Could Reliance Steel & Aluminum Co. (RS) See a Reversal After Breaking All Highs?

February 15, 2018 - By Adrian Mccoy

Investors sentiment decreased to 0.96 in 2017 Q3. Its down 0.27, from 1.23 in 2017Q2. It dived, as 32 investors sold Reliance Steel & Aluminum Co. shares while 105 reduced holdings. 31 funds opened positions while 101 raised stakes. 59.07 million shares or 1.45% less from 59.94 million shares in 2017Q2 were reported.
New York-based Dalton Greiner Hartman Maher has invested 0.02% in Reliance Steel & Aluminum Co. (NYSE:RS). Asset Management holds 0.01% or 5,364 shares in its portfolio. Blackrock holds 0.03% or 6.67 million shares. Cadence Cap Lc owns 0.05% invested in Reliance Steel & Aluminum Co. (NYSE:RS) for 11,098 shares. Schroder Investment Grp Inc holds 477,287 shares or 0.06% of its portfolio. Alpha Windward Limited Liability owns 7,243 shares or 0.34% of their US portfolio. New York-based Qs Ltd Liability Com has invested 0% in Reliance Steel & Aluminum Co. (NYSE:RS). Teacher Retirement Systems Of Texas has 6,005 shares. Pennsylvania-based Sei Invests Com has invested 0.01% in Reliance Steel & Aluminum Co. (NYSE:RS). Gemmer Asset Ltd Llc has invested 0% of its portfolio in Reliance Steel & Aluminum Co. (NYSE:RS). Deroy Devereaux Private Counsel invested in 228,079 shares or 1.95% of the stock. Eagle Asset Mngmt holds 0.06% or 139,798 shares in its portfolio. Amundi Pioneer Asset Mgmt holds 308,308 shares. Tci Wealth Advisors reported 136 shares. Wedge Management L L P Nc has invested 0.08% in Reliance Steel & Aluminum Co. (NYSE:RS).

Since December 8, 2017, it had 0 buys, and 1 sale for $92,861 activity.

The stock of Reliance Steel & Aluminum Co. (NYSE:RS) reached all time high today, Feb, 15 and still has $97.71 target or 7.00 % above today’s $91.32 share price. This indicates more upside for the $6.66 billion company. This technical setup was reported by Barchart.com. If the $97.71 PT is reached, the company will be worth $466.13 million more.
Trading stocks at an all time highs is usually a winning strategy. An all time high points to a stock which has the most positive fundamentals ever. Even thought the pullback rate is high, if correct risk management is utilized, investors can trade very well such events.

The stock increased 3.08% or $2.73 during the last trading session, reaching $91.32. About 619,564 shares traded or 46.24% up from the average. Reliance Steel & Aluminum Co. (NYSE:RS) has risen 0.13% since February 15, 2017 and is uptrending. It has underperformed by 16.57% the S&P500.

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

Among 9 analysts covering Reliance Steel (NYSE:RS), 7 have Buy rating, 0 Sell and 2 Hold. Therefore 78% are positive. Reliance Steel had 36 analyst reports since September 8, 2015 according to SRatingsIntel. As per Tuesday, September 8, the company rating was upgraded by Bank of America. Jefferies maintained Reliance Steel & Aluminum Co. (NYSE:RS) rating on Wednesday, August 30. Jefferies has “Hold” rating and $72.0 target. The firm has “Buy” rating by KeyBanc Capital Markets given on Tuesday, December 5. The firm earned “Buy” rating on Friday, June 23 by Deutsche Bank. The firm has “Underperform” rating by Bank of America given on Tuesday, April 19. The rating was upgraded by Clarksons Platou on Tuesday, October 18 to “Buy”. The firm earned “Buy” rating on Friday, November 3 by Cowen & Co. The stock of Reliance Steel & Aluminum Co. (NYSE:RS) earned “Neutral” rating by Rosenblatt on Thursday, April 28. The company was maintained on Wednesday, July 19 by Jefferies. Deutsche Bank downgraded Reliance Steel & Aluminum Co. (NYSE:RS) rating on Wednesday, March 23. Deutsche Bank has “Hold” rating and $70 target.

More notable recent Reliance Steel & Aluminum Co. (NYSE:RS) news were published by: Benzinga.com which released: “Analyst: Weakness In Reliance Steel & Aluminum Shares Offers Nice Entry Point …” on February 07, 2018, also Nasdaq.com with their article: “Can Reliance Steel (RS) Keep Its Earnings Streak Alive in Q4?” published on February 12, 2018, Globenewswire.com published: “Reliance Steel & Aluminum Co. Reports Third Quarter 2017 Financial Results” on October 26, 2017. More interesting news about Reliance Steel & Aluminum Co. (NYSE:RS) were released by: Nasdaq.com and their article: “Should Value Investors Pick Reliance Steel & Aluminum Stock?” published on January 23, 2018 as well as Globenewswire.com‘s news article titled: “Reliance Steel & Aluminum Co. Reports Fourth Quarter and Full Year 2017 …” with publication date: February 15, 2018.

Reliance Steel & Aluminum Co. operates as a metals service center company. The company has market cap of $6.66 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 17.97 P/E ratio. The Company’s primary processing services comprise cutting, leveling, sawing, machining, and electro polishing.

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