Reliance Steel & Aluminum Co (RS) is Downgraded by BofA/Merrill to Underperform

Reliance Steel & Aluminum Co (RS) was Downgraded by BofA/Merrill to ” Underperform”. Earlier the firm had a rating of “Neutral ” on the company shares. BofA/Merrill advised their investors in a research report released on Apr 19, 2016.

Many Wall Street Analysts have commented on Reliance Steel & Aluminum Co. Deutsche Bank Downgraded Reliance Steel & Aluminum Co on Mar 23, 2016 to ” Hold”, Price Target of the shares are set at $70.Reliance Steel & Aluminum Co was Downgraded by Jefferies to ” Hold” on Mar 21, 2016. Reliance Steel & Aluminum Co was Downgraded by BofA/Merrill to ” Neutral” on Feb 19, 2016.

On the company’s financial health, Reliance Steel & Aluminum Co reported $0.87 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on Feb 18, 2016. Analyst had a consensus of $0.82. The company had revenue of $2026.00 million for the quarter, compared to analysts expectations of $2142.12 million. The company’s revenue was down -21.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.01 EPS.

Reliance Steel & Aluminum Co opened for trading at $72.5 and hit $73.67 on the upside on Monday, eventually ending the session at $73.32, with a gain of 0.45% or 0.33 points. The heightened volatility saw the trading volume jump to 7,36,185 shares. Company has a market cap of $5,269 M.

In a different news, on Mar 8, 2016, Thomas W Gimbel (director) sold 6,000 shares at $65.30 per share price. According to the SEC, on Mar 4, 2016, Sheldon U. Tenenbaum (Sr. VP, Supplier Development) sold 7,500 shares at $65.00 per share price. On Mar 4, 2016, Michael Patrick Shanley (Sr. VP, Operations) sold 4,000 shares at $63.25 per share price, according to the Form-4 filing with the securities and exchange commission.

Reliance Steel & Aluminum Co. is a metals service center company in North America. The Company provides a variety of processing services and delivers products to fabricators manufacturers and other end users. It has a network of more than 300 locations in 39 states in the United States and in 12 other countries including Australia Belgium Canada China France Malaysia Mexico Singapore South Korea Turkey the United Arab Emirates and the United Kingdom. It provides metals processing services and distributes a line of more than 100000 metal products including alloy aluminum brass copper carbon steel stainless steel titanium and specialty steel products. It also provides toll processing of aluminum carbon steel and stainless steel miscellaneous including brass copper and titanium and offers processing services which range from cutting leveling or sawing to complete processes such as machining or electropolishing.

Reliance Steel & Aluminum Co

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