KeyCorp Boosts Reliance Steel & Aluminum (NYSE:RS) Price Target to $225.00

Reliance Steel & Aluminum (NYSE:RSGet Rating) had its target price lifted by KeyCorp from $210.00 to $225.00 in a research report report published on Tuesday, The Fly reports. The firm currently has an overweight rating on the industrial products company’s stock. KeyCorp also issued estimates for Reliance Steel & Aluminum’s Q4 2022 earnings at $4.46 EPS, FY2022 earnings at $28.65 EPS and FY2023 earnings at $17.00 EPS.

Other equities research analysts also recently issued research reports about the stock. The Goldman Sachs Group downgraded shares of Reliance Steel & Aluminum from a buy rating to a neutral rating and reduced their target price for the company from $218.00 to $201.00 in a research note on Thursday, October 6th. BMO Capital Markets began coverage on shares of Reliance Steel & Aluminum in a research note on Monday, August 15th. They issued an outperform rating and a $230.00 target price on the stock. Finally, StockNews.com downgraded shares of Reliance Steel & Aluminum from a strong-buy rating to a buy rating in a research note on Thursday, October 6th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $222.40.

Reliance Steel & Aluminum Price Performance

Shares of NYSE:RS opened at $211.58 on Tuesday. The firm has a market cap of $12.42 billion, a price-to-earnings ratio of 6.92 and a beta of 0.87. The firm has a fifty day moving average price of $190.65 and a 200 day moving average price of $186.70. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.78 and a current ratio of 3.25. Reliance Steel & Aluminum has a fifty-two week low of $145.79 and a fifty-two week high of $215.10.

Reliance Steel & Aluminum (NYSE:RSGet Rating) last released its quarterly earnings results on Thursday, October 27th. The industrial products company reported $6.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.19 by $0.29. The company had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $4.14 billion. Reliance Steel & Aluminum had a net margin of 10.98% and a return on equity of 29.31%. Reliance Steel & Aluminum’s revenue was up 10.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $6.15 earnings per share. As a group, sell-side analysts expect that Reliance Steel & Aluminum will post 28.71 earnings per share for the current fiscal year.

Reliance Steel & Aluminum Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 2nd. Shareholders of record on Friday, November 18th will be issued a dividend of $0.875 per share. This represents a $3.50 annualized dividend and a yield of 1.65%. The ex-dividend date of this dividend is Thursday, November 17th. Reliance Steel & Aluminum’s payout ratio is 11.45%.

Insiders Place Their Bets

In other Reliance Steel & Aluminum news, CEO James Donald Hoffman sold 10,000 shares of the stock in a transaction dated Thursday, October 6th. The shares were sold at an average price of $183.31, for a total transaction of $1,833,100.00. Following the transaction, the chief executive officer now directly owns 132,738 shares in the company, valued at approximately $24,332,202.78. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.62% of the stock is owned by company insiders.

Institutional Trading of Reliance Steel & Aluminum

A number of institutional investors have recently modified their holdings of RS. BlackRock Inc. boosted its holdings in shares of Reliance Steel & Aluminum by 6.5% in the 1st quarter. BlackRock Inc. now owns 6,370,754 shares of the industrial products company’s stock valued at $1,168,079,000 after buying an additional 389,942 shares in the last quarter. State Street Corp raised its position in shares of Reliance Steel & Aluminum by 16.4% in the 1st quarter. State Street Corp now owns 2,549,898 shares of the industrial products company’s stock valued at $467,524,000 after purchasing an additional 359,364 shares during the last quarter. First Trust Advisors LP raised its position in shares of Reliance Steel & Aluminum by 121.1% in the 1st quarter. First Trust Advisors LP now owns 515,735 shares of the industrial products company’s stock valued at $94,560,000 after purchasing an additional 282,481 shares during the last quarter. Royal London Asset Management Ltd. raised its position in shares of Reliance Steel & Aluminum by 28.0% in the 2nd quarter. Royal London Asset Management Ltd. now owns 1,194,848 shares of the industrial products company’s stock valued at $202,963,000 after purchasing an additional 261,250 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Reliance Steel & Aluminum by 15.0% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,981,575 shares of the industrial products company’s stock valued at $336,590,000 after purchasing an additional 258,662 shares during the last quarter. 83.16% of the stock is currently owned by institutional investors.

About Reliance Steel & Aluminum

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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 Scottsdale, AZ.

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