J.P. Morgan Sticks to Their Hold Rating for Reliance Steel (RS)
In a report released today, Bill Peterson from J.P. Morgan maintained a Hold rating on Reliance Steel, with a price target of $340.00.
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According to TipRanks, Peterson is a 4-star analyst with an average return of 6.7% and a 50.60% success rate. Peterson covers the Basic Materials sector, focusing on stocks such as Nucor, Steel Dynamics, and MP Materials.
Reliance Steel has an analyst consensus of Moderate Buy, with a price target consensus of $332.80.
Based on Reliance Steel’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $3.5 billion and a net profit of $116.5 million. In comparison, last year the company earned a revenue of $3.13 billion and had a net profit of $105.3 million
Based on the recent corporate insider activity of 23 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of RS in relation to earlier this year. Last month, William A. II Smith, the SVP, GC, Corp Sec of RS sold 6,615.00 shares for a total of $1,975,325.97.
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