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In the latest trading session, Reliance Steel (RS) closed at $175.34, marking a -0.63% move from the previous day. This change was narrower than the S&P 500's 0.84% loss on the day. At the same time, the Dow lost 0.69%, and the tech-heavy Nasdaq lost 0.07%.
Heading into today, shares of the metals service-center company had gained 3.74% over the past month, outpacing the Industrial Products sector's loss of 4.16% and the S&P 500's gain of 2.02% in that time.
Wall Street will be looking for positivity from Reliance Steel as it approaches its next earnings report date. This is expected to be July 28, 2022. On that day, Reliance Steel is projected to report earnings of $9.02 per share, which would represent year-over-year growth of 78.26%. Meanwhile, our latest consensus estimate is calling for revenue of $4.58 billion, up 34.05% from the prior-year quarter.
RS's full-year Zacks Consensus Estimates are calling for earnings of $27.90 per share and revenue of $16.43 billion. These results would represent year-over-year changes of +26.13% and +16.59%, respectively.
Investors should also note any recent changes to analyst estimates for Reliance Steel. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Reliance Steel currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, Reliance Steel is holding a Forward P/E ratio of 6.32. This represents a premium compared to its industry's average Forward P/E of 5.53.
The Metal Products - Distribution industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 240, putting it in the bottom 5% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Reliance Steel & Aluminum Co. (RS) : Free Stock Analysis Report
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