Belpointe Asset Management LLC Purchases New Holdings in Reliance Steel & Aluminum Co. (NYSE:RS)

Belpointe Asset Management LLC purchased a new stake in shares of Reliance Steel & Aluminum Co. (NYSE:RS – Get Rating) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 191 shares of the industrial products company’s stock, valued at approximately $39,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RS. State Street Corp increased its stake 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 acquiring an additional 359,364 shares during the period. First Trust Advisors LP grew its stake in shares of Reliance Steel & Aluminum by 121.1% in the 1st 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. Pacer Advisors Inc. grew its position in Reliance Steel & Aluminum by 123.8% during the 4th quarter. Pacer Advisors Inc. now owns 329,950 shares of the industrial products company’s stock worth $66,795,000 after acquiring an additional 182,502 shares during the last quarter. UBS Group AG grew its position in Reliance Steel & Aluminum by 868.1% during the 4th quarter. UBS Group AG now owns 149,034 shares of the industrial products company’s stock worth $30,170,000 after acquiring an additional 133,639 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in Reliance Steel & Aluminum during the 1st quarter worth $22,389,000. 81.73% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CFO Arthur Ajemyan sold 1,640 shares of the business’s stock in a transaction on Monday, February 27th. The shares were sold at an average price of $246.54, for a total value of $404,325.60. Following the transaction, the chief financial officer now owns 13,028 shares in the company, valued at $3,211,923.12. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CFO Arthur Ajemyan sold 1,640 shares of the company’s stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $246.54, for a total transaction of $404,325.60. Following the transaction, the chief financial officer now owns 13,028 shares in the company, valued at $3,211,923.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Sean Michael Mollins sold 4,750 shares of the business’s stock in a transaction dated Friday, March 3rd. The stock was sold at an average price of $263.87, for a total transaction of $1,253,382.50. Following the sale, the vice president now directly owns 16,930 shares of the company’s stock, valued at $4,467,319.10. The disclosure for this sale can be found here. 0.62% of the stock is currently owned by insiders.

Reliance Steel & Aluminum Trading Up 0.9 %

Shares of RS stock opened at $236.73 on Friday. The firm has a 50 day moving average price of $246.28 and a two-hundred day moving average price of $229.51. The company has a quick ratio of 2.80, a current ratio of 4.83 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $13.92 billion, a PE ratio of 8.48 and a beta of 0.88. Reliance Steel & Aluminum Co. has a 12-month low of $160.29 and a 12-month high of $264.42.

Reliance Steel & Aluminum (NYSE:RS – Get Rating) last released its quarterly earnings results on Thursday, April 27th. The industrial products company reported $6.37 earnings per share for the quarter, beating analysts’ consensus estimates of $5.70 by $0.67. Reliance Steel & Aluminum had a net margin of 10.30% and a return on equity of 24.11%. The company had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $3.92 billion. During the same period in the previous year, the business earned $8.42 earnings per share. The firm’s quarterly revenue was down 11.6% on a year-over-year basis. As a group, analysts predict that Reliance Steel & Aluminum Co. will post 21.88 earnings per share for the current year.

Reliance Steel & Aluminum Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 9th. Shareholders of record on Friday, May 26th will be paid a dividend of $1.00 per share. The ex-dividend date is Thursday, May 25th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.69%. Reliance Steel & Aluminum’s payout ratio is presently 14.33%.

Analysts Set New Price Targets

Several analysts recently commented on the company. Citigroup raised their price objective on Reliance Steel & Aluminum from $230.00 to $280.00 and gave the stock a “buy” rating in a research note on Friday, February 17th. BMO Capital Markets increased their target price on Reliance Steel & Aluminum from $235.00 to $265.00 in a report on Friday, February 17th. The Goldman Sachs Group increased their target price on Reliance Steel & Aluminum from $245.00 to $270.00 and gave the stock a “neutral” rating in a report on Friday, March 10th. KeyCorp increased their target price on Reliance Steel & Aluminum from $235.00 to $265.00 and gave the stock an “overweight” rating in a report on Friday, February 17th. Finally, StockNews.com started coverage on Reliance Steel & Aluminum in a report on Thursday, May 18th. They issued a “buy” rating for the company. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $270.00.

About Reliance Steel & Aluminum

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Reliance Steel & Aluminum Co engages in the provision of a metal distribution center. 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.