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Investors Business Daily
Investors Business Daily
Business
INVESTOR'S BUSINESS DAILY and JAMES DETAR

Highly Rated Reliance Steel Stock Near Buy Zone; Earnings Due

Reliance Steel & Aluminum has had an amazing run recently, putting up triple-digit profit growth, ranging from 105% to 272%, every quarter for the past year. With second quarter earnings on tap for July 28, Reliance Steel stock is trading not far from a 211.76 entry. The current formation is a bullish second-stage consolidation.

Reliance Steel stock holds the No. 2 rank among its peers in the Metal-Fabricators industry group. Northwest Pipe is the top-ranked stock in the group.

Reliance Steel Stock Among Top 3%

Meanwhile, Reliance Steel stock has a lofty 97 Composite Rating of 99, putting it in the top 3% of all stocks. The Composite Rating combined IBD's five key ratings and provides an easy way to judge a stock's strength relative to other stocks. Its 98 EPS Rating is one click short of perfect. And its stock Relative Strength Rating, which measures a stock vs. the S&P 500, is 92.

Looking For The Best Stocks To Buy And Watch? Start Here

Last quarter, the company showed 105% earnings-per-share growth to $8.42 per share. Sales grew 58% to $4.49 billion. Analysts expect earnings growth of 73% when it reports Q2 results on July 28, and a 28% gain for the full year.

Share Price More Than Doubled From Low

Reliance Steel stock rose from a March 2020 Covid crash intraday low 70.57 to a 175.34 close Monday.

Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live

It's important to note that buying a stock just ahead of earnings can be risky since you typically don't have enough time to establish a profit cushion before the latest quarterly numbers come out. Be sure to follow sound buy and sell rules to minimize your exposure.

Note: Dates for earnings reports are subject to change. Check the company's website for any updates.

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