The Goldman Sachs Group Initiates Coverage on Reliance Steel & Aluminum (NYSE:RS)

The Goldman Sachs Group initiated coverage on shares of Reliance Steel & Aluminum (NYSE:RS) in a research report report published on Friday, The Fly reports. The firm issued a neutral rating and a $153.00 price objective on the industrial products company’s stock.

RS has been the topic of several other reports. Zacks Investment Research lowered shares of Reliance Steel & Aluminum from a buy rating to a hold rating and set a $142.00 price target on the stock. in a research report on Wednesday, February 24th. Citigroup upped their price target on shares of Reliance Steel & Aluminum from $120.00 to $135.00 in a research report on Friday, February 19th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Reliance Steel & Aluminum from a buy rating to a hold rating and set a $123.00 price objective on the stock. in a research report on Friday, January 8th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $129.17.

Shares of RS opened at $154.26 on Friday. Reliance Steel & Aluminum has a 12 month low of $80.06 and a 12 month high of $159.02. The firm has a fifty day simple moving average of $145.55 and a 200 day simple moving average of $124.86. The stock has a market capitalization of $9.81 billion, a price-to-earnings ratio of 25.25, a PEG ratio of 1.73 and a beta of 1.02. The company has a current ratio of 5.04, a quick ratio of 2.67 and a debt-to-equity ratio of 0.32.

Reliance Steel & Aluminum (NYSE:RS) last posted its quarterly earnings results on Wednesday, February 17th. The industrial products company reported $2.01 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.02 by ($0.01). Reliance Steel & Aluminum had a return on equity of 10.72% and a net margin of 4.44%. The firm had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.10 billion. During the same period last year, the company posted $2.44 earnings per share. As a group, research analysts predict that Reliance Steel & Aluminum will post 7.72 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, March 26th. Investors of record on Friday, March 12th were paid a $0.6875 dividend. The ex-dividend date was Thursday, March 11th. This is an increase from Reliance Steel & Aluminum’s previous quarterly dividend of $0.63. This represents a $2.75 annualized dividend and a dividend yield of 1.78%. Reliance Steel & Aluminum’s dividend payout ratio is 26.60%.

In other news, SVP William A. Smith II sold 7,860 shares of the business’s stock in a transaction that occurred on Wednesday, February 24th. The shares were sold at an average price of $138.47, for a total value of $1,088,374.20. Following the completion of the transaction, the senior vice president now directly owns 36,071 shares in the company, valued at approximately $4,994,751.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO James Donald Hoffman sold 5,000 shares of Reliance Steel & Aluminum stock in a transaction that occurred on Tuesday, April 6th. The shares were sold at an average price of $156.71, for a total transaction of $783,550.00. Following the completion of the transaction, the chief executive officer now directly owns 107,467 shares in the company, valued at $16,841,153.57. The disclosure for this sale can be found here. Insiders sold 25,464 shares of company stock worth $3,584,304 over the last 90 days. 3.43% of the stock is currently owned by corporate insiders.

Large investors have recently made changes to their positions in the stock. JJJ Advisors Inc. increased its stake in Reliance Steel & Aluminum by 322.4% in the fourth quarter. JJJ Advisors Inc. now owns 245 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 187 shares during the last quarter. Accel Wealth Management bought a new position in Reliance Steel & Aluminum in the fourth quarter valued at approximately $36,000. Kinloch Capital LLC bought a new position in Reliance Steel & Aluminum in the fourth quarter valued at approximately $40,000. Captrust Financial Advisors increased its stake in Reliance Steel & Aluminum by 29.5% in the third quarter. Captrust Financial Advisors now owns 763 shares of the industrial products company’s stock valued at $80,000 after acquiring an additional 174 shares during the last quarter. Finally, CI Investments Inc. increased its stake in Reliance Steel & Aluminum by 106.5% in the fourth quarter. CI Investments Inc. now owns 857 shares of the industrial products company’s stock valued at $103,000 after acquiring an additional 442 shares during the last quarter. 78.37% of the stock is currently owned by institutional investors and hedge funds.

Reliance Steel & Aluminum Company Profile

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.

Read More: What does a hold rating mean?

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

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