Reliance Steel & Aluminum (NYSE:RS) Posts Earnings Results, Beats Expectations By $0.13 EPS | MarketBeat

2022-07-31 02:32:09 By : Ms. ROSA Lee

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Reliance Steel & Aluminum (NYSE:RS - Get Rating) issued its quarterly earnings data on Thursday. The industrial products company reported $9.15 earnings per share for the quarter, topping analysts' consensus estimates of $9.02 by $0.13, reports. The firm had revenue of $4.68 billion for the quarter, compared to analyst estimates of $4.61 billion. Reliance Steel & Aluminum had a return on equity of 27.94% and a net margin of 10.61%. The business's quarterly revenue was up 36.9% compared to the same quarter last year. During the same period last year, the company earned $5.06 EPS. Reliance Steel & Aluminum updated its Q3 guidance to $6.00-6.20 EPS and its Q3 2022 guidance to $6.00-$6.20 EPS.Reliance Steel & Aluminum Trading Up 1.9 %

Shares of RS traded up $3.63 during mid-day trading on Friday, reaching $189.96. 7,907 shares of the company's stock traded hands, compared to its average volume of 422,110. Reliance Steel & Aluminum has a 12 month low of $135.46 and a 12 month high of $211.65. The stock has a market cap of $11.77 billion, a P/E ratio of 7.11 and a beta of 0.81. The stock's 50-day moving average is $180.52 and its two-hundred day moving average is $180.31. The company has a debt-to-equity ratio of 0.25, a current ratio of 3.96 and a quick ratio of 2.28. Insider Buying and Selling

In other news, CEO James Donald Hoffman sold 10,000 shares of the stock in a transaction on Wednesday, July 6th. The stock was sold at an average price of $167.78, for a total transaction of $1,677,800.00. Following the completion of the sale, the chief executive officer now owns 142,738 shares in the company, valued at approximately $23,948,581.64. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.62% of the stock is owned by insiders. Institutional Investors Weigh In On Reliance Steel & Aluminum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA lifted its stake in Reliance Steel & Aluminum by 38.5% in the 1st quarter. BNP Paribas Arbitrage SA now owns 45,811 shares of the industrial products company's stock worth $8,399,000 after purchasing an additional 12,734 shares in the last quarter. Weiss Multi Strategy Advisers LLC purchased a new stake in Reliance Steel & Aluminum in the first quarter valued at approximately $1,987,000. Virtu Financial LLC purchased a new stake in Reliance Steel & Aluminum in the first quarter valued at approximately $1,635,000. Advisors Asset Management Inc. raised its position in Reliance Steel & Aluminum by 11.4% in the first quarter. Advisors Asset Management Inc. now owns 36,956 shares of the industrial products company's stock valued at $6,776,000 after purchasing an additional 3,782 shares during the period. Finally, Mirabella Financial Services LLP purchased a new stake in Reliance Steel & Aluminum in the first quarter valued at approximately $435,000. 81.84% of the stock is owned by institutional investors and hedge funds. Analysts Set New Price Targets

A number of research analysts have recently commented on RS shares. Exane BNP Paribas upgraded Reliance Steel & Aluminum from a "neutral" rating to an "outperform" rating in a research note on Thursday, April 14th. BNP Paribas upgraded Reliance Steel & Aluminum from a "neutral" rating to an "outperform" rating in a research note on Thursday, April 14th. Wolfe Research upgraded Reliance Steel & Aluminum from a "market perform" rating to an "outperform" rating and set a $226.00 target price for the company in a research note on Thursday, April 28th. KeyCorp lowered their target price on Reliance Steel & Aluminum from $215.00 to $207.00 and set an "overweight" rating for the company in a research note on Tuesday, July 19th. Finally, Citigroup lifted their price objective on Reliance Steel & Aluminum from $200.00 to $230.00 in a research note on Friday, April 29th. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to, Reliance Steel & Aluminum currently has a consensus rating of "Buy" and an average target price of $203.50.Reliance Steel & Aluminum Company Profile (Get Rating)

Reliance Steel & Aluminum Co operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.Further ReadingGet a free copy of the research report on Reliance Steel & Aluminum (RS)The One Question You Have to Ask Before Investing in INTC Stock Home Depot: A Beautiful Boring Stock to Navigate a Bear Market Could CRISPR Therapeutics be a Moonshot Hiding in Plain Sight? Why Apple Shares May Have Room to Move Higher After Earnings Windfall Profits Have Exxon Mobil On Track For New Highs

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