Reliance Steel & Aluminum ratings downgraded from “overweight” to “neutral”

Reliance Steel & Aluminum was downgraded by JPMorgan Chase from an “overweight” rating to a “neutral” rating in a research note issued on Monday. They currently have a $62.00 price target on the stock, down from their previous price target of $67.00.

A number of other firms have also recently commented on RS. Analysts at Zacks downgraded shares of Reliance Steel & Aluminum from an “outperform” rating to a “neutral” rating in a research note to investors on Thursday, August 23rd. They now have a $56.00 price target on the stock. Separately, analysts at UBS AG initiated coverage on shares of Reliance Steel & Aluminum in a research note to investors on Thursday, August 23rd. They set a “buy” rating and a $66.00 price target on the stock. Finally, analysts at Longbow Research initiated coverage on shares of Reliance Steel & Aluminum in a research note to investors on Tuesday, July 10th. They set a “buy” rating and a $65.00 price target on the stock.

Reliance Steel & Aluminum opened at 57.66 on Monday. Reliance Steel & Aluminum has a 1-year low of $31.09 and a 1-year high of $58.80. The company has a market cap of $4.341 billion and a price-to-earnings ratio of 11.48.

Reliance Steel & Aluminum last released its earnings data on Thursday, July 26th. The company reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.03. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. Analysts expect that Reliance Steel & Aluminum will post $5.34 EPS for the current fiscal year.