Mackenzie Financial Corp Sells 21,465 Shares of Reliance Steel & Aluminum Co. (NYSE:RS)

Mackenzie Financial Corp cut its stake in Reliance Steel & Aluminum Co. (NYSE:RSGet Rating) by 49.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,953 shares of the industrial products company’s stock after selling 21,465 shares during the quarter. Mackenzie Financial Corp’s holdings in Reliance Steel & Aluminum were worth $3,729,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Worth Asset Management LLC bought a new position in Reliance Steel & Aluminum in the 1st quarter worth $28,000. Penserra Capital Management LLC bought a new position in shares of Reliance Steel & Aluminum in the 1st quarter worth about $46,000. Rational Advisors LLC increased its stake in shares of Reliance Steel & Aluminum by 50.6% in the 1st quarter. Rational Advisors LLC now owns 256 shares of the industrial products company’s stock worth $47,000 after acquiring an additional 86 shares in the last quarter. Pinebridge Investments L.P. increased its stake in shares of Reliance Steel & Aluminum by 206.0% in the 2nd quarter. Pinebridge Investments L.P. now owns 306 shares of the industrial products company’s stock worth $52,000 after acquiring an additional 206 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of Reliance Steel & Aluminum by 38.6% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 438 shares of the industrial products company’s stock worth $75,000 after acquiring an additional 122 shares in the last quarter. 83.16% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO James Donald Hoffman sold 10,000 shares of the business’s stock in a transaction on Thursday, October 6th. The shares were sold at an average price of $183.31, for a total value of $1,833,100.00. Following the sale, the chief executive officer now owns 132,738 shares in the company, valued at $24,332,202.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.62% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on RS. KeyCorp increased their price target on shares of Reliance Steel & Aluminum from $207.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, October 28th. The Goldman Sachs Group lowered shares of Reliance Steel & Aluminum from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $218.00 to $201.00 in a research note on Thursday, October 6th. StockNews.com lowered shares of Reliance Steel & Aluminum from a “strong-buy” rating to a “buy” rating in a research note on Thursday, October 6th. Finally, BMO Capital Markets began coverage on shares of Reliance Steel & Aluminum in a research note on Monday, August 15th. They set an “outperform” rating and a $230.00 price objective for the company. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $219.40.

Reliance Steel & Aluminum Trading Up 0.3 %

Reliance Steel & Aluminum stock opened at $205.95 on Monday. The stock has a market cap of $12.09 billion, a P/E ratio of 6.74 and a beta of 0.87. The company has a debt-to-equity ratio of 0.17, a current ratio of 3.25 and a quick ratio of 1.78. Reliance Steel & Aluminum Co. has a 1 year low of $145.79 and a 1 year high of $211.65. The firm’s 50 day moving average price is $188.52 and its 200-day moving average price is $186.16.

Reliance Steel & Aluminum (NYSE:RSGet Rating) last released its quarterly earnings data on Thursday, October 27th. The industrial products company reported $6.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.19 by $0.29. The firm had revenue of $4.25 billion for the quarter, compared to analysts’ expectations of $4.14 billion. Reliance Steel & Aluminum had a net margin of 10.98% and a return on equity of 29.31%. The company’s revenue for the quarter was up 10.4% compared to the same quarter last year. During the same quarter last year, the business posted $6.15 earnings per share. On average, equities analysts predict that Reliance Steel & Aluminum Co. will post 28.69 earnings per share for the current fiscal year.

Reliance Steel & Aluminum Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 2nd. Stockholders of record on Friday, November 18th will be given a dividend of $0.875 per share. This represents a $3.50 annualized dividend and a dividend yield of 1.70%. The ex-dividend date is Thursday, November 17th. Reliance Steel & Aluminum’s payout ratio is currently 11.45%.

Reliance Steel & Aluminum Company Profile

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Reliance Steel & Aluminum Co engages in the provision of metals processing services and distribution of metal products. It offers alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and specialty steel products. The company was founded by Thomas J. Neilan on February 3, 1939, and is headquartered in Scottsdale, AZ.

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

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