Raymond James Financial Services Advisors Inc. Sells 1,634 Shares of Reliance Steel & Aluminum Co. (NYSE:RS)

Raymond James Financial Services Advisors Inc. reduced its position in shares of Reliance Steel & Aluminum Co. (NYSE:RS – Get Rating) by 26.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 4,493 shares of the industrial products company’s stock after selling 1,634 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Reliance Steel & Aluminum were worth $784,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in RS. State Street Corp grew its holdings in Reliance Steel & Aluminum by 16.4% during the first quarter. State Street Corp now owns 2,549,898 shares of the industrial products company’s stock valued at $467,524,000 after purchasing an additional 359,364 shares during the period. First Trust Advisors LP grew its holdings in Reliance Steel & Aluminum by 121.1% during the first quarter. First Trust Advisors LP now owns 515,735 shares of the industrial products company’s stock valued at $94,560,000 after purchasing an additional 282,481 shares during the period. Royal London Asset Management Ltd. grew its holdings in Reliance Steel & Aluminum by 28.0% during the second quarter. Royal London Asset Management Ltd. now owns 1,194,848 shares of the industrial products company’s stock valued at $202,963,000 after purchasing an additional 261,250 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Reliance Steel & Aluminum by 15.0% during the second quarter. Price T Rowe Associates Inc. MD now owns 1,981,575 shares of the industrial products company’s stock valued at $336,590,000 after purchasing an additional 258,662 shares during the period. Finally, Pacer Advisors Inc. grew its holdings in Reliance Steel & Aluminum by 7,185.0% during the third quarter. Pacer Advisors Inc. now owns 147,448 shares of the industrial products company’s stock valued at $25,716,000 after purchasing an additional 145,424 shares during the period. 81.73% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. StockNews.com cut shares of Reliance Steel & Aluminum from a “strong-buy” rating to a “buy” rating in a report on Thursday, October 6th. The Goldman Sachs Group cut shares of Reliance Steel & Aluminum from a “buy” rating to a “neutral” rating and reduced their price target for the company from $218.00 to $201.00 in a report on Thursday, October 6th. Bank of America assumed coverage on shares of Reliance Steel & Aluminum in a report on Wednesday, January 4th. They issued a “neutral” rating for the company. Finally, KeyCorp upped their price target on shares of Reliance Steel & Aluminum from $210.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, November 22nd. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $222.40.

Insiders Place Their Bets

In other Reliance Steel & Aluminum news, COO Stephen Paul Koch sold 6,569 shares of the company’s stock in a transaction on Friday, December 2nd. The shares were sold at an average price of $213.71, for a total transaction of $1,403,860.99. Following the sale, the chief operating officer now directly owns 5,486 shares of the company’s stock, valued at $1,172,413.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, President Karla R. Lewis sold 9,178 shares of the stock in a transaction dated Friday, December 2nd. The shares were sold at an average price of $213.69, for a total value of $1,961,246.82. Following the transaction, the president now directly owns 77,832 shares of the company’s stock, valued at $16,631,920.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Stephen Paul Koch sold 6,569 shares of the stock in a transaction dated Friday, December 2nd. The shares were sold at an average price of $213.71, for a total transaction of $1,403,860.99. Following the completion of the transaction, the chief operating officer now directly owns 5,486 shares in the company, valued at $1,172,413.06. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,747 shares of company stock valued at $5,479,608. 0.62% of the stock is currently owned by corporate insiders.

Reliance Steel & Aluminum Stock Performance

Shares of RS stock opened at $215.67 on Monday. The company’s fifty day simple moving average is $207.25 and its 200-day simple moving average is $193.93. 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 firm has a market cap of $12.66 billion, a PE ratio of 7.05 and a beta of 0.87. Reliance Steel & Aluminum Co. has a 12 month low of $145.79 and a 12 month high of $218.74.

Reliance Steel & Aluminum (NYSE:RS – Get Rating) last announced its quarterly earnings data on Thursday, October 27th. The industrial products company reported $6.48 EPS for the quarter, topping analysts’ consensus estimates of $6.20 by $0.28. The business had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.14 billion. Reliance Steel & Aluminum had a net margin of 10.98% and a return on equity of 29.31%. The firm’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $6.15 earnings per share. Equities research analysts expect that Reliance Steel & Aluminum Co. will post 28.65 EPS for the current fiscal year.

Reliance Steel & Aluminum Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 2nd. Shareholders of record on Friday, November 18th were given a dividend of $0.875 per share. This represents a $3.50 annualized dividend and a yield of 1.62%. The ex-dividend date of this dividend was Thursday, November 17th. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is currently 11.45%.

Reliance Steel & Aluminum Company 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.