State of Alaska Department of Revenue Raises Position in Reliance Steel & Aluminum Co. (NYSE:RS)

State of Alaska Department of Revenue boosted its stake in Reliance Steel & Aluminum Co. (NYSE:RSGet Rating) by 25.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,682 shares of the industrial products company’s stock after buying an additional 7,065 shares during the quarter. State of Alaska Department of Revenue’s holdings in Reliance Steel & Aluminum were worth $5,890,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BNP Paribas Arbitrage SA lifted its stake in Reliance Steel & Aluminum by 38.5% in the 1st quarter. BNP Paribas Arbitrage SA now owns 45,811 shares of the industrial products company’s stock worth $8,399,000 after purchasing an additional 12,734 shares in the last quarter. Weiss Multi Strategy Advisers LLC purchased a new position in Reliance Steel & Aluminum in the 1st quarter worth approximately $1,987,000. Virtu Financial LLC purchased a new position in Reliance Steel & Aluminum in the 1st quarter worth approximately $1,635,000. Advisors Asset Management Inc. lifted its stake in Reliance Steel & Aluminum by 11.4% in the 1st quarter. Advisors Asset Management Inc. now owns 36,956 shares of the industrial products company’s stock worth $6,776,000 after purchasing an additional 3,782 shares in the last quarter. Finally, Mirabella Financial Services LLP purchased a new position in Reliance Steel & Aluminum in the 1st quarter worth approximately $435,000. 83.16% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on RS. The Goldman Sachs Group decreased their target price on shares of Reliance Steel & Aluminum from $234.00 to $218.00 in a research note on Tuesday, July 12th. KeyCorp decreased their target price on shares of Reliance Steel & Aluminum from $215.00 to $207.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 19th. BMO Capital Markets began coverage on shares of Reliance Steel & Aluminum in a report on Monday, August 15th. They set an “outperform” rating and a $230.00 price target for the company. Finally, StockNews.com downgraded shares of Reliance Steel & Aluminum from a “strong-buy” rating to a “buy” rating in a report on Friday, July 29th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $222.20.

Insiders Place Their Bets

In other Reliance Steel & Aluminum news, CFO Arthur Ajemyan sold 1,000 shares of the business’s stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $198.39, for a total value of $198,390.00. Following the completion of the transaction, the chief financial officer now owns 12,870 shares in the company, valued at $2,553,279.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Reliance Steel & Aluminum news, CFO Arthur Ajemyan sold 1,000 shares of the business’s stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $198.39, for a total value of $198,390.00. Following the completion of the transaction, the chief financial officer now owns 12,870 shares in the company, valued at $2,553,279.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO James Donald Hoffman sold 10,000 shares of Reliance Steel & Aluminum stock in a transaction on Wednesday, July 6th. The stock was sold at an average price of $167.78, for a total transaction of $1,677,800.00. Following the sale, the chief executive officer now directly owns 142,738 shares of the company’s stock, valued at $23,948,581.64. The disclosure for this sale can be found here. Insiders own 0.62% of the company’s stock.

Reliance Steel & Aluminum Stock Down 1.2 %

Shares of NYSE RS opened at $179.43 on Wednesday. The company has a 50 day simple moving average of $186.97 and a 200-day simple moving average of $186.46. The company has a market capitalization of $10.82 billion, a P/E ratio of 5.93 and a beta of 0.83. The company has a debt-to-equity ratio of 0.17, a current ratio of 3.02 and a quick ratio of 1.60. Reliance Steel & Aluminum Co. has a 1 year low of $138.41 and a 1 year high of $211.65.

Reliance Steel & Aluminum (NYSE:RSGet Rating) last posted its earnings results on Thursday, July 28th. The industrial products company reported $9.15 earnings per share for the quarter, beating the consensus estimate of $9.02 by $0.13. Reliance Steel & Aluminum had a net margin of 11.25% and a return on equity of 30.46%. The firm had revenue of $4.68 billion during the quarter, compared to the consensus estimate of $4.61 billion. During the same quarter last year, the firm earned $5.06 EPS. The firm’s revenue for the quarter was up 36.9% on a year-over-year basis. On average, equities research analysts predict that Reliance Steel & Aluminum Co. will post 28.26 earnings per share for the current year.

Reliance Steel & Aluminum Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 2nd. Shareholders of record on Friday, August 19th were paid a $0.875 dividend. The ex-dividend date of this dividend was Thursday, August 18th. This represents a $3.50 annualized dividend and a dividend yield of 1.95%. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is 11.56%.

Reliance Steel & Aluminum Profile

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

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