Martingale Asset Management L P Makes New Investment in Reliance Steel & Aluminum Co. (NYSE:RS)

Martingale Asset Management L P bought a new position in Reliance Steel & Aluminum Co. (NYSE:RSGet Rating) during the second quarter, Holdings Channel.com reports. The fund bought 1,314 shares of the industrial products company’s stock, valued at approximately $224,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Worth Asset Management LLC bought a new stake in shares of Reliance Steel & Aluminum in the 1st quarter worth approximately $28,000. Penserra Capital Management LLC purchased a new position in shares of Reliance Steel & Aluminum in the first quarter worth approximately $46,000. Rational Advisors LLC increased its position in shares of Reliance Steel & Aluminum by 50.6% in the first 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 position in shares of Reliance Steel & Aluminum by 206.0% in the second 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 position in shares of Reliance Steel & Aluminum by 38.6% in the second 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.

Reliance Steel & Aluminum Price Performance

NYSE RS opened at $211.58 on Thursday. The company has a quick ratio of 1.78, a current ratio of 3.25 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $12.42 billion, a PE ratio of 6.92 and a beta of 0.87. The company has a 50 day moving average price of $189.98 and a two-hundred day moving average price of $186.52. Reliance Steel & Aluminum Co. has a 12-month low of $145.79 and a 12-month high of $215.10.

Reliance Steel & Aluminum (NYSE:RSGet Rating) last posted its earnings results on Thursday, October 27th. The industrial products company reported $6.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.19 by $0.29. The firm had revenue of $4.25 billion during 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 was up 10.4% compared to the same quarter last year. During the same period in the previous year, the company earned $6.15 earnings per share. As a group, equities analysts predict that Reliance Steel & Aluminum Co. will post 28.71 earnings per share for the current fiscal year.

Reliance Steel & Aluminum Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 2nd. Stockholders of record on Friday, November 18th will be paid a $0.875 dividend. This represents a $3.50 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date is Thursday, November 17th. Reliance Steel & Aluminum’s payout ratio is 11.45%.

Insider Transactions at Reliance Steel & Aluminum

In other 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 completion of the sale, the chief executive officer now directly owns 132,738 shares in the company, valued at $24,332,202.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.62% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. StockNews.com downgraded shares of Reliance Steel & Aluminum from a “strong-buy” rating to a “buy” rating in a research report on Thursday, October 6th. BMO Capital Markets started coverage on shares of Reliance Steel & Aluminum in a research report on Monday, August 15th. They set an “outperform” rating and a $230.00 price objective on the stock. KeyCorp boosted their price objective on shares of Reliance Steel & Aluminum from $210.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, The Goldman Sachs Group downgraded shares of Reliance Steel & Aluminum from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $218.00 to $201.00 in a research report on Thursday, October 6th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $222.40.

Reliance Steel & Aluminum Profile

(Get Rating)

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.

See Also

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

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