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Reliance Steel (RS) Stock Moves -1.56%: What You Should Know
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Reliance Steel (RS - Free Report) closed the most recent trading day at $210.69, moving -1.56% from the previous trading session. This move traded in line with S&P 500. At the same time, the Dow lost 1.81%, and the tech-heavy Nasdaq lost 4.66%.
Heading into today, shares of the metals service-center company had gained 5.58% over the past month, lagging the Industrial Products sector's gain of 6.66% and outpacing the S&P 500's gain of 3.82% in that time.
Investors will be hoping for strength from Reliance Steel as it approaches its next earnings release. In that report, analysts expect Reliance Steel to post earnings of $4.47 per share. This would mark a year-over-year decline of 34.55%. Meanwhile, our latest consensus estimate is calling for revenue of $3.65 billion, down 8.45% from the prior-year quarter.
Any recent changes to analyst estimates for Reliance Steel should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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 has moved 5.62% higher. Reliance Steel is currently sporting a Zacks Rank of #1 (Strong Buy).
Looking at its valuation, Reliance Steel is holding a Forward P/E ratio of 11.92. For comparison, its industry has an average Forward P/E of 10.85, which means Reliance Steel is trading at a premium to the group.
The Metal Products - Distribution industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 17, which puts it in the top 7% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Reliance Steel (RS) Stock Moves -1.56%: What You Should Know
Reliance Steel (RS - Free Report) closed the most recent trading day at $210.69, moving -1.56% from the previous trading session. This move traded in line with S&P 500. At the same time, the Dow lost 1.81%, and the tech-heavy Nasdaq lost 4.66%.
Heading into today, shares of the metals service-center company had gained 5.58% over the past month, lagging the Industrial Products sector's gain of 6.66% and outpacing the S&P 500's gain of 3.82% in that time.
Investors will be hoping for strength from Reliance Steel as it approaches its next earnings release. In that report, analysts expect Reliance Steel to post earnings of $4.47 per share. This would mark a year-over-year decline of 34.55%. Meanwhile, our latest consensus estimate is calling for revenue of $3.65 billion, down 8.45% from the prior-year quarter.
Any recent changes to analyst estimates for Reliance Steel should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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 has moved 5.62% higher. Reliance Steel is currently sporting a Zacks Rank of #1 (Strong Buy).
Looking at its valuation, Reliance Steel is holding a Forward P/E ratio of 11.92. For comparison, its industry has an average Forward P/E of 10.85, which means Reliance Steel is trading at a premium to the group.
The Metal Products - Distribution industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 17, which puts it in the top 7% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.