Moody Aldrich Partners LLC Cuts Stake in Reliance Steel & Aluminum Co (NYSE:RS)

Moody Aldrich Partners LLC lowered its position in shares of Reliance Steel & Aluminum Co (NYSE:RS) by 15.0% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,709 shares of the industrial products company’s stock after selling 2,240 shares during the period. Moody Aldrich Partners LLC’s holdings in Reliance Steel & Aluminum were worth $1,206,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Wellington Management Group LLP lifted its position in shares of Reliance Steel & Aluminum by 10.6% in the 1st quarter. Wellington Management Group LLP now owns 2,654,386 shares of the industrial products company’s stock worth $232,498,000 after purchasing an additional 254,059 shares during the period. Victory Capital Management Inc. grew its stake in shares of Reliance Steel & Aluminum by 14.2% in the first quarter. Victory Capital Management Inc. now owns 2,395,515 shares of the industrial products company’s stock worth $209,824,000 after acquiring an additional 298,204 shares during the period. Geode Capital Management LLC grew its stake in shares of Reliance Steel & Aluminum by 1.3% in the first quarter. Geode Capital Management LLC now owns 1,162,582 shares of the industrial products company’s stock worth $101,830,000 after acquiring an additional 14,761 shares during the period. Wells Fargo & Company MN grew its stake in shares of Reliance Steel & Aluminum by 0.8% in the first quarter. Wells Fargo & Company MN now owns 755,199 shares of the industrial products company’s stock worth $66,147,000 after acquiring an additional 5,970 shares during the period. Finally, Norges Bank bought a new stake in Reliance Steel & Aluminum during the fourth quarter valued at approximately $87,970,000. 82.89% of the stock is owned by institutional investors and hedge funds.

Several equities research analysts have recently commented on the company. ValuEngine lowered Reliance Steel & Aluminum from a “hold” rating to a “sell” rating in a research note on Friday, May 1st. TheStreet upgraded Reliance Steel & Aluminum from a “c+” rating to a “b-” rating in a research report on Tuesday, May 19th. JPMorgan Chase & Co. lowered their price target on shares of Reliance Steel & Aluminum from $117.00 to $99.00 and set a “neutral” rating for the company in a report on Friday, April 17th. Finally, Citigroup increased their price target on shares of Reliance Steel & Aluminum from $90.00 to $115.00 and gave the company a “neutral” rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $110.70.

Shares of RS traded down $1.30 during mid-day trading on Friday, reaching $98.26. The stock had a trading volume of 345,277 shares, compared to its average volume of 346,162. The company has a debt-to-equity ratio of 0.29, a current ratio of 4.25 and a quick ratio of 1.92. The firm has a market cap of $6.26 billion, a price-to-earnings ratio of 11.37, a P/E/G ratio of 1.84 and a beta of 1.12. The business’s fifty day moving average is $95.02 and its 200 day moving average is $97.68. Reliance Steel & Aluminum Co has a 52-week low of $70.57 and a 52-week high of $122.17.

Reliance Steel & Aluminum (NYSE:RS) last posted its quarterly earnings data on Thursday, July 23rd. The industrial products company reported $1.36 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.96. Reliance Steel & Aluminum had a net margin of 4.83% and a return on equity of 11.52%. The business had revenue of $2.02 billion during the quarter, compared to analyst estimates of $1.94 billion. During the same quarter last year, the firm posted $2.71 earnings per share. The business’s revenue for the quarter was down 30.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Reliance Steel & Aluminum Co will post 5.93 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be issued a $0.625 dividend. The ex-dividend date is Thursday, August 13th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 2.54%. Reliance Steel & Aluminum’s payout ratio is 24.18%.

Reliance Steel & Aluminum Company Profile

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.

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

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