Reliance Steel & Aluminum Co (RS) is Upgraded by BofA/Merrill to Neutral

Reliance Steel & Aluminum Co (RS) was Upgraded by BofA/Merrill to ” Neutral”. Earlier the firm had a rating of “Underperform ” on the company shares. BofA/Merrill advised their investors in a research report released on Jul 28, 2016.

Many Wall Street Analysts have commented on Reliance Steel & Aluminum Co. Company shares were Reiterated by Cowen on Jul 22, 2016 to “Outperform”, Firm has raised the Price Target to $ 86 from a previous price target of $78 .Company shares were Reiterated by Rosenblatt on Jul 5, 2016 to “Neutral”, Firm has raised the Price Target to $ 76 from a previous price target of $69 .

On the company’s financial health, Reliance Steel & Aluminum Co reported $1.36 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on Jul 21, 2016. Analyst had a consensus of $1.31. The company had revenue of $2204.00 million for the quarter, compared to analysts expectations of $2337.44 million. The company’s revenue was down -9.1 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.21 EPS.

Reliance Steel & Aluminum Co opened for trading at $77.41 and hit $78.75 on the upside on Thursday, eventually ending the session at $78.6, with a gain of 1.93% or 1.49 points. The heightened volatility saw the trading volume jump to 9,50,917 shares. Company has a market cap of $5,685 M.

Investors should note that on Jul 21, 2016, Reliance Steel & Aluminum Co announced a cash dividend of $0.4250. The company’s management has announced Aug 10, 2016 as the ex-dividend date and fixed the record date on Aug 12, 2016. The payable date has been fixed on Sep 8, 2016.

In a different news, on Jun 9, 2016, William A Ii Smith (SVP, General Counsel, Corp Sec) sold 1,183 shares at $77.92 per share price. According to the SEC, on Jun 9, 2016, Andrew G Iii Sharkey (director) sold 3,000 shares at $77.75 per share price. On Jun 9, 2016, Mark V Kaminski (director) sold 8,000 shares at $77.69 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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