Cowen initiated coverage on shares of Reliance Steel & Aluminum (NYSE:RS) in a research report released on Tuesday morning, MarketBeat reports. The firm issued an outperform rating and a $80.00 target price on the industrial products company’s stock.

A number of other brokerages also recently commented on RS. Zacks Investment Research downgraded shares of Reliance Steel & Aluminum from a hold rating to a sell rating in a research report on Tuesday. Deutsche Bank downgraded shares of Reliance Steel & Aluminum from a buy rating to a hold rating and dropped their price objective for the company from $100.00 to $90.00 in a research report on Tuesday, October 2nd. Citigroup initiated coverage on shares of Reliance Steel & Aluminum in a research report on Monday, September 17th. They issued a neutral rating and a $90.00 price objective on the stock. ValuEngine downgraded shares of Reliance Steel & Aluminum from a hold rating to a sell rating in a research report on Tuesday, November 27th. Finally, Bank of America raised shares of Reliance Steel & Aluminum from an underperform rating to a neutral rating and set a $84.00 target price on the stock in a research report on Thursday, December 13th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. Reliance Steel & Aluminum currently has an average rating of Hold and a consensus target price of $90.80.

Reliance Steel & Aluminum stock traded up $0.41 during mid-day trading on Tuesday, reaching $76.56. 12,844 shares of the company’s stock were exchanged, compared to its average volume of 599,914. The firm has a market cap of $5.32 billion, a PE ratio of 14.08, a price-to-earnings-growth ratio of 1.03 and a beta of 1.17. Reliance Steel & Aluminum has a twelve month low of $68.62 and a twelve month high of $97.41. The company has a quick ratio of 1.92, a current ratio of 4.40 and a debt-to-equity ratio of 0.39.

Reliance Steel & Aluminum (NYSE:RS) last released its earnings results on Thursday, October 25th. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.69 by ($0.27). The business had revenue of $2.97 billion for the quarter. Reliance Steel & Aluminum had a return on equity of 13.58% and a net margin of 7.66%. On average, equities research analysts anticipate that Reliance Steel & Aluminum will post 9.6 earnings per share for the current fiscal year.

In other Reliance Steel & Aluminum news, Director David H. Hannah sold 28,080 shares of the firm’s stock in a transaction on Wednesday, November 21st. The shares were sold at an average price of $80.00, for a total transaction of $2,246,400.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP William A. Smith II sold 5,582 shares of the firm’s stock in a transaction on Tuesday, November 20th. The stock was sold at an average price of $78.98, for a total transaction of $440,866.36. The disclosure for this sale can be found here. Company insiders own 3.24% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Moneta Group Investment Advisors LLC lifted its stake in shares of Reliance Steel & Aluminum by 107.9% in the second quarter. Moneta Group Investment Advisors LLC now owns 1,445 shares of the industrial products company’s stock valued at $126,000 after purchasing an additional 750 shares during the period. Twin Tree Management LP acquired a new stake in shares of Reliance Steel & Aluminum in the third quarter valued at about $174,000. Balasa Dinverno & Foltz LLC purchased a new position in Reliance Steel & Aluminum during the 3rd quarter valued at about $209,000. Private Advisor Group LLC purchased a new stake in shares of Reliance Steel & Aluminum during the third quarter worth about $231,000. Finally, First Hawaiian Bank purchased a new stake in shares of Reliance Steel & Aluminum during the third quarter worth about $241,000. Institutional investors own 83.03% of the company’s stock.

Reliance Steel & Aluminum Company Profile

Reliance Steel & Aluminum Co operates as a metals service center company in the United States and internationally. The company provides steel, aluminum, stainless, and specialty metals and related processing services to customers in various industries, such as infrastructure and energy; fabricates steel and aluminum products; and provides various precision fabrication services, including laser cutting, shearing, computer numerated control (CNC) punching, and CNC forming and rolling, as well as welding, assembly, painting, inventory management, and engineering expertise.

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

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