Bank of America Upgrades Reliance Steel & Aluminum Co to Neutral

Brokerage firm Bank of America Upgrades its rating on Reliance Steel & Aluminum Co(NYSE:RS). The shares have been rated Neutral. Previously, the analysts had a Underperform rating on the shares. The rating by Bank of America was issued on Jul 28, 2016.

In a different note, On Jun 10, 2016, Jefferies said it Maintains its rating on Reliance Steel & Aluminum Co. In the research note, the firm Raises the price-target to $68.00 per share. The shares have been rated ‘Hold’ by the firm.

Reliance Steel & Aluminum Co (RS) shares turned negative on Thursdays trading session with the shares closing down -0.65 points or -0.84% at a volume of 4,66,400. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $77.11. The peak price level was also seen at $77.11 while the days lowest was $76.38. Finally the shares closed at $76.49. The 52-week high of the shares is $84.25 while the 52-week low is $50.08. According to the latest information available, the market cap of the company is $5,533 M.

Reliance Steel & Aluminum Co has also declared a cash dividend of $0.4250 on Jul 21, 2016. The shares will quote ex-dividend on Aug 10, 2016 and the record date has been fixed on Aug 12, 2016. The dividend payable date has been fixed on Sep 8, 2016.

Reliance Steel & Aluminum Co(RS) last announced its earnings results on Jul 21, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $2.20B. Analysts had an estimated revenue of $2.31B. Earnings per share were $1.36. Analysts had estimated an EPS of $1.30.

Several Insider Transactions has been reported to the SEC. On Jun 9, 2016, William A Ii Smith (SVP, General Counsel, Corp Sec) sold 1,183 shares at $77.92 per share price.Also, On Jun 9, 2016, Mark V Kaminski (director) sold 8,000 shares at $77.69 per share price.On Jun 9, 2016, Andrew G Iii Sharkey (director) sold 3,000 shares at $77.75 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.

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