Just How Negative is BofA Merrill Following Their Downgrade of Reliance Steel (NYSE:RS)?

September 8, 2018 - By Vernon Prom

Reliance Steel & Aluminum Co. (NYSE:RS) Logo

Investors sentiment decreased to 1.04 in Q1 2018. Its down 0.03, from 1.07 in 2017Q4. It dropped, as 23 investors sold Reliance Steel & Aluminum Co. shares while 111 reduced holdings. 49 funds opened positions while 91 raised stakes. 57.31 million shares or 2.17% less from 58.59 million shares in 2017Q4 were reported.

545,331 were reported by Prudential Financial. Virtu Ltd Liability stated it has 5,260 shares or 0.02% of all its holdings. Tudor Inv Et Al holds 0.02% or 7,326 shares. Zpr Invest owns 7,855 shares for 0.97% of their portfolio. Royal Bank & Trust Of Canada has invested 0.01% in Reliance Steel & Aluminum Co. (NYSE:RS). Stratos Wealth Ptnrs Limited holds 27 shares. World Asset Mngmt reported 4,444 shares stake. Citigroup Inc reported 61,063 shares. Grantham Mayo Van Otterloo Ltd Liability Corporation stated it has 0.02% in Reliance Steel & Aluminum Co. (NYSE:RS). Petrus Tru Lta has 2,736 shares. Amalgamated Financial Bank holds 0.03% or 14,197 shares. 4,471 were accumulated by Td Asset Mngmt Incorporated. Stevens Mngmt Limited Partnership reported 0.02% of its portfolio in Reliance Steel & Aluminum Co. (NYSE:RS). Gargoyle Investment Advisor Llc invested in 1.34% or 37,932 shares. Citadel Advisors Ltd Co has 36,731 shares for 0% of their portfolio.

Since March 6, 2018, it had 0 insider buys, and 4 sales for $2.78 million activity. $392,659 worth of stock was sold by Shanley Michael Patrick on Wednesday, June 6. Shares for $786,216 were sold by KAMINSKI MARK V on Friday, May 18. Koch Stephen Paul had sold 12,645 shares worth $1.21M.

Reliance Steel (NYSE:RS) Receives a Downgrade

The old rating for Reliance Steel (NYSE:RS) shares of a “Buy” has been discontinued, as expert analysts at BofA Merrill decreased the current rating for Reliance Steel (NYSE:RS) shares to a “Underperform”.

Reliance Steel & Aluminum Co. (NYSE:RS) Ratings Coverage

Among 5 analysts covering Reliance Steel \u0026 Aluminum (NYSE:RS), 3 have Buy rating, 0 Sell and 2 Hold. Therefore 60% are positive. Reliance Steel \u0026 Aluminum has $105 highest and $98 lowest target. $95.60’s average target is 12.11% above currents $85.27 stock price. Reliance Steel \u0026 Aluminum had 5 analyst reports since March 20, 2018 according to SRatingsIntel. The stock of Reliance Steel & Aluminum Co. (NYSE:RS) has “Buy” rating given on Tuesday, July 10 by Jefferies. On Thursday, June 14 the stock rating was maintained by KeyBanc Capital Markets with “Overweight”. JP Morgan maintained Reliance Steel & Aluminum Co. (NYSE:RS) on Friday, July 27 with “Neutral” rating. The stock of Reliance Steel & Aluminum Co. (NYSE:RS) has “Buy” rating given on Thursday, March 29 by Deutsche Bank.

The stock decreased 3.38% or $2.98 during the last trading session, reaching $85.27. About 1.27 million shares traded or 169.59% up from the average. Reliance Steel & Aluminum Co. (NYSE:RS) has risen 26.96% since September 8, 2017 and is uptrending. It has outperformed by 14.39% the S&P500.

Analysts await Reliance Steel & Aluminum Co. (NYSE:RS) to report earnings on October, 25. They expect $2.70 earnings per share, up 107.69 % or $1.40 from last year’s $1.3 per share. RS’s profit will be $195.34 million for 7.90 P/E if the $2.70 EPS becomes a reality. After $3.10 actual earnings per share reported by Reliance Steel & Aluminum Co. for the previous quarter, Wall Street now forecasts -12.90 % negative EPS growth.

Reliance Steel & Aluminum Co. operates as a metals service center company. The company has market cap of $6.17 billion. The firm provides metals processing services and distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products. It has a 7.84 P/E ratio. The Company’s primary processing services comprise cutting, leveling, sawing, machining, and electro polishing.

Reliance Steel & Aluminum Co. (NYSE:RS) Institutional Positions Chart

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