Reliance Steel & Aluminum Co (NYSE:RS) Stake Cut by Millennium Management LLC

Millennium Management LLC lessened its holdings in Reliance Steel & Aluminum Co (NYSE:RS) by 12.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 187,837 shares of the industrial products company’s stock after selling 25,576 shares during the quarter. Millennium Management LLC owned approximately 0.28% of Reliance Steel & Aluminum worth $18,719,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Reliance Steel & Aluminum by 2.8% in the 2nd quarter. Vanguard Group Inc. now owns 6,495,340 shares of the industrial products company’s stock worth $614,590,000 after purchasing an additional 178,013 shares during the last quarter. Victory Capital Management Inc. increased its position in Reliance Steel & Aluminum by 0.6% in the second quarter. Victory Capital Management Inc. now owns 4,114,555 shares of the industrial products company’s stock worth $389,319,000 after buying an additional 22,803 shares during the period. Bank of New York Mellon Corp lifted its stake in Reliance Steel & Aluminum by 7.6% in the second quarter. Bank of New York Mellon Corp now owns 983,535 shares of the industrial products company’s stock valued at $93,062,000 after buying an additional 69,294 shares during the last quarter. Allianz Asset Management GmbH lifted its stake in Reliance Steel & Aluminum by 41.5% in the second quarter. Allianz Asset Management GmbH now owns 906,963 shares of the industrial products company’s stock valued at $85,816,000 after buying an additional 266,169 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in shares of Reliance Steel & Aluminum by 137.8% during the second quarter. Wells Fargo & Company MN now owns 865,529 shares of the industrial products company’s stock valued at $81,896,000 after acquiring an additional 501,503 shares during the period. Hedge funds and other institutional investors own 83.17% of the company’s stock.

Shares of NYSE RS opened at $118.03 on Wednesday. Reliance Steel & Aluminum Co has a fifty-two week low of $68.62 and a fifty-two week high of $120.85. The firm’s 50-day simple moving average is $113.43 and its 200 day simple moving average is $99.45. The company has a quick ratio of 1.90, a current ratio of 4.01 and a debt-to-equity ratio of 0.31. The stock has a market cap of $7.86 billion, a P/E ratio of 13.20, a P/E/G ratio of 1.37 and a beta of 1.35.

Reliance Steel & Aluminum (NYSE:RS) last announced its earnings results on Thursday, October 24th. The industrial products company reported $2.39 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.95 by $0.44. The firm had revenue of $2.69 billion during the quarter, compared to analyst estimates of $2.67 billion. Reliance Steel & Aluminum had a net margin of 5.48% and a return on equity of 12.52%. Reliance Steel & Aluminum’s revenue was down 9.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.42 EPS. On average, sell-side analysts anticipate that Reliance Steel & Aluminum Co will post 9.6 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be issued a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 1.86%. The ex-dividend date of this dividend is Thursday, November 14th. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is presently 24.61%.

In other Reliance Steel & Aluminum news, VP Stephen Paul Koch sold 6,040 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $116.31, for a total value of $702,512.40. Following the sale, the vice president now directly owns 12,360 shares in the company, valued at $1,437,591.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Karla R. Lewis sold 7,800 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $116.28, for a total transaction of $906,984.00. Following the completion of the sale, the chief financial officer now owns 86,476 shares in the company, valued at $10,055,429.28. The disclosure for this sale can be found here. Insiders sold 19,160 shares of company stock valued at $2,228,532 over the last quarter. Insiders own 3.43% of the company’s stock.

Several research firms have recently commented on RS. Deutsche Bank lowered shares of Reliance Steel & Aluminum from a “buy” rating to a “hold” rating and upped their price target for the stock from $105.00 to $110.00 in a research report on Wednesday, October 30th. Bank of America set a $115.00 target price on shares of Reliance Steel & Aluminum and gave the company a “hold” rating in a research note on Friday, October 25th. BNP Paribas assumed coverage on shares of Reliance Steel & Aluminum in a research note on Thursday, November 14th. They issued a “hold” rating and a $117.00 price target on the stock. Cowen restated an “outperform” rating and issued a $123.00 price target (up previously from $107.00) on shares of Reliance Steel & Aluminum in a research note on Tuesday, October 29th. Finally, Zacks Investment Research upgraded Reliance Steel & Aluminum from a “sell” rating to a “hold” rating and set a $103.00 price objective for the company in a research report on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. Reliance Steel & Aluminum presently has a consensus rating of “Hold” and a consensus price target of $107.40.

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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Institutional Ownership by Quarter for Reliance Steel & Aluminum (NYSE:RS)

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