Geode Capital Management LLC Has $167.37 Million Stake in Reliance Steel & Aluminum Co. (NYSE:RS)

Geode Capital Management LLC boosted its stake in Reliance Steel & Aluminum Co. (NYSE:RS) by 4.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,109,117 shares of the industrial products company’s stock after purchasing an additional 47,746 shares during the period. Geode Capital Management LLC owned about 1.75% of Reliance Steel & Aluminum worth $167,365,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of RS. Schroder Investment Management Group grew its holdings in Reliance Steel & Aluminum by 14.8% during the 1st quarter. Schroder Investment Management Group now owns 35,046 shares of the industrial products company’s stock worth $5,337,000 after acquiring an additional 4,515 shares during the period. Baird Financial Group Inc. lifted its position in Reliance Steel & Aluminum by 16.0% in the 2nd quarter. Baird Financial Group Inc. now owns 13,107 shares of the industrial products company’s stock valued at $1,978,000 after acquiring an additional 1,810 shares in the last quarter. NFJ Investment Group LLC bought a new position in Reliance Steel & Aluminum in the 1st quarter valued at about $6,105,000. Northern Trust Corp lifted its position in Reliance Steel & Aluminum by 2.3% in the 1st quarter. Northern Trust Corp now owns 717,618 shares of the industrial products company’s stock valued at $109,286,000 after acquiring an additional 16,369 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Reliance Steel & Aluminum by 9.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 235,369 shares of the industrial products company’s stock valued at $35,844,000 after acquiring an additional 20,408 shares in the last quarter. Institutional investors and hedge funds own 81.66% of the company’s stock.

In other news, CEO James Donald Hoffman sold 5,000 shares of the stock in a transaction on Wednesday, October 6th. The shares were sold at an average price of $141.43, for a total value of $707,150.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 3.43% of the company’s stock.

RS has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft raised shares of Reliance Steel & Aluminum to a “hold” rating and lifted their target price for the stock from $165.00 to $175.00 in a research report on Wednesday, September 15th. They noted that the move was a valuation call. The Goldman Sachs Group reduced their price objective on shares of Reliance Steel & Aluminum from $185.00 to $162.00 and set a “neutral” rating for the company in a research note on Wednesday, October 6th. Seaport Global Securities assumed coverage on shares of Reliance Steel & Aluminum in a research note on Monday, August 23rd. They issued a “buy” rating and a $165.00 price objective for the company. Zacks Investment Research lowered shares of Reliance Steel & Aluminum from a “strong-buy” rating to a “hold” rating and set a $152.00 price target for the company. in a research report on Friday, September 24th. Finally, Seaport Res Ptn reaffirmed a “buy” rating on shares of Reliance Steel & Aluminum in a report on Monday, August 23rd. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $164.75.

NYSE:RS opened at $144.77 on Thursday. The company’s 50 day moving average price is $148.30 and its 200-day moving average price is $155.37. Reliance Steel & Aluminum Co. has a 52 week low of $105.01 and a 52 week high of $181.21. The company has a quick ratio of 2.54, a current ratio of 4.36 and a debt-to-equity ratio of 0.29. The stock has a market cap of $9.19 billion, a price-to-earnings ratio of 11.38 and a beta of 1.04.

Reliance Steel & Aluminum (NYSE:RS) last issued its quarterly earnings data on Wednesday, July 21st. The industrial products company reported $5.06 earnings per share for the quarter, beating the Zacks’ consensus estimate of $4.89 by $0.17. The company had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.19 billion. Reliance Steel & Aluminum had a net margin of 7.86% and a return on equity of 15.96%. The firm’s revenue for the quarter was up 69.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.36 earnings per share. As a group, sell-side analysts anticipate that Reliance Steel & Aluminum Co. will post 18.01 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, August 27th. Shareholders of record on Friday, August 13th were given a $0.688 dividend. The ex-dividend date was Thursday, August 12th. This is an increase from Reliance Steel & Aluminum’s previous quarterly dividend of $0.69. This represents a $2.75 annualized dividend and a yield of 1.90%. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is presently 35.67%.

Reliance Steel & Aluminum Company 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 Los Angeles, CA.

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

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