Daiwa Securities Group Inc. Sells 26,000 Shares of Reliance Steel & Aluminum Co. (RS)

Daiwa Securities Group Inc. decreased its position in Reliance Steel & Aluminum Co. (NYSE:RS) by 46.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 30,200 shares of the industrial products company’s stock after selling 26,000 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Reliance Steel & Aluminum Co. were worth $2,300,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the business. Canada Pension Plan Investment Board raised its stake in shares of Reliance Steel & Aluminum Co. by 172.0% in the second quarter. Canada Pension Plan Investment Board now owns 402,112 shares of the industrial products company’s stock worth $29,278,000 after buying an additional 254,300 shares during the period. Wells Fargo & Company MN raised its stake in shares of Reliance Steel & Aluminum Co. by 20.4% in the second quarter. Wells Fargo & Company MN now owns 509,311 shares of the industrial products company’s stock worth $37,083,000 after buying an additional 86,238 shares during the period. Engineers Gate Manager LP bought a new position in shares of Reliance Steel & Aluminum Co. in the second quarter worth about $5,043,000. Caxton Associates LP bought a new position in shares of Reliance Steel & Aluminum Co. in the second quarter worth about $13,834,000. Finally, Profit Investment Management LLC raised its stake in shares of Reliance Steel & Aluminum Co. by 6.1% in the third quarter. Profit Investment Management LLC now owns 42,996 shares of the industrial products company’s stock worth $3,275,000 after buying an additional 2,488 shares during the period. 83.11% of the stock is currently owned by institutional investors.

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Reliance Steel & Aluminum Co. (NYSE:RS) opened at $75.56 on Friday. The firm has a market capitalization of $5,555.42, a P/E ratio of 15.06, a price-to-earnings-growth ratio of 1.64 and a beta of 1.28. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.79 and a current ratio of 4.06. Reliance Steel & Aluminum Co. has a 1-year low of $68.46 and a 1-year high of $88.58.

Reliance Steel & Aluminum Co. (NYSE:RS) last released its quarterly earnings results on Thursday, October 26th. The industrial products company reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.11. The business had revenue of $2.45 billion during the quarter. Reliance Steel & Aluminum Co. had a return on equity of 8.61% and a net margin of 3.97%. The business’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.25 EPS. equities research analysts expect that Reliance Steel & Aluminum Co. will post 5.16 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Friday, November 17th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date is Thursday, November 16th. Reliance Steel & Aluminum Co.’s dividend payout ratio (DPR) is 35.43%.

Several research firms have recently commented on RS. ValuEngine raised Reliance Steel & Aluminum Co. from a “hold” rating to a “buy” rating in a research note on Friday, October 27th. Jefferies Group LLC reiterated a “hold” rating and set a $72.00 target price on shares of Reliance Steel & Aluminum Co. in a research report on Friday, October 6th. Cowen and Company reiterated a “buy” rating and set a $92.00 target price on shares of Reliance Steel & Aluminum Co. in a research report on Wednesday, October 4th. Zacks Investment Research upgraded Reliance Steel & Aluminum Co. from a “hold” rating to a “buy” rating and set a $86.00 target price for the company in a research report on Monday, October 16th. Finally, Macquarie assumed coverage on Reliance Steel & Aluminum Co. in a research report on Wednesday, September 6th. They set an “outperform” rating for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $82.00.

Reliance Steel & Aluminum Co. 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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Institutional Ownership by Quarter for Reliance Steel & Aluminum Co. (NYSE:RS)

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