Alliancebernstein L.P. decreased its position in Reliance Steel & Aluminum Co. (NYSE:RS) by 17.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 1,205,866 shares of the industrial products company’s stock after selling 255,353 shares during the period. Alliancebernstein L.P. owned about 1.90% of Reliance Steel & Aluminum worth $171,739,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. lifted its stake in Reliance Steel & Aluminum by 126.7% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 95 shares during the period. Koshinski Asset Management Inc. purchased a new stake in Reliance Steel & Aluminum in the third quarter worth $26,000. Fifth Third Bancorp lifted its stake in Reliance Steel & Aluminum by 29.4% in the third quarter. Fifth Third Bancorp now owns 321 shares of the industrial products company’s stock worth $46,000 after acquiring an additional 73 shares during the period. MUFG Americas Holdings Corp lifted its stake in Reliance Steel & Aluminum by 67.0% in the third quarter. MUFG Americas Holdings Corp now owns 334 shares of the industrial products company’s stock worth $48,000 after acquiring an additional 134 shares during the period. Finally, Canada Pension Plan Investment Board purchased a new stake in Reliance Steel & Aluminum in the second quarter worth $115,000. Hedge funds and other institutional investors own 81.55% of the company’s stock.
RS has been the subject of a number of research analyst reports. KeyCorp raised their price target on Reliance Steel & Aluminum from $165.00 to $175.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 23rd. Zacks Investment Research lowered Reliance Steel & Aluminum from a “strong-buy” rating to a “hold” rating and set a $152.00 price target for the company. in a research note on Friday, September 24th. Wolfe Research initiated coverage on Reliance Steel & Aluminum in a research note on Tuesday, November 16th. They issued an “underperform” rating and a $158.00 price target for the company. Finally, The Goldman Sachs Group raised Reliance Steel & Aluminum from a “neutral” rating to a “buy” rating and raised their price objective for the company from $162.00 to $190.00 in a research report on Wednesday, November 3rd. One analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $172.89.
RS opened at $166.33 on Friday. The stock has a 50-day moving average price of $160.42 and a 200-day moving average price of $153.38. The company has a debt-to-equity ratio of 0.28, a current ratio of 4.25 and a quick ratio of 2.39. The firm has a market cap of $10.42 billion, a PE ratio of 9.58 and a beta of 0.99. Reliance Steel & Aluminum Co. has a 1 year low of $114.26 and a 1 year high of $181.21.
Reliance Steel & Aluminum (NYSE:RS) last posted its quarterly earnings results on Wednesday, October 27th. The industrial products company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.95 by $0.20. The firm had revenue of $3.85 billion during the quarter, compared to analyst estimates of $3.75 billion. Reliance Steel & Aluminum had a return on equity of 20.36% and a net margin of 9.16%. Reliance Steel & Aluminum’s quarterly revenue was up 84.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.87 EPS. As a group, sell-side analysts anticipate that Reliance Steel & Aluminum Co. will post 20.48 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 3rd. Investors of record on Friday, November 19th were issued a $0.688 dividend. The ex-dividend date of this dividend was Thursday, November 18th. This represents a $2.75 annualized dividend and a yield of 1.65%. Reliance Steel & Aluminum’s payout ratio is 15.84%.
About Reliance Steel & Aluminum
Reliance Steel & Aluminum Co engages in the provision of metals processing services and distribution of metal products. It offers alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and specialty steel products. The company was founded by Thomas J. Neilan on February 3, 1939 and is headquartered in Los Angeles, CA.
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