Norges Bank purchased a new stake in shares of Reliance Steel & Aluminum Co (NYSE:RS) during the 4th quarter, Holdings Channel reports. The institutional investor purchased 733,616 shares of the industrial products company’s stock, valued at approximately $52,211,000.

Other hedge funds have also recently added to or reduced their stakes in the company. ETF Managers Group LLC increased its holdings in Reliance Steel & Aluminum by 18.4% in the 4th quarter. ETF Managers Group LLC now owns 1,554 shares of the industrial products company’s stock valued at $111,000 after purchasing an additional 241 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Reliance Steel & Aluminum by 5.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,899 shares of the industrial products company’s stock valued at $349,000 after purchasing an additional 255 shares during the last quarter. First Mercantile Trust Co. increased its holdings in Reliance Steel & Aluminum by 49.1% in the 4th quarter. First Mercantile Trust Co. now owns 790 shares of the industrial products company’s stock valued at $56,000 after purchasing an additional 260 shares during the last quarter. Regentatlantic Capital LLC increased its holdings in Reliance Steel & Aluminum by 1.0% in the 4th quarter. Regentatlantic Capital LLC now owns 27,245 shares of the industrial products company’s stock valued at $1,939,000 after purchasing an additional 265 shares during the last quarter. Finally, Palo Capital Inc. increased its holdings in Reliance Steel & Aluminum by 1.3% in the 3rd quarter. Palo Capital Inc. now owns 26,723 shares of the industrial products company’s stock valued at $2,279,000 after purchasing an additional 352 shares during the last quarter. 82.99% of the stock is currently owned by hedge funds and other institutional investors.

Several analysts recently weighed in on RS shares. Cowen initiated coverage on shares of Reliance Steel & Aluminum in a report on Tuesday, January 8th. They issued an “outperform” rating and a $80.00 target price for the company. Zacks Investment Research downgraded shares of Reliance Steel & Aluminum from a “hold” rating to a “sell” rating in a research note on Monday, December 31st. Finally, Bank of America upgraded shares of Reliance Steel & Aluminum from an “underperform” rating to a “neutral” rating and set a $84.00 price target for the company in a research note on Thursday, December 13th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. Reliance Steel & Aluminum presently has a consensus rating of “Hold” and an average price target of $91.11.

In other news, Director Gregg J. Mollins sold 49,290 shares of Reliance Steel & Aluminum stock in a transaction on Monday, March 4th. The shares were sold at an average price of $89.34, for a total transaction of $4,403,568.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David H. Hannah sold 25,000 shares of Reliance Steel & Aluminum stock in a transaction on Wednesday, February 20th. The stock was sold at an average price of $85.51, for a total transaction of $2,137,750.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 103,562 shares of company stock valued at $9,177,058. Insiders own 3.24% of the company’s stock.

NYSE:RS opened at $91.36 on Thursday. The firm has a market capitalization of $6.13 billion, a price-to-earnings ratio of 10.22, a price-to-earnings-growth ratio of 1.16 and a beta of 1.27. The company has a debt-to-equity ratio of 0.46, a current ratio of 4.70 and a quick ratio of 2.10. Reliance Steel & Aluminum Co has a 52 week low of $68.62 and a 52 week high of $97.41.

Reliance Steel & Aluminum (NYSE:RS) last posted its quarterly earnings results on Thursday, February 21st. The industrial products company reported $1.08 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.71 by ($0.63). The business had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.76 billion. Reliance Steel & Aluminum had a return on equity of 13.30% and a net margin of 5.49%. The business’s revenue was up 18.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.22 EPS. On average, sell-side analysts anticipate that Reliance Steel & Aluminum Co will post 8.71 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a $0.55 dividend. This is an increase from Reliance Steel & Aluminum’s previous quarterly dividend of $0.50. The ex-dividend date was Thursday, March 14th. This represents a $2.20 annualized dividend and a dividend yield of 2.41%. Reliance Steel & Aluminum’s payout ratio is 24.61%.

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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.

Further Reading: Do investors pay a separate front-end load every time they buy additional shares?

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

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