In a report released today, Philip Gibbs from KeyBanc maintained a Buy rating on Reliance Steel (NYSE: RS), with a price target of $100. The company’s shares closed yesterday at $94.77, close to its 52-week high of $97.41.
According to TipRanks.com, Gibbs is a 2-star analyst with an average return of 1.5% and a 62.0% success rate. Gibbs covers the Basic Materials sector, focusing on stocks such as Allegheny Technologies, Timkensteel Corp, and Steel Dynamics.
Reliance Steel has an analyst consensus of Moderate Buy, with a price target consensus of $101.50.
Based on Reliance Steel’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $169 million. In comparison, last year the company had a net profit of $112 million.
Based on the recent corporate insider activity of 51 insiders, corporate insider sentiment is negative on the stock.
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Reliance Steel & Aluminum Co. engages in processing and distributing of metal products. Its products include alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products.