Bank of New York Mellon Corp Has $93.63 Million Holdings in Reliance Steel & Aluminum Co. (RS)

Bank of New York Mellon Corp decreased its holdings in Reliance Steel & Aluminum Co. (NYSE:RS) by 4.2% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,229,221 shares of the industrial products company’s stock after selling 53,881 shares during the period. Bank of New York Mellon Corp owned about 1.69% of Reliance Steel & Aluminum worth $93,629,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in RS. QS Investors LLC lifted its position in shares of Reliance Steel & Aluminum by 0.5% during the 2nd quarter. QS Investors LLC now owns 3,710 shares of the industrial products company’s stock worth $270,000 after buying an additional 17 shares in the last quarter. M&T Bank Corp raised its position in shares of Reliance Steel & Aluminum by 0.6% during the 2nd quarter. M&T Bank Corp now owns 6,785 shares of the industrial products company’s stock valued at $494,000 after purchasing an additional 42 shares during the period. Teacher Retirement System of Texas raised its position in shares of Reliance Steel & Aluminum by 1.2% during the 2nd quarter. Teacher Retirement System of Texas now owns 5,842 shares of the industrial products company’s stock valued at $425,000 after purchasing an additional 67 shares during the period. Synovus Financial Corp raised its position in shares of Reliance Steel & Aluminum by 3.1% during the 2nd quarter. Synovus Financial Corp now owns 3,546 shares of the industrial products company’s stock valued at $259,000 after purchasing an additional 106 shares during the period. Finally, State of Wisconsin Investment Board raised its position in shares of Reliance Steel & Aluminum by 1.3% during the 2nd quarter. State of Wisconsin Investment Board now owns 14,113 shares of the industrial products company’s stock valued at $1,028,000 after purchasing an additional 180 shares during the period. Hedge funds and other institutional investors own 82.34% of the company’s stock.

RS has been the topic of a number of research reports. Cowen reiterated a “buy” rating and issued a $92.00 price target on shares of Reliance Steel & Aluminum in a report on Wednesday, October 4th. Bank of America reiterated a “buy” rating and issued a $89.00 price target (up from $88.00) on shares of Reliance Steel & Aluminum in a report on Tuesday, September 5th. Zacks Investment Research raised shares of Reliance Steel & Aluminum from a “hold” rating to a “buy” rating and set a $86.00 price objective for the company in a research note on Monday, October 16th. ValuEngine raised shares of Reliance Steel & Aluminum from a “hold” rating to a “buy” rating in a research note on Friday, October 27th. Finally, Clarkson Capital reaffirmed a “buy” rating on shares of Reliance Steel & Aluminum in a research note on Wednesday, November 15th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $82.00.

Reliance Steel & Aluminum Co. (NYSE:RS) traded up $3.05 during trading hours on Tuesday, reaching $81.62. 797,900 shares of the company’s stock traded hands, compared to its average volume of 494,612. The stock has a market cap of $5,728.96, a P/E ratio of 15.53, a PEG ratio of 1.68 and a beta of 1.29. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.79 and a current ratio of 4.06. Reliance Steel & Aluminum Co. has a 12 month low of $68.46 and a 12 month high of $88.58.

Reliance Steel & Aluminum (NYSE:RS) last announced its earnings results on Thursday, October 26th. The industrial products company reported $1.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.11. Reliance Steel & Aluminum had a net margin of 3.97% and a return on equity of 8.61%. The company had revenue of $2.45 billion during the quarter. During the same period last year, the business earned $1.25 EPS. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. research analysts anticipate that Reliance Steel & Aluminum Co. will post 5.21 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Friday, November 17th will be issued a $0.45 dividend. The ex-dividend date is Thursday, November 16th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.21%. Reliance Steel & Aluminum’s payout ratio is 35.43%.

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Reliance Steel & Aluminum Company Profile

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 (NYSE:RS)

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