Private Advisor Group LLC Takes $231,000 Position in Reliance Steel & Aluminum Co (RS)

Private Advisor Group LLC purchased a new position in Reliance Steel & Aluminum Co (NYSE:RS) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,708 shares of the industrial products company’s stock, valued at approximately $231,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Moneta Group Investment Advisors LLC increased its holdings in Reliance Steel & Aluminum by 107.9% during the 2nd quarter. Moneta Group Investment Advisors LLC now owns 1,445 shares of the industrial products company’s stock worth $126,000 after purchasing an additional 750 shares during the period. Itau Unibanco Holding S.A. increased its holdings in Reliance Steel & Aluminum by 130.1% during the 2nd quarter. Itau Unibanco Holding S.A. now owns 2,391 shares of the industrial products company’s stock worth $209,000 after purchasing an additional 1,352 shares during the period. Balasa Dinverno & Foltz LLC purchased a new position in Reliance Steel & Aluminum during the 3rd quarter worth $209,000. Raymond James Financial Services Advisors Inc. purchased a new position in Reliance Steel & Aluminum during the 2nd quarter worth $237,000. Finally, First Hawaiian Bank purchased a new position in Reliance Steel & Aluminum during the 3rd quarter worth $241,000. Hedge funds and other institutional investors own 84.71% of the company’s stock.

Shares of NYSE RS opened at $80.45 on Friday. The company has a current ratio of 4.40, a quick ratio of 1.92 and a debt-to-equity ratio of 0.39. The firm has a market cap of $5.62 billion, a price-to-earnings ratio of 14.79, a P/E/G ratio of 0.92 and a beta of 1.15. Reliance Steel & Aluminum Co has a 12-month low of $74.65 and a 12-month high of $97.41.

Reliance Steel & Aluminum (NYSE:RS) last announced its earnings results on Thursday, October 25th. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.69 by ($0.27). The company had revenue of $2.97 billion for the quarter. Reliance Steel & Aluminum had a net margin of 7.66% and a return on equity of 13.58%. As a group, equities research analysts expect that Reliance Steel & Aluminum Co will post 9.64 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 7th. Shareholders of record on Friday, November 16th will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, November 15th. This represents a $2.00 annualized dividend and a yield of 2.49%. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is presently 36.76%.

Several research analysts have commented on RS shares. Zacks Investment Research downgraded Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a report on Tuesday, September 25th. KeyCorp restated a “buy” rating and set a $90.00 price objective on shares of Reliance Steel & Aluminum in a report on Friday. ValuEngine downgraded Reliance Steel & Aluminum from a “hold” rating to a “sell” rating in a report on Tuesday, November 27th. Longbow Research downgraded Reliance Steel & Aluminum from a “buy” rating to a “neutral” rating in a report on Monday, October 22nd. Finally, Citigroup started coverage on Reliance Steel & Aluminum in a report on Monday, September 17th. They set a “neutral” rating and a $90.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $94.60.

In other news, Director David H. Hannah sold 28,080 shares of the firm’s stock in a transaction on Wednesday, November 21st. The stock was sold at an average price of $80.00, for a total value of $2,246,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP William A. Smith II sold 5,582 shares of the firm’s stock in a transaction on Tuesday, November 20th. The stock was sold at an average price of $78.98, for a total value of $440,866.36. The disclosure for this sale can be found here. 3.24% of the stock is currently owned by company insiders.

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Reliance Steel & Aluminum Company Profile

Reliance Steel & Aluminum Co operates as a metals service center company in the United States and internationally. The company provides steel, aluminum, stainless, and specialty metals and related processing services to customers in various industries, such as infrastructure and energy; fabricates steel and aluminum products; and provides various precision fabrication services, including laser cutting, shearing, computer numerated control (CNC) punching, and CNC forming and rolling, as well as welding, assembly, painting, inventory management, and engineering expertise.

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

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