Rhumbline Advisers lifted its position in shares of Reliance Steel & Aluminum Co (NYSE:RS) by 2.0% in the 1st quarter, HoldingsChannel.com reports. The fund owned 185,307 shares of the industrial products company’s stock after buying an additional 3,669 shares during the quarter. Rhumbline Advisers’ holdings in Reliance Steel & Aluminum were worth $16,726,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently bought and sold shares of the company. Oregon Public Employees Retirement Fund lifted its holdings in Reliance Steel & Aluminum by 7,017.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,033,327 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 2,004,757 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in Reliance Steel & Aluminum by 23.8% during the 4th quarter. Victory Capital Management Inc. now owns 4,001,940 shares of the industrial products company’s stock worth $284,819,000 after purchasing an additional 768,834 shares in the last quarter. Norges Bank purchased a new stake in Reliance Steel & Aluminum during the 4th quarter worth about $52,211,000. Poplar Forest Capital LLC lifted its holdings in Reliance Steel & Aluminum by 38.2% during the 4th quarter. Poplar Forest Capital LLC now owns 790,061 shares of the industrial products company’s stock worth $56,229,000 after purchasing an additional 218,217 shares in the last quarter. Finally, BNP Paribas Arbitrage SA lifted its holdings in Reliance Steel & Aluminum by 210.8% during the 1st quarter. BNP Paribas Arbitrage SA now owns 81,726 shares of the industrial products company’s stock worth $7,377,000 after purchasing an additional 55,427 shares in the last quarter. Institutional investors own 82.94% of the company’s stock.
A number of analysts recently issued reports on the company. Jefferies Financial Group cut Reliance Steel & Aluminum from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $105.00 to $100.00 in a report on Friday, April 26th. Longbow Research cut Reliance Steel & Aluminum from a “neutral” rating to an “underperform” rating and set a $76.00 price objective on the stock. in a report on Thursday, April 18th. Finally, Cowen reissued an “outperform” rating and set a $95.00 price objective (up previously from $80.00) on shares of Reliance Steel & Aluminum in a report on Tuesday, February 26th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $92.40.
Reliance Steel & Aluminum (NYSE:RS) last released its quarterly earnings results on Thursday, April 25th. The industrial products company reported $2.80 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.42. Reliance Steel & Aluminum had a return on equity of 13.70% and a net margin of 5.58%. The firm had revenue of $2.96 billion for the quarter, compared to analysts’ expectations of $2.97 billion. During the same quarter last year, the firm posted $2.30 EPS. The company’s revenue was up 7.2% compared to the same quarter last year. As a group, research analysts expect that Reliance Steel & Aluminum Co will post 9.15 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 24th will be issued a $0.55 dividend. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $2.20 annualized dividend and a dividend yield of 2.47%. Reliance Steel & Aluminum’s payout ratio is currently 24.61%.
In other Reliance Steel & Aluminum news, SVP William A. Smith II sold 3,025 shares of the firm’s stock in a transaction dated Monday, February 25th. The stock was sold at an average price of $90.63, for a total value of $274,155.75. Following the sale, the senior vice president now owns 25,505 shares of the company’s stock, valued at approximately $2,311,518.15. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Andrew G. Sharkey III sold 2,000 shares of the firm’s stock in a transaction dated Thursday, February 28th. The shares were sold at an average price of $89.05, for a total value of $178,100.00. Following the transaction, the director now directly owns 6,893 shares in the company, valued at $613,821.65. The disclosure for this sale can be found here. In the last ninety days, insiders sold 142,570 shares of company stock worth $12,757,514. Insiders own 3.43% of the company’s stock.
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Reliance Steel & Aluminum Company Profile
Reliance Steel & Aluminum Co operates as a metals service center company. The company provides alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products and related processing services to general manufacturing, non-residential construction, transportation, aerospace and defense, energy, electronics and semiconductor fabrication, auto, and heavy industries.
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