Rhumbline Advisers Trims Stake in Reliance Steel & Aluminum Co. (RS)

Rhumbline Advisers lessened its holdings in shares of Reliance Steel & Aluminum Co. (NYSE:RS) by 3.2% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 129,852 shares of the industrial products company’s stock after selling 4,285 shares during the quarter. Rhumbline Advisers owned about 0.18% of Reliance Steel & Aluminum worth $11,134,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the company. Victory Capital Management Inc. raised its holdings in Reliance Steel & Aluminum by 14.6% in the fourth quarter. Victory Capital Management Inc. now owns 3,932,819 shares of the industrial products company’s stock valued at $337,396,000 after acquiring an additional 502,007 shares in the last quarter. Franklin Resources Inc. raised its holdings in Reliance Steel & Aluminum by 151.5% in the fourth quarter. Franklin Resources Inc. now owns 1,115,100 shares of the industrial products company’s stock valued at $95,664,000 after acquiring an additional 671,700 shares in the last quarter. LSV Asset Management raised its holdings in Reliance Steel & Aluminum by 1.8% in the fourth quarter. LSV Asset Management now owns 861,718 shares of the industrial products company’s stock valued at $73,926,000 after acquiring an additional 15,640 shares in the last quarter. Schroder Investment Management Group raised its holdings in Reliance Steel & Aluminum by 1.7% in the fourth quarter. Schroder Investment Management Group now owns 485,301 shares of the industrial products company’s stock valued at $41,634,000 after acquiring an additional 8,014 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings in Reliance Steel & Aluminum by 6.5% in the fourth quarter. Wells Fargo & Company MN now owns 479,141 shares of the industrial products company’s stock valued at $41,106,000 after acquiring an additional 29,045 shares in the last quarter. 83.50% of the stock is currently owned by institutional investors and hedge funds.

Shares of Reliance Steel & Aluminum stock opened at $91.84 on Tuesday. The company has a market capitalization of $6.65 billion, a price-to-earnings ratio of 16.89, a P/E/G ratio of 1.21 and a beta of 1.18. Reliance Steel & Aluminum Co. has a 52 week low of $91.55 and a 52 week high of $92.67. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.76 and a current ratio of 3.93.

Reliance Steel & Aluminum (NYSE:RS) last announced its quarterly earnings results on Thursday, February 15th. The industrial products company reported $1.22 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.00 by $0.22. The company had revenue of $2.38 billion for the quarter. Reliance Steel & Aluminum had a net margin of 6.67% and a return on equity of 10.01%. The business’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.84 earnings per share. analysts anticipate that Reliance Steel & Aluminum Co. will post 8.45 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 15th. Shareholders of record on Friday, May 25th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, May 24th. This represents a $2.00 annualized dividend and a yield of 2.18%. Reliance Steel & Aluminum’s dividend payout ratio is currently 36.76%.

RS has been the topic of several analyst reports. Cowen raised their target price on shares of Reliance Steel & Aluminum from $107.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, April 30th. KeyCorp raised their target price on shares of Reliance Steel & Aluminum from $95.00 to $97.00 and gave the company an “overweight” rating in a report on Thursday, February 15th. ValuEngine raised shares of Reliance Steel & Aluminum from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Deutsche Bank reduced their target price on shares of Reliance Steel & Aluminum from $100.00 to $98.00 and set a “buy” rating on the stock in a report on Thursday, March 29th. Finally, Goldman Sachs began coverage on shares of Reliance Steel & Aluminum in a report on Tuesday, March 20th. They issued a “neutral” rating and a $103.00 target price on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $96.71.

In other news, COO James Donald Hoffman sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $92.30, for a total transaction of $461,500.00. Following the transaction, the chief operating officer now directly owns 30,105 shares in the company, valued at $2,778,691.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Gregg J. Mollins sold 8,990 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $94.89, for a total transaction of $853,061.10. Following the transaction, the chief executive officer now owns 201,895 shares in the company, valued at $19,157,816.55. The disclosure for this sale can be found here. Insiders sold 58,322 shares of company stock worth $5,431,021 over the last quarter. 3.24% of the stock is currently owned by insiders.

Reliance Steel & Aluminum Profile

Reliance Steel & Aluminum Co operates as a metals service center company in the United States and internationally. The company provides steel, aluminum, stainless, and specialty metals and related processing services to customers in various industries, such as infrastructure and energy; fabricates steel and aluminum products; and provides various precision fabrication services, including laser cutting, shearing, computer numerated control (CNC) punching, and CNC forming and rolling, as well as welding, assembly, painting, inventory management, and engineering expertise.

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

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