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Reliance Steel (RS) Stock Moves -0.54%: What You Should Know
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Reliance Steel (RS - Free Report) closed at $231.33 in the latest trading session, marking a -0.54% move from the prior day. This move was narrower than the S&P 500's daily loss of 1.11%. At the same time, the Dow lost 0.61%, and the tech-heavy Nasdaq lost 2.13%.
Coming into today, shares of the metals service-center company had gained 10.91% in the past month. In that same time, the Industrial Products sector gained 4.63%, while the S&P 500 gained 7%.
Reliance Steel will be looking to display strength as it nears its next earnings release, which is expected to be February 16, 2023. On that day, Reliance Steel is projected to report earnings of $4.47 per share, which would represent 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.
It is also important to note the recent changes to analyst estimates for Reliance Steel. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 1.67% higher within the past month. Reliance Steel is currently sporting a Zacks Rank of #1 (Strong Buy).
In terms of valuation, Reliance Steel is currently trading at a Forward P/E ratio of 12.74. This valuation marks a discount compared to its industry's average Forward P/E of 14.08.
The Metal Products - Distribution industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 34, putting it in the top 14% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Reliance Steel (RS) Stock Moves -0.54%: What You Should Know
Reliance Steel (RS - Free Report) closed at $231.33 in the latest trading session, marking a -0.54% move from the prior day. This move was narrower than the S&P 500's daily loss of 1.11%. At the same time, the Dow lost 0.61%, and the tech-heavy Nasdaq lost 2.13%.
Coming into today, shares of the metals service-center company had gained 10.91% in the past month. In that same time, the Industrial Products sector gained 4.63%, while the S&P 500 gained 7%.
Reliance Steel will be looking to display strength as it nears its next earnings release, which is expected to be February 16, 2023. On that day, Reliance Steel is projected to report earnings of $4.47 per share, which would represent 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.
It is also important to note the recent changes to analyst estimates for Reliance Steel. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 1.67% higher within the past month. Reliance Steel is currently sporting a Zacks Rank of #1 (Strong Buy).
In terms of valuation, Reliance Steel is currently trading at a Forward P/E ratio of 12.74. This valuation marks a discount compared to its industry's average Forward P/E of 14.08.
The Metal Products - Distribution industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 34, putting it in the top 14% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
You can find more information on all of these metrics, and much more, on Zacks.com.