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Reliance Steel (RS) Dips More Than Broader Markets: What You Should Know
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Reliance Steel (RS - Free Report) closed the most recent trading day at $233.53, moving -0.87% from the previous trading session. This change lagged the S&P 500's 0.61% loss on the day. Elsewhere, the Dow lost 0.1%, while the tech-heavy Nasdaq lost 0.67%.
Coming into today, shares of the metals service-center company had gained 13.19% in the past month. In that same time, the Industrial Products sector gained 8.59%, while the S&P 500 gained 8.32%.
Investors will be hoping for strength from Reliance Steel as it approaches its next earnings release, which is expected to be February 16, 2023. The company is expected to report EPS of $4.47, down 34.55% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $3.65 billion, down 8.45% from the year-ago period.
It is also important to note the recent changes to analyst estimates for Reliance Steel. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for 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.
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. Over the past month, the Zacks Consensus EPS estimate has moved 1.67% higher. Reliance Steel is currently sporting a Zacks Rank of #1 (Strong Buy).
Investors should also note Reliance Steel's current valuation metrics, including its Forward P/E ratio of 12.91. This valuation marks a discount compared to its industry's average Forward P/E of 14.79.
The Metal Products - Distribution industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 33, putting it in the top 14% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Reliance Steel (RS) Dips More Than Broader Markets: What You Should Know
Reliance Steel (RS - Free Report) closed the most recent trading day at $233.53, moving -0.87% from the previous trading session. This change lagged the S&P 500's 0.61% loss on the day. Elsewhere, the Dow lost 0.1%, while the tech-heavy Nasdaq lost 0.67%.
Coming into today, shares of the metals service-center company had gained 13.19% in the past month. In that same time, the Industrial Products sector gained 8.59%, while the S&P 500 gained 8.32%.
Investors will be hoping for strength from Reliance Steel as it approaches its next earnings release, which is expected to be February 16, 2023. The company is expected to report EPS of $4.47, down 34.55% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $3.65 billion, down 8.45% from the year-ago period.
It is also important to note the recent changes to analyst estimates for Reliance Steel. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for 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.
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. Over the past month, the Zacks Consensus EPS estimate has moved 1.67% higher. Reliance Steel is currently sporting a Zacks Rank of #1 (Strong Buy).
Investors should also note Reliance Steel's current valuation metrics, including its Forward P/E ratio of 12.91. This valuation marks a discount compared to its industry's average Forward P/E of 14.79.
The Metal Products - Distribution industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 33, putting it in the top 14% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.