Reliance Steel & Aluminum (NYSE:RS) Releases Quarterly Earnings Results, Beats Estimates By $1.28 EPS

Reliance Steel & Aluminum (NYSE:RS – Get Rating) posted its quarterly earnings results on Thursday. The industrial products company reported $8.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $7.14 by $1.28, MarketWatch Earnings reports. Reliance Steel & Aluminum had a net margin of 10.03% and a return on equity of 24.80%. The firm had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same quarter last year, the firm posted $4.10 earnings per share. Reliance Steel & Aluminum’s revenue for the quarter was up 58.0% compared to the same quarter last year. Reliance Steel & Aluminum updated its Q2 guidance to $9.00-$9.10 EPS.

Shares of RS opened at $199.13 on Friday. The company has a quick ratio of 1.97, a current ratio of 3.91 and a debt-to-equity ratio of 0.27. Reliance Steel & Aluminum has a 12-month low of $135.46 and a 12-month high of $204.93. The firm has a market capitalization of $12.48 billion, a PE ratio of 9.06 and a beta of 0.87. The stock’s fifty day simple moving average is $187.88 and its 200-day simple moving average is $168.40.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 10th. Shareholders of record on Friday, May 27th will be paid a $0.875 dividend. This represents a $3.50 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date of this dividend is Thursday, May 26th. Reliance Steel & Aluminum’s dividend payout ratio is currently 15.92%.

In related news, President Karla R. Lewis sold 69,040 shares of the stock in a transaction dated Tuesday, February 22nd. The stock was sold at an average price of $175.68, for a total transaction of $12,128,947.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Arthur Ajemyan sold 4,540 shares of the stock in a transaction that occurred on Tuesday, February 22nd. The shares were 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 125,634 shares of company stock worth $22,319,957 in the last ninety days. 3.43% of the stock is currently owned by insiders.

Institutional investors have recently bought and sold shares of the business. Vident Investment Advisory LLC lifted its stake in shares of Reliance Steel & Aluminum by 6.5% in the 4th quarter. Vident Investment Advisory LLC now owns 14,390 shares of the industrial products company’s stock valued at $2,333,000 after purchasing an additional 879 shares during the period. Forum Financial Management LP bought a new position in shares of Reliance Steel & Aluminum in the fourth quarter valued at approximately $268,000. Parametric Portfolio Associates LLC lifted its stake in Reliance Steel & Aluminum by 0.7% in the fourth quarter. Parametric Portfolio Associates LLC now owns 321,369 shares of the industrial products company’s stock valued at $52,133,000 after purchasing an additional 2,333 shares during the last quarter. Thrivent Financial for Lutherans lifted its stake in Reliance Steel & Aluminum by 26.8% in the fourth quarter. Thrivent Financial for Lutherans now owns 57,523 shares of the industrial products company’s stock valued at $9,332,000 after purchasing an additional 12,152 shares during the last quarter. Finally, Glenmede Trust Co. NA lifted its position in shares of Reliance Steel & Aluminum by 37.9% during the fourth quarter. Glenmede Trust Co. NA now owns 23,834 shares of the industrial products company’s stock worth $3,865,000 after acquiring an additional 6,554 shares in the last quarter. Hedge funds and other institutional investors own 83.59% of the company’s stock.

RS has been the subject of several recent research reports. BNP Paribas raised shares of Reliance Steel & Aluminum from a “neutral” rating to an “outperform” rating in a research report on Thursday, April 14th. Exane BNP Paribas upgraded Reliance Steel & Aluminum from a “neutral” rating to an “outperform” rating in a research note on Thursday, April 14th. StockNews.com upgraded Reliance Steel & Aluminum from a “buy” rating to a “strong-buy” rating in a research note on Thursday. Wolfe Research upgraded shares of Reliance Steel & Aluminum from a “market perform” rating to an “outperform” rating in a research note on Thursday. Finally, KeyCorp lifted their price objective on shares of Reliance Steel & Aluminum from $200.00 to $215.00 and gave the company an “overweight” rating in a research note on Wednesday, April 20th. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $179.63.

Reliance Steel & Aluminum Company Profile (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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