Russell Investments Group Ltd. Trims Position in Reliance Steel & Aluminum Co. (NYSE:RS)

Russell Investments Group Ltd. lessened its stake in shares of Reliance Steel & Aluminum Co. (NYSE:RS) by 23.0% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 148,426 shares of the industrial products company’s stock after selling 44,219 shares during the quarter. Russell Investments Group Ltd. owned about 0.25% of Reliance Steel & Aluminum worth $40,256,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Harbor Capital Advisors Inc. purchased a new position in Reliance Steel & Aluminum during the 2nd quarter valued at about $29,000. Worth Asset Management LLC purchased a new position in shares of Reliance Steel & Aluminum during the first quarter worth about $28,000. UMB Bank n.a. grew its holdings in shares of Reliance Steel & Aluminum by 487.1% during the second quarter. UMB Bank n.a. now owns 182 shares of the industrial products company’s stock worth $49,000 after purchasing an additional 151 shares in the last quarter. Advisory Services Network LLC grew its holdings in shares of Reliance Steel & Aluminum by 160.0% during the first quarter. Advisory Services Network LLC now owns 221 shares of the industrial products company’s stock worth $57,000 after purchasing an additional 136 shares in the last quarter. Finally, Atlas Capital Advisors LLC grew its holdings in shares of Reliance Steel & Aluminum by 131.7% during the first quarter. Atlas Capital Advisors LLC now owns 234 shares of the industrial products company’s stock worth $60,000 after purchasing an additional 133 shares in the last quarter. Hedge funds and other institutional investors own 80.87% of the company’s stock.

Reliance Steel & Aluminum Stock Performance

NYSE:RS opened at $272.42 on Friday. The business has a 50 day moving average of $260.77 and a 200 day moving average of $264.02. The company has a market capitalization of $15.66 billion, a price-to-earnings ratio of 11.45 and a beta of 0.93. Reliance Steel & Aluminum Co. has a 1-year low of $196.11 and a 1-year high of $295.98. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.53 and a quick ratio of 3.13.

Reliance Steel & Aluminum (NYSE:RS) last released its earnings results on Thursday, October 26th. The industrial products company reported $5.00 earnings per share for the quarter, hitting analysts’ consensus estimates of $5.00. The company had revenue of $3.62 billion during the quarter, compared to the consensus estimate of $3.61 billion. Reliance Steel & Aluminum had a return on equity of 18.92% and a net margin of 9.38%. Reliance Steel & Aluminum’s quarterly revenue was down 14.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $6.48 EPS. On average, sell-side analysts predict that Reliance Steel & Aluminum Co. will post 21.84 earnings per share for the current fiscal year.

Reliance Steel & Aluminum Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be given a $1.00 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $4.00 annualized dividend and a yield of 1.47%. Reliance Steel & Aluminum’s payout ratio is currently 16.81%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. StockNews.com raised Reliance Steel & Aluminum from a “hold” rating to a “buy” rating in a report on Monday, November 13th. KeyCorp cut their price objective on Reliance Steel & Aluminum from $290.00 to $285.00 and set an “overweight” rating for the company in a report on Friday, October 27th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $275.00.

Insider Buying and Selling at Reliance Steel & Aluminum

In other Reliance Steel & Aluminum news, VP Jeffrey Wayne Durham sold 6,503 shares of the business’s stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $275.42, for a total value of $1,791,056.26. Following the completion of the sale, the vice president now owns 23,651 shares in the company, valued at $6,513,958.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Karla R. Lewis sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $284.15, for a total transaction of $2,841,500.00. Following the completion of the transaction, the chief executive officer now owns 111,258 shares in the company, valued at $31,613,960.70. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Jeffrey Wayne Durham sold 6,503 shares of the company’s stock in a transaction that occurred on 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 transaction, the vice president now owns 23,651 shares of the company’s stock, valued at approximately $6,513,958.42. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,503 shares of company stock worth $7,490,156. 0.62% of the stock is currently owned by 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.