Reliance Steel (RS - Free Report) closed at $249.50 in the latest trading session, marking a +0.43% move from the prior day. This move outpaced the S&P 500's daily loss of 0.6%. Meanwhile, the Dow lost 0.33%, and the Nasdaq, a tech-heavy index, lost 2.87%.
Prior to today's trading, shares of the metals service-center company had gained 0.38% over the past month. This has lagged the Industrial Products sector's gain of 4.57% and the S&P 500's gain of 6.22% in that time.
Investors will be hoping for strength from Reliance Steel as it approaches its next earnings release, which is expected to be April 27, 2023. The company is expected to report EPS of $5.70, down 32.3% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $3.95 billion, down 12.04% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $21.43 per share and revenue of $14.65 billion, which would represent changes of -28.64% and -13.94%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Reliance Steel. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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 0.1% higher. Reliance Steel is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Reliance Steel is currently trading at a Forward P/E ratio of 11.6. For comparison, its industry has an average Forward P/E of 11.6, which means Reliance Steel is trading at a no noticeable deviation to the group.
The Metal Products - Distribution industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 67, which puts it in the top 27% 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.
You can find more information on all of these metrics, and much 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.
Reliance Steel (RS - Free Report) closed at $249.50 in the latest trading session, marking a +0.43% move from the prior day. This move outpaced the S&P 500's daily loss of 0.6%. Meanwhile, the Dow lost 0.33%, and the Nasdaq, a tech-heavy index, lost 2.87%.
Prior to today's trading, shares of the metals service-center company had gained 0.38% over the past month. This has lagged the Industrial Products sector's gain of 4.57% and the S&P 500's gain of 6.22% in that time.
Investors will be hoping for strength from Reliance Steel as it approaches its next earnings release, which is expected to be April 27, 2023. The company is expected to report EPS of $5.70, down 32.3% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $3.95 billion, down 12.04% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $21.43 per share and revenue of $14.65 billion, which would represent changes of -28.64% and -13.94%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Reliance Steel. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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 0.1% higher. Reliance Steel is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Reliance Steel is currently trading at a Forward P/E ratio of 11.6. For comparison, its industry has an average Forward P/E of 11.6, which means Reliance Steel is trading at a no noticeable deviation to the group.
The Metal Products - Distribution industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 67, which puts it in the top 27% 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.
You can find more information on all of these metrics, and much 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