities research analysts have recently weighed in on RS shares. KeyCorp reduced their price objective on Reliance Steel & Aluminum from $121.00 to $88.00 and set an “overweight” rating for the company in a research report on Tuesday. ValuEngine raised Reliance Steel & Aluminum from a “sell” rating to a “hold” rating in a research report on Friday, March 13th. Zacks Investment Research cut Reliance Steel & Aluminum from a “hold” rating to a “sell” rating and set a $128.00 price objective for the company. in a research report on Wednesday, January 15th. Finally, Cowen cut Reliance Steel & Aluminum from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $123.00 to $122.00 in a research report on Tuesday, January 21st. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the stock. Reliance Steel & Aluminum has an average rating of “Hold” and a consensus target price of $107.70.

The stock has a market capitalization of $5.40 billion, a P/E ratio of 8.02, a PEG ratio of 1.05 and a beta of 1.27. The firm has a 50-day moving average of $102.39 and a 200 day moving average of $109.99. The company has a quick ratio of 2.02, a current ratio of 4.46 and a debt-to-equity ratio of 0.32.

Reliance Steel & Aluminum (NYSE:RS) last issued its earnings results on Thursday, February 20th. The industrial products company reported $2.44 EPS for the quarter, topping the consensus estimate of $1.73 by $0.71. Reliance Steel & Aluminum had a return on equity of 13.98% and a net margin of 6.39%. The firm had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.49 billion. During the same period last year, the business earned $1.08 earnings per share. Reliance Steel & Aluminum’s quarterly revenue was down 13.0% compared to the same quarter last year. Analysts predict that Reliance Steel & Aluminum Co will post 7.91 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be paid a dividend of $0.625 per share. This is a positive change from Reliance Steel & Aluminum’s previous quarterly dividend of $0.55. This represents a $2.50 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend is Thursday, March 12th. Reliance Steel & Aluminum’s dividend payout ratio is currently 24.18%.

In other Reliance Steel & Aluminum news, CFO Karla R. Lewis sold 18,954 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $107.26, for a total transaction of $2,033,006.04. Following the completion of the transaction, the chief financial officer now directly owns 105,430 shares in the company, valued at $11,308,421.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.43% of the company’s stock.

Several large investors have recently made changes to their positions in RS. Group One Trading L.P. acquired a new stake in Reliance Steel & Aluminum in the fourth quarter worth about $33,000. Chevy Chase Trust Holdings Inc. acquired a new stake in Reliance Steel & Aluminum in the fourth quarter worth about $48,000. TCI Wealth Advisors Inc. increased its position in Reliance Steel & Aluminum by 705.3% in the fourth quarter. TCI Wealth Advisors Inc. now owns 459 shares of the industrial products company’s stock worth $55,000 after purchasing an additional 402 shares during the period. Citizens Financial Group Inc RI bought a new position in Reliance Steel & Aluminum during the fourth quarter worth about $57,000. Finally, FNY Investment Advisers LLC bought a new position in Reliance Steel & Aluminum during the fourth quarter worth about $59,000. Institutional investors own 83.76% of the company’s stock.

About Reliance Steel & Aluminum (NYSE:RS)

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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