Morgan Stanley increased its position in shares of Reliance Steel & Aluminum Co. (NYSE:RS) by 7.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 185,574 shares of the industrial products company’s stock after buying an additional 13,366 shares during the period. Morgan Stanley owned 0.25% of Reliance Steel & Aluminum Co. worth $14,850,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. CrestPoint Capital Management LLC acquired a new stake in Reliance Steel & Aluminum Co. during the first quarter worth approximately $208,000. Laurion Capital Management LP acquired a new stake in Reliance Steel & Aluminum Co. during the first quarter worth approximately $280,000. Mckinley Capital Management LLC Delaware boosted its stake in Reliance Steel & Aluminum Co. by 12.9% in the first quarter. Mckinley Capital Management LLC Delaware now owns 3,521 shares of the industrial products company’s stock worth $282,000 after buying an additional 401 shares during the period. Burney Co. boosted its stake in Reliance Steel & Aluminum Co. by 6.2% in the first quarter. Burney Co. now owns 3,793 shares of the industrial products company’s stock worth $304,000 after buying an additional 220 shares during the period. Finally, Janney Montgomery Scott LLC boosted its stake in Reliance Steel & Aluminum Co. by 12.1% in the first quarter. Janney Montgomery Scott LLC now owns 3,856 shares of the industrial products company’s stock worth $309,000 after buying an additional 415 shares during the period. 83.28% of the stock is currently owned by institutional investors.
Reliance Steel & Aluminum Co. (RS) opened at 71.75 on Friday. The stock has a 50 day moving average price of $73.37 and a 200 day moving average price of $77.71. Reliance Steel & Aluminum Co. has a 52 week low of $65.10 and a 52 week high of $88.58. The stock has a market capitalization of $5.23 billion, a PE ratio of 16.26 and a beta of 1.23.
Reliance Steel & Aluminum Co. (NYSE:RS) last announced its earnings results on Thursday, July 27th. The industrial products company reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.02. The firm had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.42 billion. Reliance Steel & Aluminum Co. had a return on equity of 8.67% and a net margin of 3.57%. The business’s revenue was up 12.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.36 EPS. Equities analysts forecast that Reliance Steel & Aluminum Co. will post $5.27 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 18th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.51%. The ex-dividend date of this dividend is Wednesday, August 16th. Reliance Steel & Aluminum Co.’s dividend payout ratio is presently 40.54%.
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A number of research firms have commented on RS. BidaskClub cut Reliance Steel & Aluminum Co. from a “hold” rating to a “sell” rating in a research note on Friday. Cowen and Company set a $92.00 price target on Reliance Steel & Aluminum Co. and gave the company an “outperform” rating in a research note on Thursday. Jefferies Group LLC reiterated a “hold” rating and issued a $72.00 price target on shares of Reliance Steel & Aluminum Co. in a research note on Wednesday, July 19th. KeyCorp reiterated an “overweight” rating and issued a $81.00 price target (down from $85.00) on shares of Reliance Steel & Aluminum Co. in a research note on Monday, June 26th. Finally, Deutsche Bank AG restated a “buy” rating on shares of Reliance Steel & Aluminum Co. in a research note on Saturday, June 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. Reliance Steel & Aluminum Co. has a consensus rating of “Buy” and a consensus target price of $82.86.
Reliance Steel & Aluminum Co. Company Profile
Reliance Steel & Aluminum Co is a metals service center company in North America (the United States and Canada). As of December 31, 2016, the Company’s network of metals service centers operated over 300 locations in 39 states in the United States and in 12 other countries (Australia, Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom).
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