State Treasurer State of Michigan Sells 2,600 Shares of Reliance Steel & Aluminum Co. (RS)

State Treasurer State of Michigan trimmed its holdings in Reliance Steel & Aluminum Co. (NYSE:RS) by 8.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,400 shares of the industrial products company’s stock after selling 2,600 shares during the period. State Treasurer State of Michigan’s holdings in Reliance Steel & Aluminum Co. were worth $2,087,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in RS. Victory Capital Management Inc. grew its stake in Reliance Steel & Aluminum Co. by 27.8% in the 2nd quarter. Victory Capital Management Inc. now owns 2,718,818 shares of the industrial products company’s stock valued at $197,957,000 after buying an additional 591,272 shares in the last quarter. Koch Industries Inc. purchased a new position in shares of Reliance Steel & Aluminum Co. during the 2nd quarter valued at $393,000. FMR LLC grew its position in shares of Reliance Steel & Aluminum Co. by 820.5% during the 2nd quarter. FMR LLC now owns 433,536 shares of the industrial products company’s stock valued at $31,566,000 after purchasing an additional 386,436 shares in the last quarter. Third Avenue Management LLC purchased a new position in shares of Reliance Steel & Aluminum Co. during the 2nd quarter valued at $22,914,000. Finally, Pioneer Investment Management Inc. purchased a new position in shares of Reliance Steel & Aluminum Co. during the 2nd quarter valued at $22,470,000. Institutional investors and hedge funds own 82.07% of the company’s stock.

TRADEMARK VIOLATION NOTICE: This story was first published by Community Financial News and is the sole property of of Community Financial News. If you are viewing this story on another site, it was illegally stolen and reposted in violation of U.S. and international copyright & trademark laws. The original version of this story can be read at https://www.com-unik.info/2017/11/03/state-treasurer-state-of-michigan-sells-2600-shares-of-reliance-steel-aluminum-co-rs.html.

Reliance Steel & Aluminum Co. (NYSE:RS) last announced its quarterly earnings data on Thursday, October 26th. The industrial products company reported $1.30 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.11. The firm had revenue of $2.45 billion for the quarter. Reliance Steel & Aluminum Co. had a net margin of 3.97% and a return on equity of 8.61%. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.25 earnings per share.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Friday, November 17th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $1.80 annualized dividend and a yield of 2.29%. Reliance Steel & Aluminum Co.’s payout ratio is 35.43%.

A number of research firms have recently commented on RS. Cowen and Company restated a “buy” rating and set a $92.00 price target on shares of Reliance Steel & Aluminum Co. in a research report on Friday, September 1st. Zacks Investment Research upgraded shares of Reliance Steel & Aluminum Co. from a “hold” rating to a “buy” rating and set a $86.00 price target for the company in a research report on Monday, October 16th. Jefferies Group LLC restated a “hold” rating and set 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 “sell” rating to a “hold” rating in a research report on Thursday, July 6th. Finally, Bank of America Corporation restated a “buy” rating and set a $89.00 price target (up from $88.00) on shares of Reliance Steel & Aluminum Co. in a research report on Tuesday, September 5th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $82.00.

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)

What are top analysts saying about Reliance Steel & Aluminum Co.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Reliance Steel & Aluminum Co. and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit