Pegasus Partners Ltd. Purchases Shares of 15,727 Reliance Steel & Aluminum Co (NYSE:RS)

Pegasus Partners Ltd. purchased a new stake in Reliance Steel & Aluminum Co (NYSE:RS) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 15,727 shares of the industrial products company’s stock, valued at approximately $1,488,000.

Other large investors also recently made changes to their positions in the company. Zions Bancorporation N.A. raised its stake in shares of Reliance Steel & Aluminum by 5.6% during the 2nd quarter. Zions Bancorporation N.A. now owns 2,450 shares of the industrial products company’s stock worth $232,000 after buying an additional 130 shares during the period. ETF Managers Group LLC raised its stake in shares of Reliance Steel & Aluminum by 8.7% during the 1st quarter. ETF Managers Group LLC now owns 1,689 shares of the industrial products company’s stock worth $152,000 after buying an additional 135 shares during the period. Quadrant Capital Group LLC raised its stake in shares of Reliance Steel & Aluminum by 279.1% during the 1st quarter. Quadrant Capital Group LLC now owns 436 shares of the industrial products company’s stock worth $36,000 after buying an additional 321 shares during the period. Quantamental Technologies LLC raised its stake in shares of Reliance Steel & Aluminum by 9.9% during the 1st quarter. Quantamental Technologies LLC now owns 3,643 shares of the industrial products company’s stock worth $329,000 after buying an additional 328 shares during the period. Finally, Quantinno Capital Management LP raised its stake in shares of Reliance Steel & Aluminum by 5.3% during the 1st quarter. Quantinno Capital Management LP now owns 6,619 shares of the industrial products company’s stock worth $597,000 after buying an additional 331 shares during the period. 81.80% of the stock is owned by institutional investors.

NYSE RS traded down $1.78 during mid-day trading on Friday, hitting $98.42. The stock had a trading volume of 585,124 shares, compared to its average volume of 593,359. The stock’s 50 day moving average is $94.91. Reliance Steel & Aluminum Co has a twelve month low of $68.62 and a twelve month high of $105.25. The company has a debt-to-equity ratio of 0.39, a current ratio of 4.42 and a quick ratio of 2.08. The company has a market capitalization of $6.68 billion, a PE ratio of 11.01, a price-to-earnings-growth ratio of 1.20 and a beta of 1.29.

Reliance Steel & Aluminum (NYSE:RS) last posted its quarterly earnings data on Thursday, July 25th. The industrial products company reported $2.71 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.60 by $0.11. Reliance Steel & Aluminum had a return on equity of 12.85% and a net margin of 5.22%. The firm had revenue of $2.88 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same period in the prior year, the company earned $3.10 EPS. The firm’s revenue was down 3.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Reliance Steel & Aluminum Co will post 9.26 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Friday, August 16th will be issued a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend is Thursday, August 15th. Reliance Steel & Aluminum’s payout ratio is currently 24.61%.

Several brokerages have recently weighed in on RS. Longbow Research downgraded Reliance Steel & Aluminum from a “neutral” rating to an “underperform” rating and set a $76.00 target price for the company. in a research note on Thursday, April 18th. Zacks Investment Research raised Reliance Steel & Aluminum from a “sell” rating to a “hold” rating and set a $108.00 target price for the company in a research note on Monday, July 29th. ValuEngine downgraded Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Cowen set a $108.00 target price on Reliance Steel & Aluminum and gave the stock a “buy” rating in a research note on Friday, July 26th. Finally, Citigroup set a $104.00 target price on Reliance Steel & Aluminum and gave the stock a “hold” rating in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. Reliance Steel & Aluminum presently has a consensus rating of “Hold” and a consensus price target of $100.00.

In other Reliance Steel & Aluminum news, VP Arthur Ajemyan sold 3,200 shares of the company’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $101.61, for a total value of $325,152.00. Following the completion of the sale, the vice president now directly owns 7,544 shares in the company, valued at approximately $766,545.84. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 3.43% of the stock is owned by corporate insiders.

About Reliance Steel & Aluminum

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: Why do analysts give a neutral rating?

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

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