J.P. Morgan Sticks to Their Hold Rating for Reliance Steel (RS)

In a report released yesterday, Bill Peterson from J.P. Morgan maintained a Hold rating on Reliance Steel, with a price target of $345.00.

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Peterson covers the Basic Materials sector, focusing on stocks such as Steel Dynamics, Nucor, and Constellium. According to TipRanks, Peterson has an average return of 7.2% and a 50.79% success rate on recommended stocks.

Currently, the analyst consensus on Reliance Steel is a Hold with an average price target of $353.00.

Based on Reliance Steel’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $4.03 billion and a net profit of $266.3 million. In comparison, last year the company earned a revenue of $3.48 billion and had a net profit of $199.7 million

Based on the recent corporate insider activity of 24 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, Arthur Ajemyan, the SVP, CFO of RS sold 3,500.00 shares for a total of $1,253,403.30.