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Reliance Steel & Aluminum Co.

5/23/2013, 6:59 AM ET

Quote & Headlines Market Currents StockTalk

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Tuesday, May 21, 11:59 AM Risks surrounding the Chinese-fueled commodity supercycle leave higher, fixed-cost specialty metals and miners vulnerable, so in preparing a list of stocks to buy, BAML seeks companies able to control more of their destiny beyond waiting for improving market conditions. BAML says a rebound in global growth over 12-18 months could spark these favorites: NUE, KALU, SXCP, TMS, RS, ATI, RTI, CNX. Comment! [Commodities, Quick Ideas]
Thursday, April 25, 3:13 PM Reliance Steel (RS -4%) slips today after its Q1 misses on all fronts. Net earnings fell 28% Y/Y as the metals-processing company saw prices decline for all its major products and sold fewer tons. The company also warns that it expects global economic and political uncertainty to continue to challenge industrial growth in the current quarter, with only slight improvements in demand amid weak pricing. It lowers its Q2 EPS forecast to between $1.10 to $1.20, below Street estimates of $1.51. Comment! [Commodities, Global & FX, Earnings, On the Move]
Thursday, April 25, 8:57 AM Reliance Steel (RS): Q1 EPS of $1.09 misses by $0.07. Revenue of $2.03B (-11.5% Y/Y) misses by $0.04B. (PR) Comment! [Earnings, Breaking News]
Saturday, April 13, 8:25 AM When looking for dividend stocks, Kelley Wright believes a company isn't necessarily more attractive just because it pays a higher dividend. The key is when a stock's current yield is at the high end of the range of past yields; a strong balance sheet and a consistent pattern of higher earnings and rising dividends help too. Wright's top 10: APD, ADM, KO, COP, CVX, OXY, PEP, RS, TXN, WAG. 19 Comments [Quick Ideas]
Friday, April 5, 9:53 AM Reliance Steel (RS -1.2%) says it has obtained some of the financing necessary to complete its acquisition of Metals USA (MUSA). The company announced an amended and restated $1.5B credit facility and said it has secured an increase option on the revolver for $500M. Comment!
Monday, February 25, 8:59 AM Reliance Steel & Aluminum (RS) declares $0.30/share quarterly dividend, in line with previous. Forward yield 1.76%. For shareholders of record Mar. 04. Payable Mar. 22. Ex-div date Feb. 28. (PR) Comment! [Dividends]
Thursday, February 21, 9:05 AM Reliance Steel (RS): Q4 EPS of $1.06 beats by $0.08. Revenue of $1.89B (-7.1% Y/Y) misses by $0.05B. (PR) Comment! [Earnings, Breaking News]
Thursday, February 7, 3:57 PM Reliance Steel (RS) is upgraded to Buy from Hold with an $89 target price at Dahlman Rose, which sees its acquisition of Metals USA (MUSA) as a perfect fit, adding geographic and product breadth at a fair price. The firm sees the deal as immediately accretive and believes RS shares have more room to rise despite a ~40% rise since October. Comment! [Commodities, M&A, Quick Ideas]
Wednesday, February 6, 8:42 AM Reliance Steel (RS) agrees to acquire Metals USA (MUSA) for $20.65/share, representing an enterprise value of ~$1.2B. The transaction is expected to be accretive immediately upon closing. MUSA +12.8% premarket. Comment! [Commodities, M&A, On the Move]
Friday, December 14, 2012, 2:15 PM Steel stocks show solid gains following positive China PMI data; the steel sector often is the most responsive industry to Chinese PMI data. AKS +6.7%, X +6.4%, STLD +5.1%, CMC +3.4%, MT +3.2%, NUE +3%, CMC +2.8%, RS +2.6%, SCHN +2.4%. Iron ore and metallurgical coal stocks also benefit: CLF +4.6%, WLT +3.2%, RIO +3.2%, VALE +3.1%, BHP +1.3%. Comment! [Commodities, On the Move]
Monday, November 19, 2012, 3:31 PM Credit Suisse thinks that U.S. steel sector valuations are already pricing in "fiscal cliff" uncertainty, and thinks there's a trading opportunity in the sector over the next 3-6 months as demand and pricing improve. The firm reiterates an Outperform on: Reliance Steel (RS +3%), Metals USA (MUSA +0.5%), Nucor (NUE +2.6%), and AK Steel (AKS +2.8%). Comment! [Commodities, On the Move]
Wednesday, October 31, 2012, 2:10 PM Steel stocks are lower after ArcelorMittal (MT -3.8%) reported it swung to a Q3 loss and proposed a reduction to the annual dividend to $0.20 from $0.75, and U.S. Steel's (X -3.9%) weak Q4 guidance prompts Credit Suisse to cut its share price target to $20 from $24. Other steelmakers also see weakness: AKS -2.9%, RS -1.4%. 1 Comment [Commodities, On the Move]
Thursday, October 25, 2012, 9:21 AM Reliance Steel & Aluminum (RS): Q3 EPS of $1.30 beats by $0.11. Revenue of $2.06B (+% Y/Y) misses by $40M. Shares +2.5% premarket. (PR) Comment! [Earnings, On the Move]
Tuesday, October 2, 2012, 12:15 PM The most important news of recent days, writes Akram's Razor, was the $1B buyout bid for debt-laden Australian iron ore miner and steel producer Arrium. It suggests the point at which beaten-up metallurgical coal names and leveraged iron ore and steel producers become bait for mining giants or Asian/Middle Eastern buyers has moved closer. Some obvious picks: ANR, WLT, CLF, or X. 3 Comments [Quick Ideas, Global & FX, Commodities]
Tuesday, September 18, 2012, 12:42 PM Steel Dynamics (STLD -3%), Schnitzer Steel (SCHN -1.4%), Reliance Steel (RS -0.7%) and Worthington (WOR -1.4%) are downgraded to Hold from Buy at Jefferies, which believes steel shares are fully valued and expects U.S. steel prices to pull back. The firm maintains Buy ratings on the most defensive (NUE) and undervalued (GTI, MUSA, ZEUS) names within the group. Comment! [Commodities, Quick Ideas, On the Move]
Monday, September 17, 2012, 9:36 AM J.P. Morgan downgrades (I, II, III, IV) AK Steel (AKS -5.8%), U.S. Steel (X -4.4%), Reliance Steel (RS -3.4%) and Metals USA (MUSA -5%), saying it doesn’t think steel fundamentals will support a continued move higher beyond recent short covering after China’s infrastructure spending news and the latest QE round in the U.S., and that it expects steel prices to decline soon. Also cut: CLF -4.8%. 2 Comments [Commodities, Quick Ideas, On the Move]