Beck Bode LLC Raises Position in Reliance Steel & Aluminum Co. (NYSE:RS)

Beck Bode LLC raised its holdings in Reliance Steel & Aluminum Co. (NYSE:RS) by 46.7% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,876 shares of the industrial products company’s stock after buying an additional 597 shares during the period. Beck Bode LLC’s holdings in Reliance Steel & Aluminum were worth $509,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. boosted its position in Reliance Steel & Aluminum by 14.5% in the 1st quarter. BlackRock Inc. now owns 6,453,558 shares of the industrial products company’s stock valued at $1,656,886,000 after buying an additional 815,429 shares during the period. State Street Corp lifted its position in shares of Reliance Steel & Aluminum by 13.8% during the 1st quarter. State Street Corp now owns 2,560,441 shares of the industrial products company’s stock worth $657,368,000 after purchasing an additional 310,339 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Reliance Steel & Aluminum by 814.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 1,436,988 shares of the industrial products company’s stock worth $47,995,000 after purchasing an additional 1,279,892 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Reliance Steel & Aluminum by 3.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,394,787 shares of the industrial products company’s stock worth $358,099,000 after purchasing an additional 50,623 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its position in shares of Reliance Steel & Aluminum by 19.8% during the 1st quarter. Acadian Asset Management LLC now owns 1,226,377 shares of the industrial products company’s stock worth $314,818,000 after purchasing an additional 202,853 shares during the last quarter. Hedge funds and other institutional investors own 80.87% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on RS shares. StockNews.com raised shares of Reliance Steel & Aluminum from a “hold” rating to a “buy” rating in a research report on Monday. KeyCorp cut their price target on shares of Reliance Steel & Aluminum from $290.00 to $285.00 and set an “overweight” rating on the stock in a research note on Friday, October 27th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Reliance Steel & Aluminum currently has a consensus rating of “Moderate Buy” and an average target price of $275.00.

Insider Buying and Selling at Reliance Steel & Aluminum

In other news, VP Jeffrey Wayne Durham sold 6,503 shares of Reliance Steel & Aluminum stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $275.42, for a total value of $1,791,056.26. Following the sale, the vice president now owns 23,651 shares of the company’s stock, valued at $6,513,958.42. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, VP Jeffrey Wayne Durham sold 6,503 shares of Reliance Steel & Aluminum stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $275.42, for a total value of $1,791,056.26. Following the sale, the vice president now owns 23,651 shares of the company’s stock, valued at $6,513,958.42. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director James Donald Hoffman sold 10,000 shares of Reliance Steel & Aluminum stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $285.76, for a total transaction of $2,857,600.00. Following the completion of the sale, the director now directly owns 114,042 shares in the company, valued at approximately $32,588,641.92. The disclosure for this sale can be found here. Over the last three months, insiders have sold 31,503 shares of company stock worth $8,878,406. 0.71% of the stock is owned by company insiders.

Reliance Steel & Aluminum Stock Performance

NYSE RS traded down $2.42 during trading on Thursday, reaching $270.32. The company’s stock had a trading volume of 18,792 shares, compared to its average volume of 387,035. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.13 and a current ratio of 5.53. The firm has a market cap of $15.54 billion, a price-to-earnings ratio of 11.46 and a beta of 0.93. Reliance Steel & Aluminum Co. has a twelve month low of $196.11 and a twelve month high of $295.98. The business’s fifty day moving average price is $260.75 and its 200-day moving average price is $263.67.

Reliance Steel & Aluminum (NYSE:RS) last posted its quarterly earnings data on Thursday, October 26th. The industrial products company reported $5.00 EPS for the quarter, meeting analysts’ consensus estimates of $5.00. The company had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.61 billion. Reliance Steel & Aluminum had a net margin of 9.38% and a return on equity of 18.92%. Reliance Steel & Aluminum’s quarterly revenue was down 14.7% on a year-over-year basis. During the same period in the previous year, the business posted $6.48 earnings per share. As a group, analysts anticipate that Reliance Steel & Aluminum Co. will post 21.84 EPS for the current fiscal year.

Reliance Steel & Aluminum Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be paid a $1.00 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $4.00 dividend on an annualized basis and a yield of 1.48%. Reliance Steel & Aluminum’s dividend payout ratio is presently 16.81%.

Reliance Steel & Aluminum Company 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.