Reliance Steel & Aluminum (NYSE:RS) Upgraded by Deutsche Bank Aktiengesellschaft to “Hold”

Reliance Steel & Aluminum (NYSE:RS) was upgraded by research analysts at Deutsche Bank Aktiengesellschaft to a “hold” rating in a research report issued to clients and investors on Wednesday, The Fly reports. The brokerage currently has a $175.00 price target on the industrial products company’s stock, up from their prior price target of $165.00. Deutsche Bank Aktiengesellschaft’s target price would indicate a potential upside of 19.83% from the stock’s previous close. The analysts noted that the move was a valuation call.

A number of other analysts have also weighed in on the stock. JPMorgan Chase & Co. assumed coverage on shares of Reliance Steel & Aluminum in a research report on Wednesday, June 16th. They issued an “overweight” rating and a $181.00 target price on the stock. Seaport Global Securities initiated coverage on shares of Reliance Steel & Aluminum in a research report on Monday, August 23rd. They issued a “buy” rating and a $165.00 target price on the stock. Citigroup raised shares of Reliance Steel & Aluminum from a “neutral” rating to a “buy” rating and raised their price target for the company from $160.00 to $200.00 in a research note on Monday, July 26th. Finally, Seaport Res Ptn reaffirmed a “buy” rating on shares of Reliance Steel & Aluminum in a research note on Monday, August 23rd. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $162.38.

Shares of RS stock opened at $146.04 on Wednesday. The company has a market capitalization of $9.27 billion, a price-to-earnings ratio of 11.48 and a beta of 1.04. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.54 and a current ratio of 4.36. Reliance Steel & Aluminum has a 52 week low of $99.98 and a 52 week high of $181.21. The company has a 50-day simple moving average of $151.69 and a 200 day simple moving average of $155.79.

Reliance Steel & Aluminum (NYSE:RS) last announced its earnings results on Wednesday, July 21st. The industrial products company reported $5.06 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $4.89 by $0.17. Reliance Steel & Aluminum had a net margin of 7.86% and a return on equity of 15.96%. The company had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.19 billion. During the same period last year, the firm earned $1.36 earnings per share. The business’s revenue for the quarter was up 69.3% on a year-over-year basis. Sell-side analysts forecast that Reliance Steel & Aluminum will post 18.01 EPS for the current year.

In other Reliance Steel & Aluminum news, CEO James Donald Hoffman sold 5,000 shares of Reliance Steel & Aluminum stock in a transaction that occurred on Tuesday, July 6th. The shares were sold at an average price of $151.57, for a total transaction of $757,850.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.43% of the stock is currently owned by company insiders.

Several large investors have recently modified their holdings of RS. Y Intercept Hong Kong Ltd purchased a new position in shares of Reliance Steel & Aluminum during the 2nd quarter worth $1,054,000. Morgan Stanley raised its position in shares of Reliance Steel & Aluminum by 113.7% during the 2nd quarter. Morgan Stanley now owns 180,485 shares of the industrial products company’s stock valued at $27,234,000 after purchasing an additional 96,034 shares during the period. Jefferies Group LLC raised its position in shares of Reliance Steel & Aluminum by 2,382.3% during the 2nd quarter. Jefferies Group LLC now owns 35,000 shares of the industrial products company’s stock valued at $5,282,000 after purchasing an additional 33,590 shares during the period. Colony Group LLC raised its position in shares of Reliance Steel & Aluminum by 9.3% during the 2nd quarter. Colony Group LLC now owns 6,877 shares of the industrial products company’s stock valued at $1,038,000 after purchasing an additional 583 shares during the period. Finally, Bornite Capital Management LP bought a new stake in Reliance Steel & Aluminum in the 2nd quarter valued at $15,090,000. Hedge funds and other institutional investors own 81.66% of the company’s stock.

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.

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

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