5 Best Steel Stocks To Buy Today

4. Reliance Steel & Aluminum Co. (NYSE:RS)

Number of Hedge Fund Holders: 28

Reliance Steel & Aluminum Co. (NYSE:RS) is a California-based company that operates as a diversified metal solutions provider in the United States, Canada, and internationally. The company distributes alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, specialty steel products, non-ferrous metals products, tubular building products, manufactures specialty extruded metals, fabricated parts, and welded components. 

Reliance Steel & Aluminum Co. (NYSE:RS) is one of the best steel stocks to invest in. After posting market-beating Q3 results, Reliance Steel & Aluminum Co. (NYSE:RS) estimates non-GAAP earnings per diluted share in the range of $4.30 to $4.50 for the fourth quarter of 2022 versus a consensus of $4.22.

On November 22, KeyBanc analyst Philip Gibbs raised the price target on Reliance Steel & Aluminum Co. (NYSE:RS) to $225 from $210 and kept an Overweight rating on the shares. The analyst observed that Reliance Steel & Aluminum Co. (NYSE:RS) is the highest-quality, most defensive company in the sector amid robust recurring FCFE, industry-leading margins, a resilient history of adding long-term shareholder value, and infrastructure optionality.

According to Insider Monkey’s Q3 data, 28 hedge funds were bullish on Reliance Steel & Aluminum Co. (NYSE:RS), compared to 27 funds in the prior quarter. Donald Yacktman’s Yacktman Asset Management is the largest position holder in the company, with 1.25 million shares worth $219.5 million. 

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