Wall Street analysts expect that Reliance Steel & Aluminum Co (NYSE:RS) will post $2.47 billion in sales for the current fiscal quarter, according to . Four analysts have provided estimates for Reliance Steel & Aluminum’s earnings. The highest sales estimate is $2.48 billion and the lowest is $2.46 billion. Reliance Steel & Aluminum reported sales of $2.81 billion in the same quarter last year, which would suggest a negative year-over-year growth rate of 12.1%. The company is expected to issue its next earnings results on Thursday, February 20th.
On average, analysts expect that Reliance Steel & Aluminum will report full year sales of $11.00 billion for the current financial year, with estimates ranging from $10.99 billion to $11.01 billion. For the next year, analysts anticipate that the business will report sales of $10.83 billion, with estimates ranging from $10.71 billion to $10.93 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that cover Reliance Steel & Aluminum.
Reliance Steel & Aluminum (NYSE:RS) last posted its quarterly earnings results on Thursday, October 24th. The industrial products company reported $2.39 earnings per share for the quarter, topping the Zacks’ 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 company had revenue of $2.69 billion during the quarter, compared to the consensus estimate of $2.67 billion. During the same period last year, the business earned $2.42 EPS. The business’s quarterly revenue was down 9.7% on a year-over-year basis.
A number of research analysts recently weighed in on RS shares. Longbow Research raised Reliance Steel & Aluminum from an “underperform” rating to a “neutral” rating in a research note on Friday, September 6th. Bank of America set a $115.00 target price on Reliance Steel & Aluminum and gave the company a “hold” rating in a report on Friday, October 25th. KeyCorp raised their target price on Reliance Steel & Aluminum from $107.00 to $109.00 and gave the company an “overweight” rating in a report on Friday, September 6th. raised Reliance Steel & Aluminum from a “sell” rating to a “hold” rating and set a $103.00 target price on the stock in a report on Friday, October 4th. Finally, BNP Paribas assumed coverage on Reliance Steel & Aluminum in a report on Thursday, November 14th. They set a “hold” rating and a $117.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $107.40.
The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were given a dividend of $0.55 per share. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.84%. Reliance Steel & Aluminum’s payout ratio is currently 24.61%.
In related news, SVP William A. Smith II sold 5,320 shares of Reliance Steel & Aluminum stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $116.36, for a total transaction of $619,035.20. Following the completion of the sale, the senior vice president now directly owns 11,320 shares of the company’s stock, valued at $1,317,195.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through . Also, CEO James Donald Hoffman sold 3,000 shares of the business’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $120.22, for a total value of $360,660.00. Over the last ninety days, insiders have sold 22,160 shares of company stock valued at $2,589,192. 3.43% of the stock is owned by insiders.
A number of large investors have recently bought and sold shares of the business. Maverick Capital Ltd. acquired a new position in Reliance Steel & Aluminum in the third quarter valued at about $1,210,000. Squarepoint Ops LLC acquired a new position in shares of Reliance Steel & Aluminum during the third quarter worth about $1,620,000. Voloridge Investment Management LLC acquired a new position in shares of Reliance Steel & Aluminum during the third quarter worth about $4,947,000. Point72 Asset Management L.P. acquired a new position in shares of Reliance Steel & Aluminum during the third quarter worth about $538,000. Finally, Parametric Portfolio Associates LLC boosted its position 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 buying an additional 45,163 shares during the period. 83.17% of the stock is owned by hedge funds and other institutional investors.
About Reliance Steel & Aluminum
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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