Chicago Equity Partners LLC Grows Holdings in Reliance Steel & Aluminum Co (RS)

Chicago Equity Partners LLC raised its position in Reliance Steel & Aluminum Co (NYSE:RS) by 24.6% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 34,275 shares of the industrial products company’s stock after acquiring an additional 6,760 shares during the period. Chicago Equity Partners LLC’s holdings in Reliance Steel & Aluminum were worth $2,923,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Moneta Group Investment Advisors LLC lifted its stake in Reliance Steel & Aluminum by 107.9% in the 2nd quarter. Moneta Group Investment Advisors LLC now owns 1,445 shares of the industrial products company’s stock valued at $126,000 after acquiring an additional 750 shares in the last quarter. Itau Unibanco Holding S.A. raised its stake in shares of Reliance Steel & Aluminum by 130.1% during the 2nd quarter. Itau Unibanco Holding S.A. now owns 2,391 shares of the industrial products company’s stock worth $209,000 after purchasing an additional 1,352 shares in the last quarter. Balasa Dinverno & Foltz LLC bought a new stake in shares of Reliance Steel & Aluminum during the 3rd quarter worth approximately $209,000. Raymond James Financial Services Advisors Inc. bought a new stake in shares of Reliance Steel & Aluminum during the 2nd quarter worth approximately $237,000. Finally, GAM Holding AG bought a new stake in shares of Reliance Steel & Aluminum during the 2nd quarter worth approximately $245,000. Hedge funds and other institutional investors own 81.25% of the company’s stock.

A number of brokerages have recently issued reports on RS. JPMorgan Chase & Co. upped their price objective on Reliance Steel & Aluminum from $100.00 to $105.00 and gave the stock a “neutral” rating in a research note on Friday, July 27th. Zacks Investment Research upgraded Reliance Steel & Aluminum from a “hold” rating to a “buy” rating and set a $98.00 price objective on the stock in a research note on Wednesday, September 5th. Deutsche Bank cut Reliance Steel & Aluminum from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $100.00 to $90.00 in a research note on Tuesday, October 2nd. Macquarie set a $96.00 price objective on Reliance Steel & Aluminum and gave the stock a “buy” rating in a research note on Friday, October 26th. Finally, Citigroup began coverage on Reliance Steel & Aluminum in a research note on Monday, September 17th. They set a “neutral” rating and a $90.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $95.30.

Shares of NYSE RS opened at $81.06 on Friday. The company has a current ratio of 4.40, a quick ratio of 1.92 and a debt-to-equity ratio of 0.39. Reliance Steel & Aluminum Co has a one year low of $72.69 and a one year high of $97.41. The firm has a market capitalization of $5.80 billion, a price-to-earnings ratio of 14.90, a PEG ratio of 0.95 and a beta of 1.15.

Reliance Steel & Aluminum (NYSE:RS) last released its earnings results on Thursday, October 25th. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.69 by ($0.27). The company had revenue of $2.97 billion for the quarter. Reliance Steel & Aluminum had a return on equity of 13.58% and a net margin of 7.66%. Equities analysts forecast that Reliance Steel & Aluminum Co will post 9.63 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 7th. Stockholders of record on Friday, November 16th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.47%. The ex-dividend date of this dividend is Thursday, November 15th. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is currently 36.76%.

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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.

Further Reading: How can investors find ex-dividend dates?

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

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