Reliance Steel & Aluminum Co. (NYSE:RS) Expected to Announce Quarterly Sales of $3.68 Billion

Brokerages forecast that Reliance Steel & Aluminum Co. (NYSE:RS) will report $3.68 billion in sales for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for Reliance Steel & Aluminum’s earnings. The lowest sales estimate is $3.65 billion and the highest is $3.70 billion. Reliance Steel & Aluminum posted sales of $2.09 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 76.1%. The business is expected to issue its next earnings results before the market opens on Thursday, October 28th.

According to Zacks, analysts expect that Reliance Steel & Aluminum will report full year sales of $13.16 billion for the current fiscal year, with estimates ranging from $12.83 billion to $13.50 billion. For the next financial year, analysts anticipate that the company will report sales of $11.69 billion, with estimates ranging from $11.19 billion to $12.44 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Reliance Steel & Aluminum.

Reliance Steel & Aluminum (NYSE:RS) last issued its quarterly earnings results on Wednesday, July 21st. The industrial products company reported $5.06 EPS for the quarter, topping the Zacks’ consensus estimate of $4.89 by $0.17. The business had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.19 billion. Reliance Steel & Aluminum had a return on equity of 15.96% and a net margin of 7.86%. Reliance Steel & Aluminum’s quarterly revenue was up 69.3% compared to the same quarter last year. During the same period last year, the company posted $1.36 earnings per share.

Several brokerages have issued reports on RS. Deutsche Bank Aktiengesellschaft upgraded Reliance Steel & Aluminum to a “hold” rating and boosted their target price for the company from $165.00 to $175.00 in a research note on Wednesday. They noted that the move was a valuation call. Seaport Global Securities initiated coverage on Reliance Steel & Aluminum in a research note on Monday, August 23rd. They set a “buy” rating and a $165.00 price objective on the stock. Seaport Res Ptn reiterated a “buy” rating on shares of Reliance Steel & Aluminum in a research note on Monday, August 23rd. JPMorgan Chase & Co. initiated coverage on Reliance Steel & Aluminum in a research note on Wednesday, June 16th. They set an “overweight” rating and a $181.00 price objective on the stock. Finally, Citigroup upgraded Reliance Steel & Aluminum from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $160.00 to $200.00 in a research note on Monday, July 26th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $162.38.

In related news, CEO James Donald Hoffman sold 5,000 shares of the stock in a transaction dated Tuesday, July 6th. The stock was sold at an average price of $151.57, for a total transaction of $757,850.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 3.43% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Schroder Investment Management Group raised its position in Reliance Steel & Aluminum by 14.8% during the 1st quarter. Schroder Investment Management Group now owns 35,046 shares of the industrial products company’s stock valued at $5,337,000 after purchasing an additional 4,515 shares during the last quarter. NFJ Investment Group LLC bought a new position in shares of Reliance Steel & Aluminum in the 1st quarter worth approximately $6,105,000. BlackRock Inc. raised its position in shares of Reliance Steel & Aluminum by 14.3% in the 1st quarter. BlackRock Inc. now owns 6,494,396 shares of the industrial products company’s stock worth $989,033,000 after acquiring an additional 811,035 shares in the last quarter. Northern Trust Corp raised its position in shares of Reliance Steel & Aluminum by 2.3% in the 1st quarter. Northern Trust Corp now owns 717,618 shares of the industrial products company’s stock worth $109,286,000 after acquiring an additional 16,369 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Reliance Steel & Aluminum by 9.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 235,369 shares of the industrial products company’s stock worth $35,844,000 after acquiring an additional 20,408 shares in the last quarter. 81.66% of the stock is owned by institutional investors and hedge funds.

Shares of RS traded up $4.07 during mid-day trading on Friday, hitting $150.11. The stock had a trading volume of 4,662 shares, compared to its average volume of 368,437. The firm has a market cap of $9.53 billion, a P/E ratio of 11.48 and a beta of 1.04. The business has a fifty day moving average price of $151.69 and a 200-day moving average price of $155.79. The company has a debt-to-equity ratio of 0.29, a current ratio of 4.36 and a quick ratio of 2.54. Reliance Steel & Aluminum has a 52 week low of $99.98 and a 52 week high of $181.21.

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 27th. Stockholders of record on Friday, August 13th were issued a $0.688 dividend. This is a boost from Reliance Steel & Aluminum’s previous quarterly dividend of $0.69. This represents a $2.75 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date was Thursday, August 12th. Reliance Steel & Aluminum’s dividend payout ratio is presently 35.67%.

Reliance Steel & Aluminum Company Profile

Reliance Steel & Aluminum Co engages in the provision of metals processing services and distribution of metal products. It offers alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and specialty steel products. The company was founded by Thomas J. Neilan on February 3, 1939 and is headquartered in Los Angeles, CA.

Further Reading: Trade Deficit

Get a free copy of the Zacks research report on Reliance Steel & Aluminum (RS)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Reliance Steel & Aluminum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Reliance Steel & Aluminum and related companies with MarketBeat.com's FREE daily email newsletter.