Daiwa Securities Group Inc. boosted its position in shares of Reliance Steel & Aluminum Co. (NYSE:RS) by 17.6% during the second quarter, Holdings Channel reports. The firm owned 56,200 shares of the industrial products company’s stock after buying an additional 8,400 shares during the period. Daiwa Securities Group Inc.’s holdings in Reliance Steel & Aluminum Co. were worth $4,092,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the stock. HighTower Advisors LLC boosted its stake in Reliance Steel & Aluminum Co. by 3.3% in the first quarter. HighTower Advisors LLC now owns 35,869 shares of the industrial products company’s stock worth $2,875,000 after buying an additional 1,159 shares during the period. JPMorgan Chase & Co. boosted its stake in Reliance Steel & Aluminum Co. by 1.0% in the first quarter. JPMorgan Chase & Co. now owns 371,030 shares of the industrial products company’s stock worth $29,690,000 after buying an additional 3,704 shares during the period. BlackRock Inc. boosted its stake in Reliance Steel & Aluminum Co. by 11,996.1% in the first quarter. BlackRock Inc. now owns 6,681,296 shares of the industrial products company’s stock worth $534,635,000 after buying an additional 6,626,061 shares during the period. Comerica Bank boosted its stake in Reliance Steel & Aluminum Co. by 4.3% in the first quarter. Comerica Bank now owns 59,388 shares of the industrial products company’s stock worth $4,783,000 after buying an additional 2,453 shares during the period. Finally, Morgan Stanley boosted its stake in Reliance Steel & Aluminum Co. by 7.8% in the first quarter. Morgan Stanley now owns 185,574 shares of the industrial products company’s stock worth $14,850,000 after buying an additional 13,366 shares during the period. Institutional investors own 83.28% of the company’s stock.
Shares of Reliance Steel & Aluminum Co. (RS) opened at 73.21 on Tuesday. Reliance Steel & Aluminum Co. has a 1-year low of $65.10 and a 1-year high of $88.58. The company has a 50 day moving average of $73.14 and a 200 day moving average of $77.50. The company has a market cap of $5.34 billion, a PE ratio of 16.51 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 EPS for the quarter, topping the consensus estimate of $1.38 by $0.02. The business had revenue of $2.48 billion during the quarter. Reliance Steel & Aluminum Co. had a net margin of 3.57% and a return on equity of 8.67%. The business’s quarterly revenue was up 12.3% on a year-over-year basis. During the same period in the previous year, the firm posted $1.36 EPS. Equities analysts expect that Reliance Steel & Aluminum Co. will post $5.17 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 18th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.46%. The ex-dividend date is Wednesday, August 16th. Reliance Steel & Aluminum Co.’s payout ratio is 40.54%.
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RS has been the subject of a number of recent analyst reports. BidaskClub cut shares of Reliance Steel & Aluminum Co. from a “hold” rating to a “sell” rating in a report on Friday, July 28th. KeyCorp restated an “overweight” rating and set a $81.00 price target (down from $85.00) on shares of Reliance Steel & Aluminum Co. in a report on Monday, June 26th. Bank of America Corporation upgraded shares of Reliance Steel & Aluminum Co. from a “neutral” rating to a “buy” rating and set a $88.00 price target for the company in a report on Tuesday, May 23rd. They noted that the move was a valuation call. Barclays PLC restated a “hold” rating and set a $59.00 price target on shares of Reliance Steel & Aluminum Co. in a report on Monday, May 1st. Finally, Cowen and Company set a $92.00 target price on shares of Reliance Steel & Aluminum Co. and gave the company an “outperform” rating in a research note on Thursday, July 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price 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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