A Director at Reliance Steel (NYSE: RS) is Buying Shares

By Carrie Williams

Yesterday, a Director at Reliance Steel (NYSE: RS), Douglas Hayes, bought shares of RS for $397.7K.

Following this transaction Douglas Hayes’ holding in the company was increased by 42.64% to a total of $1.31 million. Following Douglas Hayes’ last RS Buy transaction on March 09, 2017, the stock climbed by 14.1%.

Based on Reliance Steel’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $2.38 billion and quarterly net profit of $301 million. In comparison, last year the company earned revenue of $2.06 billion and had a net profit of $61.7 million. The company has a one-year high of $95.97 and a one-year low of $68.46. RS’s market cap is $6.74B and the company has a P/E ratio of 11.14.

Eight different firms, including Merrill Lynch and Cowen & Co., currently also have a Buy rating on the stock. Starting in January 2018, RS received 4 Buy ratings in a row. Based on 5 analyst ratings, the analyst consensus is Strong Buy with an average price target of $98.2, reflecting a -5.1% downside.

In the last 30 days, insiders have sold $2.62M worth of RS shares and purchased $397.7K worth of RS shares. The insider sentiment on Reliance Steel has been negative according to 55 insider trades in the past three months. This sentiment is lower than the average sentiment of company insiders in this sector.

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Reliance Steel & Aluminum Co. is a metals service center company. It engages in processing and distribution of metals. The company products include alloy steel, aluminum, brass and copper, carbon steel, stainless steel, and titanium.