King Luther Capital Management Corp increased its stake in shares of Reliance Steel & Aluminum Co. (NYSE:RS – Free Report) by 0.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 139,196 shares of the industrial products company’s stock after purchasing an additional 893 shares during the quarter. King Luther Capital Management Corp’s holdings in Reliance Steel & Aluminum were worth $37,804,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in RS. Raymond James Financial Services Advisors Inc. boosted its stake in Reliance Steel & Aluminum by 212.0% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 6,876 shares of the industrial products company’s stock valued at $1,261,000 after acquiring an additional 4,672 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Reliance Steel & Aluminum by 0.8% in the 1st quarter. American Century Companies Inc. now owns 11,264 shares of the industrial products company’s stock worth $2,065,000 after purchasing an additional 88 shares in the last quarter. APG Asset Management N.V. acquired a new stake in shares of Reliance Steel & Aluminum in the 1st quarter worth $1,533,000. Great West Life Assurance Co. Can grew its stake in Reliance Steel & Aluminum by 8.2% during the 1st quarter. Great West Life Assurance Co. Can now owns 40,567 shares of the industrial products company’s stock worth $7,679,000 after buying an additional 3,058 shares during the last quarter. Finally, Sei Investments Co. increased its position in Reliance Steel & Aluminum by 14.6% during the 1st quarter. Sei Investments Co. now owns 35,984 shares of the industrial products company’s stock valued at $6,602,000 after buying an additional 4,573 shares in the last quarter. Institutional investors own 80.87% of the company’s stock.
Analyst Ratings Changes
RS has been the subject of several recent analyst reports. KeyCorp lowered their price target on Reliance Steel & Aluminum from $290.00 to $285.00 and set an “overweight” rating for the company in a report on Friday, October 27th. StockNews.com upgraded shares of Reliance Steel & Aluminum from a “hold” rating to a “buy” rating in a research note on Monday, November 13th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $275.00.
Reliance Steel & Aluminum Stock Performance
Shares of RS opened at $269.90 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.13 and a current ratio of 5.53. The stock has a 50-day moving average of $260.93 and a two-hundred day moving average of $264.36. The stock has a market cap of $15.51 billion, a P/E ratio of 11.35 and a beta of 0.93. Reliance Steel & Aluminum Co. has a one year low of $196.11 and a one year high of $295.98.
Reliance Steel & Aluminum (NYSE:RS – Get Free Report) last released its earnings results on Thursday, October 26th. The industrial products company reported $5.00 EPS for the quarter, hitting analysts’ consensus estimates of $5.00. Reliance Steel & Aluminum had a return on equity of 18.92% and a net margin of 9.38%. The firm had revenue of $3.62 billion during the quarter, compared to the consensus estimate of $3.61 billion. During the same quarter in the previous year, the company posted $6.48 earnings per share. The company’s revenue was down 14.7% compared to the same quarter last year. As a group, research analysts predict that Reliance Steel & Aluminum Co. will post 21.84 EPS for the current year.
Reliance Steel & Aluminum Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 17th will be paid a $1.00 dividend. The ex-dividend date is Thursday, November 16th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.48%. Reliance Steel & Aluminum’s payout ratio is currently 16.81%.
Insider Transactions at Reliance Steel & Aluminum
In related news, CEO Karla R. Lewis sold 10,000 shares of the business’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $284.15, for a total transaction of $2,841,500.00. Following the completion of the transaction, the chief executive officer now directly owns 111,258 shares in the company, valued at $31,613,960.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.62% of the company’s stock.
About Reliance Steel & Aluminum
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.
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