First Citizens Bank & Trust Co. boosted its stake in Reliance Steel & Aluminum Co. (NYSE:RS) by 30.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,327 shares of the industrial products company’s stock after buying an additional 1,254 shares during the period. First Citizens Bank & Trust Co.’s holdings in Reliance Steel & Aluminum Co. were worth $388,000 as of its most recent filing with the SEC.
Other large investors have also recently bought and sold shares of the company. State Treasurer State of Michigan raised its stake in Reliance Steel & Aluminum Co. by 1.4% in the second quarter. State Treasurer State of Michigan now owns 30,000 shares of the industrial products company’s stock valued at $2,184,000 after buying an additional 400 shares during the last quarter. Aperio Group LLC raised its position in shares of Reliance Steel & Aluminum Co. by 8.5% in the second quarter. Aperio Group LLC now owns 30,308 shares of the industrial products company’s stock worth $2,207,000 after buying an additional 2,384 shares in the last quarter. Alpha Windward LLC raised its position in shares of Reliance Steel & Aluminum Co. by 11.4% in the second quarter. Alpha Windward LLC now owns 6,763 shares of the industrial products company’s stock worth $492,000 after buying an additional 690 shares in the last quarter. Louisiana State Employees Retirement System raised its position in shares of Reliance Steel & Aluminum Co. by 3.3% in the second quarter. Louisiana State Employees Retirement System now owns 19,000 shares of the industrial products company’s stock worth $1,383,000 after buying an additional 600 shares in the last quarter. Finally, LS Investment Advisors LLC raised its position in shares of Reliance Steel & Aluminum Co. by 17.8% in the second quarter. LS Investment Advisors LLC now owns 5,779 shares of the industrial products company’s stock worth $421,000 after buying an additional 875 shares in the last quarter. 83.28% of the stock is currently owned by institutional investors and hedge funds.
Shares of Reliance Steel & Aluminum Co. (RS) traded down 0.40% during mid-day trading on Tuesday, hitting $72.92. 186,607 shares of the stock were exchanged. The company has a 50-day moving average of $73.14 and a 200 day moving average of $77.50. The stock has a market cap of $5.32 billion, a PE ratio of 16.45 and a beta of 1.23. Reliance Steel & Aluminum Co. has a one year low of $65.10 and a one year high of $88.58.
Reliance Steel & Aluminum Co. (NYSE:RS) last posted its quarterly earnings results on Thursday, July 27th. The industrial products company reported $1.40 earnings per share for the quarter, topping the Zacks’ 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 firm had revenue of $2.48 billion for the quarter. During the same quarter in the prior year, the firm earned $1.36 EPS. The firm’s quarterly revenue was up 12.3% on a year-over-year basis. On average, equities analysts predict that Reliance Steel & Aluminum Co. will post $5.17 earnings per share for the current year.
The firm also recently declared 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. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $1.80 dividend on an annualized basis and a yield of 2.46%. Reliance Steel & Aluminum Co.’s dividend payout ratio is currently 40.54%.
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A number of brokerages recently weighed in on RS. Deutsche Bank AG reaffirmed a “buy” rating on shares of Reliance Steel & Aluminum Co. in a research note on Saturday, June 24th. Zacks Investment Research raised shares of Reliance Steel & Aluminum Co. from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. Jefferies Group LLC reaffirmed 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. BidaskClub downgraded shares of Reliance Steel & Aluminum Co. from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Finally, Cowen and Company set a $92.00 price objective on shares of Reliance Steel & Aluminum Co. and gave the company an “outperform” rating in a report on Thursday, July 27th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target 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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