AlphaCrest Capital Management LLC cut its holdings in Reliance Steel & Aluminum Co. (NYSE:RS – Get Rating) by 16.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 10,550 shares of the industrial products company’s stock after selling 2,064 shares during the quarter. AlphaCrest Capital Management LLC’s holdings in Reliance Steel & Aluminum were worth $1,792,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Rational Advisors LLC raised its position in shares of Reliance Steel & Aluminum by 50.6% during the first quarter. Rational Advisors LLC now owns 256 shares of the industrial products company’s stock worth $47,000 after purchasing an additional 86 shares during the period. American Century Companies Inc. lifted its stake in shares of Reliance Steel & Aluminum by 0.8% in the first quarter. American Century Companies Inc. now owns 11,264 shares of the industrial products company’s stock valued at $2,065,000 after buying an additional 88 shares in the last quarter. Crossmark Global Holdings Inc. grew its holdings in shares of Reliance Steel & Aluminum by 1.9% during the first quarter. Crossmark Global Holdings Inc. now owns 5,277 shares of the industrial products company’s stock valued at $967,000 after buying an additional 100 shares during the last quarter. Securian Asset Management Inc. increased its position in shares of Reliance Steel & Aluminum by 1.8% during the second quarter. Securian Asset Management Inc. now owns 5,693 shares of the industrial products company’s stock worth $967,000 after acquiring an additional 100 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its holdings in shares of Reliance Steel & Aluminum by 5.0% in the 2nd quarter. Meeder Asset Management Inc. now owns 2,098 shares of the industrial products company’s stock worth $357,000 after acquiring an additional 100 shares during the last quarter. 83.16% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages have commented on RS. KeyCorp boosted their price objective on Reliance Steel & Aluminum from $210.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday. StockNews.com lowered Reliance Steel & Aluminum from a “strong-buy” rating to a “buy” rating in a research report on Thursday, October 6th. The Goldman Sachs Group downgraded shares of Reliance Steel & Aluminum from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $218.00 to $201.00 in a report on Thursday, October 6th. Finally, BMO Capital Markets assumed coverage on shares of Reliance Steel & Aluminum in a research report on Monday, August 15th. They set an “outperform” rating and a $230.00 price target on the stock. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Reliance Steel & Aluminum currently has a consensus rating of “Moderate Buy” and a consensus price target of $222.40.
Reliance Steel & Aluminum Stock Down 0.6 %
Reliance Steel & Aluminum (NYSE:RS – Get Rating) last announced its earnings results on Thursday, October 27th. The industrial products company reported $6.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.19 by $0.29. Reliance Steel & Aluminum had a net margin of 10.98% and a return on equity of 29.31%. The company had revenue of $4.25 billion during the quarter, compared to analyst estimates of $4.14 billion. During the same period in the previous year, the business earned $6.15 earnings per share. The firm’s quarterly revenue was up 10.4% compared to the same quarter last year. Equities research analysts expect that Reliance Steel & Aluminum Co. will post 28.71 earnings per share for the current fiscal year.
Reliance Steel & Aluminum Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 2nd. Shareholders of record on Friday, November 18th will be paid a dividend of $0.875 per share. This represents a $3.50 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend is Thursday, November 17th. Reliance Steel & Aluminum’s dividend payout ratio is 11.45%.
In other Reliance Steel & Aluminum news, CEO James Donald Hoffman sold 10,000 shares of the stock in a transaction on Thursday, October 6th. The stock was sold at an average price of $183.31, for a total transaction of $1,833,100.00. Following the sale, the chief executive officer now directly owns 132,738 shares in the company, valued at approximately $24,332,202.78. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.62% of the company’s stock.
Reliance Steel & Aluminum Profile
Reliance Steel & Aluminum Co engages in the provision of metals processing services and distribution of metal products. It offers alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and specialty steel products. The company was founded by Thomas J. Neilan on February 3, 1939, and is headquartered in Scottsdale, AZ.
- Get a free copy of the StockNews.com research report on Reliance Steel & Aluminum (RS)
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