Texas Permanent School Fund increased its stake in Reliance Steel & Aluminum Co. (NYSE:RS) by 0.9% during the second quarter, Holdings Channel reports. The institutional investor owned 53,212 shares of the industrial products company’s stock after buying an additional 462 shares during the period. Texas Permanent School Fund’s holdings in Reliance Steel & Aluminum Co. were worth $3,874,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. CrestPoint Capital Management LLC acquired a new stake in shares of Reliance Steel & Aluminum Co. during the first quarter worth about $208,000. Two Sigma Securities LLC purchased a new stake in Reliance Steel & Aluminum Co. during the first quarter worth $248,000. Laurion Capital Management LP purchased a new stake in Reliance Steel & Aluminum Co. during the first quarter worth $280,000. Mckinley Capital Management LLC Delaware increased 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 last quarter. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in Reliance Steel & Aluminum Co. during the second quarter worth $302,000. Hedge funds and other institutional investors own 82.45% of the company’s stock.
Shares of Reliance Steel & Aluminum Co. (RS) opened at 72.03 on Thursday. The stock has a market cap of $5.25 billion, a PE ratio of 16.24 and a beta of 1.23. Reliance Steel & Aluminum Co. has a 52 week low of $65.10 and a 52 week high of $88.58. The firm has a 50-day moving average of $73.14 and a 200 day moving average of $77.50.
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 the Thomson Reuters’ consensus estimate of $1.38 by $0.02. Reliance Steel & Aluminum Co. had a net margin of 3.57% and a return on equity of 8.67%. The business had revenue of $2.48 billion for the quarter. During the same quarter last year, the business earned $1.36 EPS. The firm’s revenue for the quarter was up 12.3% compared to the same quarter last year. On average, equities analysts forecast that Reliance Steel & Aluminum Co. will post $5.17 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Friday, August 18th will be given a $0.45 dividend. The ex-dividend date is Wednesday, August 16th. This represents a $1.80 annualized dividend and a dividend yield of 2.50%. Reliance Steel & Aluminum Co.’s dividend payout ratio (DPR) is 40.54%.
A number of research analysts have recently issued reports on RS shares. Zacks Investment Research raised Reliance Steel & Aluminum Co. from a “sell” rating to a “hold” rating in a research note on Wednesday. BidaskClub cut Reliance Steel & Aluminum Co. from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Cowen and Company set a $92.00 target price on Reliance Steel & Aluminum Co. and gave the stock an “outperform” rating in a research note on Thursday, July 27th. Jefferies Group LLC reaffirmed a “hold” rating and set a $72.00 price objective on shares of Reliance Steel & Aluminum Co. in a research report on Wednesday, July 19th. Finally, KeyCorp reaffirmed an “overweight” rating and set a $81.00 price objective (down from $85.00) on shares of Reliance Steel & Aluminum Co. in a research report on Monday, June 26th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $82.86.
About Reliance Steel & Aluminum Co.
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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