Livforsakringsbolaget Skandia Omsesidigt lowered its holdings in shares of Reliance Steel & Aluminum Co. (NYSE:RS – Free Report) by 9.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,420 shares of the industrial products company’s stock after selling 800 shares during the period. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Reliance Steel & Aluminum were worth $2,015,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. Worth Asset Management LLC acquired a new stake in Reliance Steel & Aluminum during the first quarter worth approximately $28,000. Belpointe Asset Management LLC acquired a new stake in Reliance Steel & Aluminum in the fourth quarter valued at approximately $39,000. Massmutual Trust Co. FSB ADV grew its stake in Reliance Steel & Aluminum by 124.3% in the first quarter. Massmutual Trust Co. FSB ADV now owns 166 shares of the industrial products company’s stock valued at $43,000 after acquiring an additional 92 shares during the period. Penserra Capital Management LLC acquired a new stake in Reliance Steel & Aluminum in the first quarter valued at approximately $46,000. Finally, Advisory Services Network LLC grew its stake in Reliance Steel & Aluminum by 160.0% in the first quarter. Advisory Services Network LLC now owns 221 shares of the industrial products company’s stock valued at $57,000 after acquiring an additional 136 shares during the period. Institutional investors and hedge funds own 80.87% of the company’s stock.
Analyst Ratings Changes
Separately, StockNews.com raised Reliance Steel & Aluminum from a “hold” rating to a “buy” rating in a research note on Wednesday, August 16th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $270.00.
Reliance Steel & Aluminum Stock Up 1.1 %
RS stock opened at $265.84 on Friday. Reliance Steel & Aluminum Co. has a twelve month low of $168.24 and a twelve month high of $295.98. The company has a quick ratio of 2.83, a current ratio of 5.18 and a debt-to-equity ratio of 0.15. The stock’s 50 day moving average is $280.77 and its 200-day moving average is $260.51. The firm has a market capitalization of $15.57 billion, a PE ratio of 10.53 and a beta of 0.92.
Reliance Steel & Aluminum (NYSE:RS – Get Free Report) last posted its earnings results on Thursday, July 27th. The industrial products company reported $6.49 earnings per share for the quarter, missing analysts’ consensus estimates of $6.52 by ($0.03). Reliance Steel & Aluminum had a net margin of 9.63% and a return on equity of 20.88%. The company had revenue of $3.88 billion during the quarter, compared to the consensus estimate of $3.98 billion. During the same quarter in the prior year, the business earned $9.15 EPS. The firm’s revenue for the quarter was down 17.1% compared to the same quarter last year. Sell-side analysts expect that Reliance Steel & Aluminum Co. will post 22.14 EPS for the current fiscal year.
Reliance Steel & Aluminum Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 18th were issued a $1.00 dividend. The ex-dividend date of this dividend was Thursday, August 17th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.50%. Reliance Steel & Aluminum’s dividend payout ratio is presently 15.84%.
In related news, SVP William A. Smith II sold 6,000 shares of Reliance Steel & Aluminum stock in a transaction on Monday, July 31st. The stock was sold at an average price of $292.71, for a total transaction of $1,756,260.00. Following the sale, the senior vice president now directly owns 18,366 shares in the company, valued at $5,375,911.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Reliance Steel & Aluminum news, Director James Donald Hoffman sold 10,000 shares of the business’s stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $285.76, for a total value of $2,857,600.00. Following the sale, the director now directly owns 114,042 shares in the company, valued at $32,588,641.92. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP William A. Smith II sold 6,000 shares of the business’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $292.71, for a total value of $1,756,260.00. Following the completion of the sale, the senior vice president now owns 18,366 shares in the company, valued at $5,375,911.86. The disclosure for this sale can be found here. Insiders have sold 37,503 shares of company stock worth $10,634,666 over the last 90 days. 0.62% of the stock is currently owned by corporate insiders.
Reliance Steel & Aluminum Profile
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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