Reliance Steel & Aluminum (NYSE:RS) Raised to “Buy” at Bank of America

Bank of America upgraded shares of Reliance Steel & Aluminum (NYSE:RS) from a neutral rating to a buy rating in a report released on Friday, The Fly reports. The firm currently has $123.00 price objective on the industrial products company’s stock.

Other equities research analysts have also recently issued research reports about the stock. Citigroup boosted their target price on shares of Reliance Steel & Aluminum from $90.00 to $115.00 and gave the company a neutral rating in a report on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft raised shares of Reliance Steel & Aluminum from a hold rating to a buy rating and boosted their target price for the company from $90.00 to $115.00 in a report on Tuesday, August 4th. Finally, BofA Securities raised shares of Reliance Steel & Aluminum from a neutral rating to a buy rating and set a $123.00 target price on the stock in a report on Friday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. Reliance Steel & Aluminum currently has an average rating of Hold and a consensus target price of $113.00.

Reliance Steel & Aluminum stock opened at $107.90 on Friday. Reliance Steel & Aluminum has a 12 month low of $70.57 and a 12 month high of $122.17. The company has a current ratio of 4.25, a quick ratio of 1.92 and a debt-to-equity ratio of 0.29. The business’s 50 day simple moving average is $107.54 and its 200 day simple moving average is $98.75. The company has a market cap of $6.88 billion, a price-to-earnings ratio of 15.41, a PEG ratio of 1.81 and a beta of 1.10.

Reliance Steel & Aluminum (NYSE:RS) last issued its earnings results on Thursday, October 22nd. The industrial products company reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.53 by $0.34. Reliance Steel & Aluminum had a net margin of 4.83% and a return on equity of 11.52%. The business had revenue of $2.09 billion for the quarter, compared to analysts’ expectations of $2.12 billion. During the same quarter in the previous year, the firm posted $2.39 EPS. The business’s revenue for the quarter was down 22.4% compared to the same quarter last year. As a group, equities research analysts forecast that Reliance Steel & Aluminum will post 6.91 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 4th. Stockholders of record on Friday, November 20th will be issued a $0.625 dividend. The ex-dividend date is Thursday, November 19th. This represents a $2.50 annualized dividend and a dividend yield of 2.32%. Reliance Steel & Aluminum’s payout ratio is currently 24.18%.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. LSV Asset Management boosted its holdings in shares of Reliance Steel & Aluminum by 50.2% during the second quarter. LSV Asset Management now owns 1,331,502 shares of the industrial products company’s stock worth $126,399,000 after purchasing an additional 445,099 shares during the period. Assenagon Asset Management S.A. bought a new position in Reliance Steel & Aluminum in the second quarter worth about $23,385,000. Ninety One UK Ltd raised its stake in Reliance Steel & Aluminum by 46.6% in the second quarter. Ninety One UK Ltd now owns 732,263 shares of the industrial products company’s stock worth $69,514,000 after buying an additional 232,910 shares in the last quarter. FMR LLC raised its stake in Reliance Steel & Aluminum by 249.2% in the first quarter. FMR LLC now owns 227,173 shares of the industrial products company’s stock worth $20,504,000 after buying an additional 162,118 shares in the last quarter. Finally, Balyasny Asset Management LLC bought a new position in Reliance Steel & Aluminum in the second quarter worth about $15,263,000. 80.03% of the stock is currently owned by institutional investors and hedge funds.

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 processing services to general manufacturing, non-residential construction, transportation, aerospace and defense, energy, electronics and semiconductor fabrication, and heavy industries.

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Analyst Recommendations for Reliance Steel & Aluminum (NYSE:RS)

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