Reliance Steel & Aluminum Co (RS) is Upgraded by Rosenblatt to Neutral, Price Target at $69

Reliance Steel & Aluminum Co (RS) was Upgraded by Rosenblatt to ” Neutral” and the brokerage firm has set the Price Target at $69. Earlier the firm had a rating of “Sell ” on the company shares. Rosenblatt advised their investors in a research report released on Apr 28, 2016.

Many Wall Street Analysts have commented on Reliance Steel & Aluminum Co. Company shares were Reiterated by Cowen on Apr 25, 2016 to “Outperform”, Firm has raised the Price Target to $ 78 from a previous price target of $70 .Reliance Steel & Aluminum Co was Downgraded by Credit Agricole to ” Underperform” on Apr 22, 2016. Reliance Steel & Aluminum Co was Downgraded by BofA/Merrill to ” Underperform” on Apr 19, 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 opened for trading at $72.08 and hit $74.02 on the upside on Wednesday, eventually ending the session at $73.95, with a gain of 2.03% or 1.47 points. The heightened volatility saw the trading volume jump to 9,31,207 shares. Company has a market cap of $5,314 M.

In a different news, on Apr 27, 2016, Stephen Paul Koch (Sr. VP, Operations) sold 23,355 shares at $71.25 per share price. According to the SEC, on Apr 27, 2016, David H Hannah (Executive Chairman) sold 35,917 shares at $71.39 per share price. On Mar 8, 2016, Thomas W Gimbel (director) sold 6,000 shares at $65.30 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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