Commonwealth Equity Services LLC boosted its stake in Reliance Steel & Aluminum Co. (NYSE:RS – Get Rating) by 61.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,443 shares of the industrial products company's stock after buying an additional 1,699 shares during the quarter. Commonwealth Equity Services LLC's holdings in Reliance Steel & Aluminum were worth $754,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RS. BlackRock Inc. lifted its position in Reliance Steel & Aluminum by 6.5% in the 1st quarter. BlackRock Inc. now owns 6,370,754 shares of the industrial products company's stock worth $1,168,079,000 after buying an additional 389,942 shares in the last quarter. State Street Corp raised its holdings in shares of Reliance Steel & Aluminum by 16.4% during the 1st 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 in the last quarter. Ardevora Asset Management LLP bought a new position in shares of Reliance Steel & Aluminum during the 1st quarter valued at $59,498,000. First Trust Advisors LP raised its holdings in shares of Reliance Steel & Aluminum by 121.1% during 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 in the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in shares of Reliance Steel & Aluminum by 126.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 378,085 shares of the industrial products company's stock valued at $69,322,000 after purchasing an additional 211,146 shares in the last quarter. Hedge funds and other institutional investors own 83.16% of the company's stock.
Get Reliance Steel & Aluminum alerts:Reliance Steel & Aluminum Stock Performance
NYSE RS opened at $180.26 on Friday. The company has a debt-to-equity ratio of 0.17, a current ratio of 3.02 and a quick ratio of 1.60. The firm has a market capitalization of $10.87 billion, a price-to-earnings ratio of 5.96 and a beta of 0.83. The company's fifty day moving average is $184.93 and its two-hundred day moving average is $185.02. Reliance Steel & Aluminum Co. has a 52-week low of $142.74 and a 52-week high of $211.65.
Reliance Steel & Aluminum (NYSE:RS – Get Rating) last posted its quarterly earnings results on Thursday, July 28th. The industrial products company reported $9.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.06 by $0.09. Reliance Steel & Aluminum had a net margin of 11.25% and a return on equity of 30.46%. The company had revenue of $4.68 billion for the quarter, compared to analyst estimates of $4.61 billion. During the same period last year, the business posted $5.06 EPS. The business's quarterly revenue was up 36.9% on a year-over-year basis. Equities research analysts forecast that Reliance Steel & Aluminum Co. will post 28.28 EPS for the current year.Reliance Steel & Aluminum Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, September 2nd. Investors of record on Friday, August 19th were paid a $0.875 dividend. The ex-dividend date was Thursday, August 18th. This represents a $3.50 dividend on an annualized basis and a yield of 1.94%. Reliance Steel & Aluminum's payout ratio is currently 11.56%.
Insiders Place Their Bets
In other news, CFO Arthur Ajemyan sold 1,000 shares of the company's stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $198.39, for a total value of $198,390.00. Following the sale, the chief financial officer now directly owns 12,870 shares in the company, valued at approximately $2,553,279.30. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Reliance Steel & Aluminum news, CEO James Donald Hoffman sold 10,000 shares of the company's stock in a transaction dated Thursday, October 6th. The shares were sold at an average price of $183.31, for a total transaction of $1,833,100.00. Following the sale, the chief executive officer now directly owns 132,738 shares of the company's stock, valued at $24,332,202.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Arthur Ajemyan sold 1,000 shares of Reliance Steel & Aluminum stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $198.39, for a total transaction of $198,390.00. Following the completion of the transaction, the chief financial officer now owns 12,870 shares of the company's stock, valued at approximately $2,553,279.30. The disclosure for this sale can be found here. Corporate insiders own 0.62% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research analysts have recently weighed in on RS shares. KeyCorp cut their price target on shares of Reliance Steel & Aluminum from $215.00 to $207.00 and set an "overweight" rating on the stock in a report on Tuesday, July 19th. The Goldman Sachs Group lowered shares of Reliance Steel & Aluminum from a "buy" rating to a "neutral" rating and lowered their target price for the company from $218.00 to $201.00 in a research note on Thursday, October 6th. StockNews.com lowered shares of Reliance Steel & Aluminum from a "strong-buy" rating to a "buy" rating in a research note on Thursday, October 6th. Finally, BMO Capital Markets assumed coverage on shares of Reliance Steel & Aluminum in a research note on Monday, August 15th. They issued an "outperform" rating and a $230.00 target price on the stock. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $218.80.
About Reliance Steel & Aluminum
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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.
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