Canada Pension Plan Investment Board raised its position in Reliance Steel & Aluminum Co. (NYSE:RS) by 172.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 402,112 shares of the industrial products company’s stock after buying an additional 254,300 shares during the period. Canada Pension Plan Investment Board’s holdings in Reliance Steel & Aluminum Co. were worth $29,278,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of RS. HighTower Advisors LLC increased its stake in shares of Reliance Steel & Aluminum Co. by 3.3% in the first quarter. HighTower Advisors LLC now owns 35,869 shares of the industrial products company’s stock valued at $2,875,000 after buying an additional 1,159 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Reliance Steel & Aluminum Co. by 1.0% in the first quarter. JPMorgan Chase & Co. now owns 371,030 shares of the industrial products company’s stock valued at $29,690,000 after buying an additional 3,704 shares in the last quarter. BlackRock Inc. increased its stake in shares of Reliance Steel & Aluminum Co. by 11,996.1% in the first quarter. BlackRock Inc. now owns 6,681,296 shares of the industrial products company’s stock valued at $534,635,000 after buying an additional 6,626,061 shares in the last quarter. Comerica Bank increased its stake in shares of Reliance Steel & Aluminum Co. by 4.3% in the first quarter. Comerica Bank now owns 59,388 shares of the industrial products company’s stock valued at $4,783,000 after buying an additional 2,453 shares in the last quarter. Finally, Morgan Stanley increased its stake in shares of Reliance Steel & Aluminum Co. by 7.8% in the first quarter. Morgan Stanley now owns 185,574 shares of the industrial products company’s stock valued at $14,850,000 after buying an additional 13,366 shares in the last quarter. Hedge funds and other institutional investors own 83.28% of the company’s stock.

Reliance Steel & Aluminum Co. (NYSE:RS) opened at 70.24 on Friday. The company has a market cap of $5.12 billion, a PE ratio of 15.84 and a beta of 1.23. Reliance Steel & Aluminum Co. has a 12 month low of $65.10 and a 12 month high of $88.58. The company has a 50-day moving average of $73.07 and a 200 day moving average of $77.09.

Reliance Steel & Aluminum Co. (NYSE:RS) last announced its quarterly earnings data on Thursday, July 27th. The industrial products company reported $1.40 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.38 by $0.02. The business had revenue of $2.48 billion for the quarter. Reliance Steel & Aluminum Co. had a net margin of 3.57% and a return on equity of 8.67%. Reliance Steel & Aluminum Co.’s revenue for the quarter was up 12.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.36 EPS. On average, equities analysts forecast that Reliance Steel & Aluminum Co. will post $5.17 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Friday, August 18th will be paid a $0.45 dividend. The ex-dividend date is Wednesday, August 16th. This represents a $1.80 annualized dividend and a dividend yield of 2.56%. Reliance Steel & Aluminum Co.’s dividend payout ratio is presently 40.54%.

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Several brokerages have recently commented on RS. Jefferies Group LLC restated a “hold” rating and issued a $72.00 target price on shares of Reliance Steel & Aluminum Co. in a research note on Wednesday, July 19th. BidaskClub upgraded Reliance Steel & Aluminum Co. from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 13th. Deutsche Bank AG restated a “buy” rating on shares of Reliance Steel & Aluminum Co. in a research note on Saturday, June 24th. Cowen and Company set a $92.00 target price on Reliance Steel & Aluminum Co. and gave the company an “outperform” rating in a research note on Thursday, July 27th. Finally, KeyCorp restated an “overweight” rating and issued a $81.00 target price (down from $85.00) on shares of Reliance Steel & Aluminum Co. in a research note on Monday, June 26th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $82.86.

About Reliance Steel & Aluminum Co.

Reliance Steel & Aluminum Co is a metals service center company in North America (the United States and Canada). As of December 31, 2016, the Company’s network of metals service centers operated over 300 locations in 39 states in the United States and in 12 other countries (Australia, Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom).

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

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