Westpac Banking Corp Has $11.92 Million Stock Position in Reliance Steel & Aluminum Co (NYSE:RS)

Westpac Banking Corp grew its position in Reliance Steel & Aluminum Co (NYSE:RS) by 5.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 125,991 shares of the industrial products company’s stock after buying an additional 6,929 shares during the quarter. Westpac Banking Corp owned approximately 0.19% of Reliance Steel & Aluminum worth $11,921,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in RS. Dimensional Fund Advisors LP grew its stake in Reliance Steel & Aluminum by 0.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,581,111 shares of the industrial products company’s stock valued at $183,704,000 after acquiring an additional 21,911 shares during the last quarter. Geode Capital Management LLC grew its stake in Reliance Steel & Aluminum by 5.9% in the 4th quarter. Geode Capital Management LLC now owns 970,224 shares of the industrial products company’s stock valued at $69,050,000 after acquiring an additional 54,486 shares during the last quarter. State of Alaska Department of Revenue grew its stake in Reliance Steel & Aluminum by 158.9% in the 1st quarter. State of Alaska Department of Revenue now owns 18,786 shares of the industrial products company’s stock valued at $1,695,000 after acquiring an additional 11,531 shares during the last quarter. Virtu Financial LLC acquired a new stake in Reliance Steel & Aluminum in the 1st quarter valued at about $251,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in Reliance Steel & Aluminum in the 1st quarter valued at about $60,000. Institutional investors own 83.27% of the company’s stock.

Shares of Reliance Steel & Aluminum stock traded down $3.04 during mid-day trading on Wednesday, hitting $96.22. 11,893 shares of the stock were exchanged, compared to its average volume of 452,469. Reliance Steel & Aluminum Co has a twelve month low of $68.62 and a twelve month high of $105.25. The company has a market cap of $6.63 billion, a PE ratio of 10.78, a price-to-earnings-growth ratio of 1.18 and a beta of 1.29. The stock has a 50-day moving average of $95.58. The company has a quick ratio of 2.08, a current ratio of 4.42 and a debt-to-equity ratio of 0.39.

Reliance Steel & Aluminum (NYSE:RS) last released its quarterly earnings results on Thursday, July 25th. The industrial products company reported $2.71 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.60 by $0.11. Reliance Steel & Aluminum had a net margin of 5.22% and a return on equity of 12.85%. The company had revenue of $2.88 billion for the quarter, compared to analysts’ expectations of $2.93 billion. During the same period last year, the company earned $3.10 EPS. The firm’s revenue for the quarter was down 3.5% compared to the same quarter last year. As a group, equities research analysts expect that Reliance Steel & Aluminum Co will post 9.26 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Investors of record on Friday, August 16th will be given a $0.55 dividend. The ex-dividend date is Thursday, August 15th. This represents a $2.20 annualized dividend and a dividend yield of 2.29%. Reliance Steel & Aluminum’s dividend payout ratio is presently 24.61%.

In related news, VP Arthur Ajemyan sold 3,200 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $101.61, for a total value of $325,152.00. Following the sale, the vice president now directly owns 7,544 shares of the company’s stock, valued at $766,545.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.43% of the stock is currently owned by company insiders.

RS has been the topic of a number of research reports. KeyCorp increased their price objective on shares of Reliance Steel & Aluminum from $100.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Citigroup set a $104.00 price target on shares of Reliance Steel & Aluminum and gave the stock a “hold” rating in a research note on Friday, July 26th. ValuEngine cut shares of Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Cowen set a $108.00 price target on shares of Reliance Steel & Aluminum and gave the stock a “buy” rating in a research note on Friday, July 26th. Finally, Bank of America reaffirmed a “neutral” rating and set a $98.00 price target on shares of Reliance Steel & Aluminum in a research note on Friday, May 31st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $100.00.

Reliance Steel & Aluminum Profile

Reliance Steel & Aluminum Co operates as a metals service center company. The company provides alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products and related processing services to general manufacturing, non-residential construction, transportation, aerospace and defense, energy, electronics and semiconductor fabrication, auto, and heavy industries.

Further Reading: Hedge Funds Explained

Want to see what other hedge funds are holding RS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Reliance Steel & Aluminum Co (NYSE:RS).

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

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