California Public Employees Retirement System Increases Stock Position in Reliance Steel & Aluminum Co (NYSE:RS)

California Public Employees Retirement System raised its holdings in Reliance Steel & Aluminum Co (NYSE:RS) by 28.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 194,848 shares of the industrial products company’s stock after purchasing an additional 43,524 shares during the quarter. California Public Employees Retirement System owned 0.29% of Reliance Steel & Aluminum worth $19,419,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. FinTrust Capital Advisors LLC purchased a new stake in Reliance Steel & Aluminum in the 2nd quarter valued at approximately $32,000. Rehmann Capital Advisory Group boosted its holdings in Reliance Steel & Aluminum by 997.4% in the 2nd quarter. Rehmann Capital Advisory Group now owns 417 shares of the industrial products company’s stock valued at $39,000 after purchasing an additional 379 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Reliance Steel & Aluminum during the 2nd quarter worth approximately $53,000. Advisory Services Network LLC boosted its stake in shares of Reliance Steel & Aluminum by 39.4% during the 2nd quarter. Advisory Services Network LLC now owns 619 shares of the industrial products company’s stock worth $59,000 after acquiring an additional 175 shares in the last quarter. Finally, Parallel Advisors LLC boosted its stake in shares of Reliance Steel & Aluminum by 50.9% during the 2nd quarter. Parallel Advisors LLC now owns 803 shares of the industrial products company’s stock worth $76,000 after acquiring an additional 271 shares in the last quarter. 83.90% of the stock is currently owned by institutional investors.

Shares of NYSE:RS opened at $117.34 on Friday. The business’s 50 day simple moving average is $105.28 and its 200-day simple moving average is $96.30. The firm has a market capitalization of $7.83 billion, a price-to-earnings ratio of 13.13, a price-to-earnings-growth ratio of 1.37 and a beta of 1.34. The company has a debt-to-equity ratio of 0.31, a current ratio of 4.01 and a quick ratio of 1.90. Reliance Steel & Aluminum Co has a 12 month low of $68.62 and a 12 month high of $120.85.

Reliance Steel & Aluminum (NYSE:RS) last announced its quarterly earnings results on Thursday, October 24th. The industrial products company reported $2.39 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.95 by $0.44. Reliance Steel & Aluminum had a return on equity of 12.52% and a net margin of 5.48%. The business had revenue of $2.69 billion for the quarter, compared to analyst estimates of $2.67 billion. During the same quarter in the previous year, the company earned $2.42 EPS. The company’s quarterly revenue was down 9.7% on a year-over-year basis. On average, equities analysts anticipate that Reliance Steel & Aluminum Co will post 9.59 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $2.20 annualized dividend and a dividend yield of 1.87%. Reliance Steel & Aluminum’s dividend payout ratio is currently 24.61%.

Several equities research analysts have recently commented on the company. Longbow Research raised Reliance Steel & Aluminum from an “underperform” rating to a “neutral” rating in a research note on Friday, September 6th. ValuEngine raised Reliance Steel & Aluminum from a “sell” rating to a “hold” rating in a research note on Friday, October 25th. KeyCorp boosted their price target on Reliance Steel & Aluminum from $107.00 to $109.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Zacks Investment Research raised Reliance Steel & Aluminum from a “sell” rating to a “hold” rating and set a $103.00 price target on the stock in a research note on Friday, October 4th. Finally, Deutsche Bank lowered Reliance Steel & Aluminum from a “buy” rating to a “hold” rating and boosted their price target for the stock from $105.00 to $110.00 in a research note on Wednesday, October 30th. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $105.00.

About Reliance Steel & Aluminum

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.

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

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