Reliance Steel (RS - Free Report) closed at $249.63 in the latest trading session, marking a -1.74% move from the prior day. This change lagged the S&P 500's daily loss of 1.45%. Meanwhile, the Dow lost 1.07%, and the Nasdaq, a tech-heavy index, lost 3.06%.
Heading into today, shares of the metals service-center company had gained 11.9% over the past month, outpacing the Industrial Products sector's loss of 0.15% and the S&P 500's loss of 3.83% 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 $5.65 per share. This would mark a year-over-year decline of 32.9%. Meanwhile, our latest consensus estimate is calling for revenue of $3.88 billion, down 13.6% from the prior-year quarter.
RS's full-year Zacks Consensus Estimates are calling for earnings of $20.86 per share and revenue of $14.16 billion. These results would represent year-over-year changes of -30.54% and -16.85%, respectively.
Investors should also note any recent changes to analyst estimates for Reliance Steel. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 14.24% higher. Reliance Steel currently has a Zacks Rank of #1 (Strong Buy).
Investors should also note Reliance Steel's current valuation metrics, including its Forward P/E ratio of 12.18. This valuation marks a no noticeable deviation compared to its industry's average Forward P/E of 12.18.
The Metal Products - Distribution industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 59, putting it in the top 24% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Reliance Steel (RS - Free Report) closed at $249.63 in the latest trading session, marking a -1.74% move from the prior day. This change lagged the S&P 500's daily loss of 1.45%. Meanwhile, the Dow lost 1.07%, and the Nasdaq, a tech-heavy index, lost 3.06%.
Heading into today, shares of the metals service-center company had gained 11.9% over the past month, outpacing the Industrial Products sector's loss of 0.15% and the S&P 500's loss of 3.83% 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 $5.65 per share. This would mark a year-over-year decline of 32.9%. Meanwhile, our latest consensus estimate is calling for revenue of $3.88 billion, down 13.6% from the prior-year quarter.
RS's full-year Zacks Consensus Estimates are calling for earnings of $20.86 per share and revenue of $14.16 billion. These results would represent year-over-year changes of -30.54% and -16.85%, respectively.
Investors should also note any recent changes to analyst estimates for Reliance Steel. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 14.24% higher. Reliance Steel currently has a Zacks Rank of #1 (Strong Buy).
Investors should also note Reliance Steel's current valuation metrics, including its Forward P/E ratio of 12.18. This valuation marks a no noticeable deviation compared to its industry's average Forward P/E of 12.18.
The Metal Products - Distribution industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 59, putting it in the top 24% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
4 Oil Stocks with Massive Upsides
Global demand for oil is through the roof... and oil producers are struggling to keep up. So even though oil prices are well off their recent highs, you can expect big profits from the companies that supply the world with "black gold."
Zacks Investment Research has just released an urgent special report to help you bank on this trend.
In Oil Market on Fire, you'll discover 4 unexpected oil and gas stocks positioned for big gains in the coming weeks and months. You don't want to miss these recommendations.
Download your free report now to see them.
Get the latest research report on RS - FREE