Ryerson Holding Corporation’s (NYSE: RYI) Stock Price Will Be Bearish Or Bullish In 2023

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Ryerson Holding Corporation (NYSE:RYI) shares, rose in value on Friday, 06/16/23, with the stock price down by -1.47% to the previous day’s close as strong demand from buyers drove the stock to $38.75.

Actively observing the price movement in the last trading, the stock closed the session at $39.33, falling within a range of $38.395 and $39.51. The value of beta (5-year monthly) was 1.73 whereas the PE ratio was 5.39 over 12-month period. Referring to stock’s 52-week performance, its high was $41.89, and the low was $18.68. On the whole, RYI has fluctuated by 10.12% over the past month.

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With the market capitalization of Ryerson Holding Corporation currently standing at about $1.39 billion, investors are eagerly awaiting this quarter’s results, scheduled for Aug 01, 2023 – Aug 07, 2023. The company’s Forward Dividend Ratio is 0.72, with its dividend yield at 1.86%. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $1.3, which is expected to increase to $0.72 for fiscal year $3.7 and then to about $3.9 by fiscal year 2024. Data indicates that the EPS growth is expected to be -64.90% in 2024, while the next year’s EPS growth is forecast to be 5.40%.

Analysts have estimated the company’s revenue for the quarter at $1.4 billion, with a low estimate of $1.38 billion and a high estimate of $1.42 billion. According to the average forecast, sales growth in current quarter could jump down -19.70%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2024, the company’s y-o-y revenues would reach $5.28 billion, representing a decrease of -16.60% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that RYI’s technical picture suggests that short-term indicators denote the stock is a 50% Buy on average. However, medium term indicators have put the stock in the category of 50% Buy while long term indicators on average have been pointing out that it is a 100% Buy.

2 analyst(s) have assigned their ratings of the stock’s forecast evaluation on a scale of 1.00-5.00 to indicate a strong buy to a strong sell recommendation. The stock is rated as a Hold by 1 analyst(s), 1 recommend it as a Buy and 0 called the RYI stock Overweight. In the meantime, 0 analyst(s) believe the stock as Underweight and 0 think it is a Sell. Thus, investors eager to increase their holdings of the company’s stock will have an opportunity to do so as the average rating for the stock is Overweight.

The stock’s technical analysis shows that the PEG ratio is about 17.39, with the price of RYI currently trading nearly 6.01% and 6.09% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 61.01, while the 7-day volatility ratio is showing 3.32% which for the 30-day chart, stands at 3.25%. Furthermore, Ryerson Holding Corporation (RYI)’s beta value is 1.73, and its average true range (ATR) is 1.30. The company’s stock has been forecasted to trade at an average price of $45.00 over the course of the next 52 weeks, with a low of $45.00 and a high of $45.00. Based on these price targets, the low is -16.13% off current price, whereas the price has to move -16.13% to reach the yearly target high. Additionally, analysts’ median price of $45.00 is likely to be welcomed by investors because it represents a decrease of -16.13% from the current levels.

A comparison of Ryerson Holding Corporation (RYI) with its peers suggests the former has fared considerably weaker in the market. RYI showed an intraday change of -1.47% in last session, and over the past year, it grew by 36.59%%. In comparison, Reliance Steel & Aluminum Co. (RS) has moved higher at 0.07% on the day and was up 42.44% over the past 12 months. The PE ratio stands at 5.39 for Ryerson Holding Corporation, compared to 9.17 for Reliance Steel & Aluminum Co.. Other than that, the overall performance of the S&P 500 during the last trading session shows that it lost -0.37%. Meanwhile, the Dow Jones Industrial Slipped by -0.32%.

Data on historical trading for Ryerson Holding Corporation (NYSE:RYI) indicates that the trading volumes over the past 10 days have averaged 0.33 million and over the past 3 months, they’ve averaged 314.99K. According to company’s latest data on outstanding shares, there are 36.45 million shares outstanding.

Nearly 1.60% of Ryerson Holding Corporation’s shares belong to company insiders and institutional investors own 93.40% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 0.58 million shares as on May 30, 2023, resulting in a short ratio of 1.39. According to the data, the short interest in Ryerson Holding Corporation (RYI) stood at 1.70% of shares outstanding as of May 30, 2023; the number of short shares registered in Apr 27, 2023 reached 0.6 million. The stock has risen by 28.06% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the RYI stock heading into the next quarter.