Palo Capital Inc. Boosts Position in Reliance Steel & Aluminum Co. (NYSE:RS)

Palo Capital Inc. raised its position in Reliance Steel & Aluminum Co. (NYSE:RS) by 0.7% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 20,430 shares of the industrial products company’s stock after buying an additional 142 shares during the period. Palo Capital Inc.’s holdings in Reliance Steel & Aluminum Co. were worth $1,488,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. CrestPoint Capital Management LLC bought a new position in shares of Reliance Steel & Aluminum Co. during the first quarter worth $208,000. Two Sigma Securities LLC bought a new position in shares of Reliance Steel & Aluminum Co. during the first quarter worth $248,000. Laurion Capital Management LP bought a new position in shares of Reliance Steel & Aluminum Co. during the first quarter worth $280,000. Mckinley Capital Management LLC Delaware increased its position in shares of Reliance Steel & Aluminum Co. by 12.9% in the first quarter. Mckinley Capital Management LLC Delaware now owns 3,521 shares of the industrial products company’s stock worth $282,000 after buying an additional 401 shares during the period. Finally, Burney Co. increased its position in shares of Reliance Steel & Aluminum Co. by 6.2% in the first quarter. Burney Co. now owns 3,793 shares of the industrial products company’s stock worth $304,000 after buying an additional 220 shares during the period. Institutional investors and hedge funds own 83.28% of the company’s stock.

Reliance Steel & Aluminum Co. (NYSE:RS) traded down 1.62% during midday trading on Friday, hitting $70.24. 392,370 shares of the stock traded hands. Reliance Steel & Aluminum Co. has a 52-week low of $65.10 and a 52-week high of $88.58. The firm has a market cap of $5.12 billion, a PE ratio of 15.84 and a beta of 1.23. The stock 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 earnings results on Thursday, July 27th. The industrial products company reported $1.40 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.38 by $0.02. Reliance Steel & Aluminum Co. had a return on equity of 8.67% and a net margin of 3.57%. The company had revenue of $2.48 billion for the quarter. During the same period in the previous year, the company earned $1.36 earnings per share. The business’s revenue for the quarter was up 12.3% on a year-over-year basis. Equities analysts forecast that Reliance Steel & Aluminum Co. will post $5.17 EPS for the current year.

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

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

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

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