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

California Public Employees Retirement System decreased its position in shares of Reliance Steel & Aluminum Co. (NYSE:RSGet Rating) by 3.1% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 142,732 shares of the industrial products company’s stock after selling 4,531 shares during the period. California Public Employees Retirement System owned 0.23% of Reliance Steel & Aluminum worth $23,154,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its stake in shares of Reliance Steel & Aluminum by 0.4% during the third quarter. Dimensional Fund Advisors LP now owns 2,202,828 shares of the industrial products company’s stock valued at $313,735,000 after buying an additional 7,859 shares during the period. Victory Capital Management Inc. increased its position in Reliance Steel & Aluminum by 19.9% during the fourth quarter. Victory Capital Management Inc. now owns 2,196,588 shares of the industrial products company’s stock worth $356,330,000 after purchasing an additional 364,582 shares during the last quarter. Wellington Management Group LLP increased its position in Reliance Steel & Aluminum by 12.8% during the third quarter. Wellington Management Group LLP now owns 2,155,113 shares of the industrial products company’s stock worth $306,931,000 after purchasing an additional 245,179 shares during the last quarter. Yacktman Asset Management LP acquired a new position in Reliance Steel & Aluminum during the fourth quarter worth approximately $170,899,000. Finally, Royal London Asset Management Ltd. increased its position in Reliance Steel & Aluminum by 6.6% during the fourth quarter. Royal London Asset Management Ltd. now owns 903,935 shares of the industrial products company’s stock worth $146,659,000 after purchasing an additional 56,005 shares during the last quarter. 81.84% of the stock is currently owned by institutional investors and hedge funds.

In other Reliance Steel & Aluminum news, VP Stephen Paul Koch sold 24,474 shares of the stock in a transaction on Monday, February 28th. The shares were sold at an average price of $184.59, for a total transaction of $4,517,655.66. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP William A. Smith II sold 17,580 shares of the stock in a transaction on Tuesday, February 22nd. The shares were sold at an average price of $175.75, for a total transaction of $3,089,685.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 135,634 shares of company stock valued at $24,280,557. Company insiders own 0.62% of the company’s stock.

RS opened at $186.49 on Friday. The company has a fifty day simple moving average of $190.71 and a 200 day simple moving average of $172.02. The firm has a market cap of $11.55 billion, a price-to-earnings ratio of 7.12 and a beta of 0.76. Reliance Steel & Aluminum Co. has a twelve month low of $135.46 and a twelve month high of $211.65. The company has a current ratio of 3.96, a quick ratio of 2.28 and a debt-to-equity ratio of 0.25.

Reliance Steel & Aluminum (NYSE:RSGet Rating) last released its quarterly earnings results on Thursday, April 28th. The industrial products company reported $8.42 earnings per share for the quarter, beating analysts’ consensus estimates of $7.14 by $1.28. The business had revenue of $4.49 billion during the quarter, compared to analyst estimates of $4.03 billion. Reliance Steel & Aluminum had a net margin of 10.61% and a return on equity of 27.94%. The business’s revenue was up 58.0% on a year-over-year basis. During the same period last year, the business earned $4.10 EPS. On average, analysts forecast that Reliance Steel & Aluminum Co. will post 25.8 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, June 10th. Investors of record on Friday, May 27th will be issued a dividend of $0.875 per share. This represents a $3.50 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date is Thursday, May 26th. Reliance Steel & Aluminum’s payout ratio is 13.36%.

RS has been the subject of several research analyst reports. Citigroup upped their price target on shares of Reliance Steel & Aluminum from $200.00 to $230.00 in a research report on Friday, April 29th. Wolfe Research raised shares of Reliance Steel & Aluminum from a “market perform” rating to an “outperform” rating and set a $226.00 price target for the company in a research report on Thursday, April 28th. Exane BNP Paribas raised shares of Reliance Steel & Aluminum from a “neutral” rating to an “outperform” rating in a research report on Thursday, April 14th. KeyCorp upped their price target on shares of Reliance Steel & Aluminum from $200.00 to $215.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 20th. Finally, BNP Paribas raised shares of Reliance Steel & Aluminum from a “neutral” rating to an “outperform” rating in a research report on Thursday, April 14th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $191.75.

About Reliance Steel & Aluminum (Get Rating)

Reliance Steel & Aluminum Co operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.

Further Reading

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

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