Reliance Steel & Aluminum Co. (NYSE:RS) Expected to Announce Quarterly Sales of $4.58 Billion

Brokerages expect Reliance Steel & Aluminum Co. (NYSE:RSGet Rating) to announce sales of $4.58 billion for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided 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 in the same quarter last year, which would indicate a positive year over year growth rate of 33.9%. The company is expected to issue its next quarterly earnings report on Monday, January 1st.

According to Zacks, 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 fiscal 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 averages are a mean average based on a survey of sell-side analysts that cover Reliance Steel & Aluminum.

Reliance Steel & Aluminum (NYSE:RSGet Rating) last posted its quarterly earnings results on Thursday, April 28th. The industrial products company reported $8.42 EPS for the quarter, topping analysts’ consensus estimates of $7.14 by $1.28. Reliance Steel & Aluminum had a return on equity of 27.94% and a net margin of 10.61%. The business had revenue of $4.49 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter last year, the company posted $4.10 earnings per share. Reliance Steel & Aluminum’s quarterly revenue was up 58.0% on a year-over-year basis.

Several research firms have recently commented on RS. BNP Paribas raised Reliance Steel & Aluminum from a “neutral” rating to an “outperform” rating in a research report on Thursday, April 14th. Citigroup upped their target price on Reliance Steel & Aluminum from $200.00 to $230.00 in a research report on Friday, April 29th. KeyCorp upped their target price on Reliance Steel & Aluminum from $200.00 to $215.00 and gave the company an “overweight” rating in a research report on Wednesday, April 20th. Wolfe Research raised Reliance Steel & Aluminum from a “market perform” rating to an “outperform” rating and set a $226.00 target price on the stock in a research report on Thursday, April 28th. Finally, Exane BNP Paribas raised Reliance Steel & Aluminum from a “neutral” rating to an “outperform” rating in a research report on Thursday, April 14th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $191.75.

In other news, CFO Arthur Ajemyan sold 4,540 shares of the company’s stock in a transaction on Tuesday, February 22nd. The shares were sold at an average price of $175.72, for a total transaction of $797,768.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jeffrey Wayne Durham sold 10,000 shares of the stock in a transaction on Friday, May 6th. The shares were sold at an average price of $196.06, for a total value of $1,960,600.00. Following the completion of the sale, the vice president now owns 19,071 shares of the company’s stock, valued at $3,739,060.26. The disclosure for this sale can be found here. Insiders have sold 135,634 shares of company stock valued at $24,280,557 over the last 90 days. Corporate insiders own 0.62% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Rational Advisors LLC acquired a new stake in Reliance Steel & Aluminum in the fourth quarter valued at $28,000. National Bank of Canada FI acquired a new stake in Reliance Steel & Aluminum in the fourth quarter valued at $33,000. Sageworth Trust Co of South Dakota acquired a new stake in Reliance Steel & Aluminum in the fourth quarter valued at $33,000. Denali Advisors LLC increased its holdings in Reliance Steel & Aluminum by 100.0% in the first quarter. Denali Advisors LLC now owns 200 shares of the industrial products company’s stock valued at $37,000 after purchasing an additional 100 shares during the period. Finally, IndexIQ Advisors LLC grew its holdings in 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. Institutional investors and hedge funds own 81.84% of the company’s stock.

Reliance Steel & Aluminum stock opened at $192.98 on Tuesday. Reliance Steel & Aluminum has a 52 week low of $135.46 and a 52 week high of $211.65. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.28 and a current ratio of 3.96. The stock has a market capitalization of $12.09 billion, a P/E ratio of 7.37 and a beta of 0.76. The stock has a 50-day simple moving average of $190.74 and a 200 day simple moving average of $171.29.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 10th. Shareholders 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 yield of 1.81%. The ex-dividend date is Thursday, May 26th. Reliance Steel & Aluminum’s payout ratio is presently 13.36%.

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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Earnings History and Estimates for Reliance Steel & Aluminum (NYSE:RS)

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