Alps Advisors Inc. cut its holdings in Reliance Steel & Aluminum Co (NYSE:RS) by 14.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,562 shares of the industrial products company’s stock after selling 795 shares during the quarter. Alps Advisors Inc.’s holdings in Reliance Steel & Aluminum were worth $412,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the business. Steward Partners Investment Advisory LLC acquired a new position in shares of Reliance Steel & Aluminum in the 1st quarter valued at about $348,000. Cullen Frost Bankers Inc. acquired a new position in shares of Reliance Steel & Aluminum in the 1st quarter valued at about $116,000. Opus Capital Group LLC increased its holdings in shares of Reliance Steel & Aluminum by 37.7% in the 1st quarter. Opus Capital Group LLC now owns 6,149 shares of the industrial products company’s stock valued at $555,000 after purchasing an additional 1,685 shares during the period. Quantamental Technologies LLC increased its holdings in shares of Reliance Steel & Aluminum by 9.9% in the 1st quarter. Quantamental Technologies LLC now owns 3,643 shares of the industrial products company’s stock valued at $329,000 after purchasing an additional 328 shares during the period. Finally, SG Americas Securities LLC increased its holdings in shares of Reliance Steel & Aluminum by 250.1% in the 1st quarter. SG Americas Securities LLC now owns 19,271 shares of the industrial products company’s stock valued at $1,739,000 after purchasing an additional 13,767 shares during the period. Hedge funds and other institutional investors own 82.94% of the company’s stock.
A number of equities analysts have recently weighed in on the company. Longbow Research downgraded Reliance Steel & Aluminum from a “neutral” rating to an “underperform” rating and set a $76.00 target price on the stock. in a report on Thursday, April 18th. Jefferies Financial Group downgraded Reliance Steel & Aluminum from a “buy” rating to a “hold” rating and dropped their target price for the company from $105.00 to $100.00 in a report on Friday, April 26th. Finally, Cowen reiterated an “outperform” rating and issued a $95.00 target price (up previously from $80.00) on shares of Reliance Steel & Aluminum in a report on Tuesday, February 26th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $92.40.
Reliance Steel & Aluminum (NYSE:RS) last announced its quarterly earnings results on Thursday, April 25th. The industrial products company reported $2.80 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.38 by $0.42. The business had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $2.97 billion. Reliance Steel & Aluminum had a return on equity of 13.70% and a net margin of 5.58%. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.30 EPS. As a group, equities analysts forecast that Reliance Steel & Aluminum Co will post 9.15 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 24th will be paid a $0.55 dividend. The ex-dividend date is Thursday, May 23rd. This represents a $2.20 annualized dividend and a dividend yield of 2.46%. Reliance Steel & Aluminum’s payout ratio is 24.61%.
In other Reliance Steel & Aluminum news, Director Andrew G. Sharkey III sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, February 28th. The stock was sold at an average price of $89.05, for a total transaction of $178,100.00. Following the completion of the sale, the director now owns 6,893 shares of the company’s stock, valued at $613,821.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David H. Hannah sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 20th. The stock was sold at an average price of $85.51, for a total value of $2,137,750.00. The disclosure for this sale can be found here. In the last three months, insiders sold 142,570 shares of company stock valued at $12,757,514. 3.43% of the stock is currently owned by company insiders.
Reliance Steel & Aluminum 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.
Read More: How to Invest in a Bull Market
Want to see what other hedge funds are holding RS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Reliance Steel & Aluminum Co (NYSE:RS).
Receive News & Ratings for Reliance Steel & Aluminum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Reliance Steel & Aluminum and related companies with MarketBeat.com's FREE daily email newsletter.