Reliance Steel & Aluminum Co (RS) was Downgraded by Credit Agricole to ” Underperform”. Earlier the firm had a rating of “Buy ” on the company shares. Credit Agricole advised their investors in a research report released on Apr 22, 2016.
Many Wall Street Analysts have commented on Reliance Steel & Aluminum Co. Reliance Steel & Aluminum Co was Downgraded by BofA/Merrill to ” Underperform” on Apr 19, 2016. 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.
On the company’s financial health, Reliance Steel & Aluminum Co reported $1.03 EPS for the quarter, beating the analyst consensus estimate by $ 0.15 according to the earnings call on Apr 21, 2016. Analyst had a consensus of $0.88. The company had revenue of $2162.70 million for the quarter, compared to analysts expectations of $2196.88 million. The company’s revenue was down -17.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.30 EPS.
Reliance Steel & Aluminum Co closed down -0.58 points or -0.80% at $72.27 with 9,67,340 shares getting traded on Wednesday. Post opening the session at $73.13, the shares hit an intraday low of $71.35 and an intraday high of $73.96 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.
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.