Yorktown Management & Research Co Inc reduced its holdings in shares of Reliance Steel & Aluminum Co (NYSE:RS) by 10.9% in the second quarter, Holdings Channel.com reports. The fund owned 9,800 shares of the industrial products company’s stock after selling 1,200 shares during the quarter. Yorktown Management & Research Co Inc’s holdings in Reliance Steel & Aluminum were worth $927,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. DekaBank Deutsche Girozentrale raised its position in Reliance Steel & Aluminum by 28.5% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 62,703 shares of the industrial products company’s stock valued at $5,429,000 after purchasing an additional 13,914 shares in the last quarter. Campbell & CO Investment Adviser LLC bought a new stake in Reliance Steel & Aluminum during the 2nd quarter valued at $548,000. Burney Co. raised its position in Reliance Steel & Aluminum by 4.7% during the 1st quarter. Burney Co. now owns 69,347 shares of the industrial products company’s stock valued at $6,259,000 after purchasing an additional 3,112 shares in the last quarter. Rhumbline Advisers raised its position in Reliance Steel & Aluminum by 2.0% during the 1st quarter. Rhumbline Advisers now owns 185,307 shares of the industrial products company’s stock valued at $16,726,000 after purchasing an additional 3,669 shares in the last quarter. Finally, ARP Americas LP bought a new stake in Reliance Steel & Aluminum during the 1st quarter valued at $737,000. 83.27% of the stock is owned by institutional investors and hedge funds.
In other news, VP Arthur Ajemyan sold 3,200 shares of Reliance Steel & Aluminum stock in a transaction on Monday, July 29th. The stock was sold at an average price of $101.61, for a total value of $325,152.00. Following the transaction, the vice president now directly owns 7,544 shares in the company, valued at approximately $766,545.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 3.43% of the company’s stock.
Reliance Steel & Aluminum (NYSE:RS) last announced its quarterly earnings results on Thursday, July 25th. The industrial products company reported $2.71 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.60 by $0.11. Reliance Steel & Aluminum had a return on equity of 12.85% and a net margin of 5.22%. The business had revenue of $2.88 billion for the quarter, compared to the consensus estimate of $2.93 billion. During the same period last year, the business posted $3.10 EPS. The business’s revenue was down 3.5% compared to the same quarter last year. As a group, equities research analysts predict that Reliance Steel & Aluminum Co will post 9.26 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be issued a $0.55 dividend. The ex-dividend date is Thursday, August 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.25%. Reliance Steel & Aluminum’s dividend payout ratio is presently 24.61%.
RS has been the subject of a number of research analyst reports. Jefferies Financial Group lowered Reliance Steel & Aluminum from a “buy” rating to a “hold” rating and decreased their target price for the company from $105.00 to $100.00 in a research report on Friday, April 26th. ValuEngine lowered Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Citigroup set a $104.00 target price on Reliance Steel & Aluminum and gave the company a “hold” rating in a research report on Friday, July 26th. Bank of America reiterated a “neutral” rating and issued a $98.00 price target on shares of Reliance Steel & Aluminum in a report on Friday, May 31st. Finally, Zacks Investment Research upgraded Reliance Steel & Aluminum from a “sell” rating to a “hold” rating and set a $108.00 price target on the stock in a report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $100.00.
Reliance Steel & Aluminum 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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