Reliance Steel & Aluminum Co. (RS) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of Reliance Steel & Aluminum Co. (NYSE:RS) from a hold rating to a buy rating in a research note issued to investors on Monday morning. Zacks Investment Research currently has $93.00 target price on the stock.

According to Zacks, “Reliance Steel has outperformed the Zacks categorized  Metal-Products Distributor industry over the past three months. The company is well placed to leverage the strong momentum across a number of end markets, including aerospace and automotive. It should also gain from its broad and diversified product base, wide geographic footprint and aggressive acquisition strategy. The company also remains committed to increasing shareholder returns through share repurchases and dividends.”

RS has been the topic of several other research reports. Deutsche Bank AG upgraded Reliance Steel & Aluminum Co. from a hold rating to a buy rating and cut their price target for the company from $75.00 to $74.00 in a research note on Wednesday, November 9th. Clarkson Capital upgraded Reliance Steel & Aluminum Co. from a neutral rating to a buy rating in a research note on Tuesday, October 18th. Jefferies Group LLC restated a hold rating and set a $70.00 price target (down previously from $72.00) on shares of Reliance Steel & Aluminum Co. in a research note on Monday, October 24th. Macquarie lowered Reliance Steel & Aluminum Co. from an outperform rating to a neutral rating in a research note on Tuesday, November 29th. Finally, TheStreet lowered Reliance Steel & Aluminum Co. from a buy rating to a hold rating in a research note on Thursday, October 20th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. Reliance Steel & Aluminum Co. presently has a consensus rating of Hold and a consensus price target of $82.10.

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

Reliance Steel & Aluminum Co. (NYSE:RS) opened at 84.97 on Monday. The stock has a 50 day moving average of $81.33 and a 200 day moving average of $76.23. The stock has a market cap of $6.17 billion, a P/E ratio of 19.91 and a beta of 1.32. Reliance Steel & Aluminum Co. has a 1-year low of $56.81 and a 1-year high of $87.57.

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In related news, CFO Karla R. Lewis sold 40,000 shares of Reliance Steel & Aluminum Co. stock in a transaction dated Thursday, December 8th. The stock was sold at an average price of $86.18, for a total transaction of $3,447,200.00. Following the completion of the sale, the chief financial officer now owns 109,425 shares of the company’s stock, valued at $9,430,246.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew G. Sharkey III sold 3,000 shares of Reliance Steel & Aluminum Co. stock in a transaction dated Wednesday, November 30th. The stock was sold at an average price of $81.33, for a total value of $243,990.00. Following the sale, the director now directly owns 4,693 shares of the company’s stock, valued at approximately $381,681.69. The disclosure for this sale can be found here. Insiders have sold 99,000 shares of company stock worth $8,345,660 in the last 90 days. Insiders own 3.73% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. Amalgamated Bank increased its stake in Reliance Steel & Aluminum Co. by 5.7% in the second quarter. Amalgamated Bank now owns 9,483 shares of the company’s stock worth $716,000 after buying an additional 513 shares during the period. American Century Companies Inc. increased its stake in Reliance Steel & Aluminum Co. by 136.7% in the second quarter. American Century Companies Inc. now owns 49,063 shares of the company’s stock worth $3,773,000 after buying an additional 28,339 shares during the period. Legal & General Group Plc increased its stake in Reliance Steel & Aluminum Co. by 19.0% in the second quarter. Legal & General Group Plc now owns 60,535 shares of the company’s stock worth $4,647,000 after buying an additional 9,682 shares during the period. Metropolitan Life Insurance Co. NY increased its stake in Reliance Steel & Aluminum Co. by 4.1% in the second quarter. Metropolitan Life Insurance Co. NY now owns 67,862 shares of the company’s stock worth $5,219,000 after buying an additional 2,659 shares during the period. Finally, Numeric Investors LLC increased its stake in Reliance Steel & Aluminum Co. by 228.0% in the second quarter. Numeric Investors LLC now owns 410,300 shares of the company’s stock worth $31,552,000 after buying an additional 285,200 shares during the period. 85.49% of the stock is owned by hedge funds and other institutional investors.

Reliance Steel & Aluminum Co. Company Profile

Reliance Steel & Aluminum Co is a metals service center company. The Company operates through metals service centers segment. The Company’s network of metals service centers operates over 300 locations in approximately 40 states in the United States and in other countries, including Australia, Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom.

5 Day Chart for NYSE:RS

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