BNP Paribas Arbitrage SNC trimmed its holdings in Reliance Steel & Aluminum Co. (NYSE:RS – Free Report) by 19.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,916 shares of the industrial products company’s stock after selling 5,337 shares during the period. BNP Paribas Arbitrage SNC’s holdings in Reliance Steel & Aluminum were worth $5,952,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently made changes to their positions in RS. Mckinley Capital Management LLC boosted its position in shares of Reliance Steel & Aluminum by 1.5% during the second quarter. Mckinley Capital Management LLC now owns 2,544 shares of the industrial products company’s stock valued at $691,000 after buying an additional 37 shares during the last quarter. TD Asset Management Inc boosted its holdings in Reliance Steel & Aluminum by 3.2% during the 2nd quarter. TD Asset Management Inc now owns 123,516 shares of the industrial products company’s stock worth $33,546,000 after acquiring an additional 3,790 shares during the last quarter. Lido Advisors LLC grew its stake in shares of Reliance Steel & Aluminum by 17.8% in the 2nd quarter. Lido Advisors LLC now owns 1,085 shares of the industrial products company’s stock worth $295,000 after acquiring an additional 164 shares in the last quarter. Banque Cantonale Vaudoise purchased a new stake in shares of Reliance Steel & Aluminum in the second quarter valued at about $353,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of Reliance Steel & Aluminum by 7.5% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 28,420 shares of the industrial products company’s stock valued at $7,719,000 after purchasing an additional 1,985 shares in the last quarter. 80.87% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of brokerages have issued reports on RS. KeyCorp reduced their price objective on shares of Reliance Steel & Aluminum from $290.00 to $285.00 and set an “overweight” rating for the company in a research report on Friday, October 27th. StockNews.com raised Reliance Steel & Aluminum from a “hold” rating to a “buy” rating in a report on Monday, November 13th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $275.00.
Insider Activity at Reliance Steel & Aluminum
In other news, CEO Karla R. Lewis sold 10,000 shares of Reliance Steel & Aluminum stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $284.15, for a total value of $2,841,500.00. Following the completion of the transaction, the chief executive officer now owns 111,258 shares in the company, valued at $31,613,960.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.62% of the stock is currently owned by company insiders.
Reliance Steel & Aluminum Stock Performance
Shares of RS stock opened at $269.90 on Tuesday. Reliance Steel & Aluminum Co. has a 52 week low of $196.11 and a 52 week high of $295.98. The firm’s 50-day simple moving average is $260.93 and its two-hundred day simple moving average is $264.36. The firm has a market cap of $15.51 billion, a price-to-earnings ratio of 11.35 and a beta of 0.93. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.13 and a current ratio of 5.53.
Reliance Steel & Aluminum (NYSE:RS – Get Free Report) last posted its quarterly earnings data on Thursday, October 26th. The industrial products company reported $5.00 EPS for the quarter, meeting the consensus estimate of $5.00. Reliance Steel & Aluminum had a return on equity of 18.92% and a net margin of 9.38%. The business had revenue of $3.62 billion for the quarter, compared to the consensus estimate of $3.61 billion. During the same quarter in the prior year, the business earned $6.48 earnings per share. Reliance Steel & Aluminum’s revenue for the quarter was down 14.7% on a year-over-year basis. As a group, equities analysts forecast that Reliance Steel & Aluminum Co. will post 21.84 earnings per share for the current year.
Reliance Steel & Aluminum Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 1.48%. The ex-dividend date of this dividend is Thursday, November 16th. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is currently 16.81%.
Reliance Steel & Aluminum Company Profile
Reliance Steel & Aluminum Co operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.
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