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Reliance Steel (RS) Gains But Lags Market: What You Should Know
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Reliance Steel (RS - Free Report) closed at $183.47 in the latest trading session, marking a +0.95% move from the prior day. This move lagged the S&P 500's daily gain of 2.65%. At the same time, the Dow added 1.86%, and the tech-heavy Nasdaq gained 0.24%.
Prior to today's trading, shares of the metals service-center company had gained 3.58% over the past month. This has outpaced the Industrial Products sector's loss of 8.13% and the S&P 500's loss of 8.99% in that time.
Reliance Steel will be looking to display strength as it nears its next earnings release, which is expected to be October 27, 2022. In that report, analysts expect Reliance Steel to post earnings of $6.21 per share. This would mark year-over-year growth of 0.98%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.18 billion, up 8.6% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $28.29 per share and revenue of $17.07 billion, which would represent changes of +27.89% and +21.14%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Reliance Steel. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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. Within the past 30 days, our consensus EPS projection has moved 0.09% higher. Reliance Steel currently has a Zacks Rank of #2 (Buy).
Investors should also note Reliance Steel's current valuation metrics, including its Forward P/E ratio of 6.43. This represents a discount compared to its industry's average Forward P/E of 6.48.
The Metal Products - Distribution industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 93, which puts it in the top 37% 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) Gains But Lags Market: What You Should Know
Reliance Steel (RS - Free Report) closed at $183.47 in the latest trading session, marking a +0.95% move from the prior day. This move lagged the S&P 500's daily gain of 2.65%. At the same time, the Dow added 1.86%, and the tech-heavy Nasdaq gained 0.24%.
Prior to today's trading, shares of the metals service-center company had gained 3.58% over the past month. This has outpaced the Industrial Products sector's loss of 8.13% and the S&P 500's loss of 8.99% in that time.
Reliance Steel will be looking to display strength as it nears its next earnings release, which is expected to be October 27, 2022. In that report, analysts expect Reliance Steel to post earnings of $6.21 per share. This would mark year-over-year growth of 0.98%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.18 billion, up 8.6% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $28.29 per share and revenue of $17.07 billion, which would represent changes of +27.89% and +21.14%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Reliance Steel. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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. Within the past 30 days, our consensus EPS projection has moved 0.09% higher. Reliance Steel currently has a Zacks Rank of #2 (Buy).
Investors should also note Reliance Steel's current valuation metrics, including its Forward P/E ratio of 6.43. This represents a discount compared to its industry's average Forward P/E of 6.48.
The Metal Products - Distribution industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 93, which puts it in the top 37% 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.