Franklin Resources Inc. Has $95.66 Million Position in Reliance Steel & Aluminum Co (NYSE:RS)

Franklin Resources Inc. lifted its stake in Reliance Steel & Aluminum Co (NYSE:RS) by 151.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,115,100 shares of the industrial products company’s stock after buying an additional 671,700 shares during the period. Franklin Resources Inc. owned approximately 1.53% of Reliance Steel & Aluminum worth $95,664,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RS. Cerebellum GP LLC purchased a new position in shares of Reliance Steel & Aluminum in the fourth quarter worth about $106,000. Grove Bank & Trust increased its holdings in shares of Reliance Steel & Aluminum by 117.8% in the third quarter. Grove Bank & Trust now owns 1,590 shares of the industrial products company’s stock worth $121,000 after buying an additional 860 shares during the period. Zions Bancorporation purchased a new position in shares of Reliance Steel & Aluminum in the third quarter worth about $144,000. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in shares of Reliance Steel & Aluminum by 633.3% in the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,552 shares of the industrial products company’s stock worth $194,000 after buying an additional 2,204 shares during the period. Finally, Private Advisor Group LLC purchased a new position in shares of Reliance Steel & Aluminum in the third quarter worth about $201,000. Hedge funds and other institutional investors own 82.74% of the company’s stock.

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RS stock opened at $83.03 on Friday. Reliance Steel & Aluminum Co has a fifty-two week low of $68.46 and a fifty-two week high of $95.97. The company has a current ratio of 4.34, a quick ratio of 1.88 and a debt-to-equity ratio of 0.38. The company has a market cap of $6,156.32, a price-to-earnings ratio of 15.26, a PEG ratio of 1.33 and a beta of 1.16.

Reliance Steel & Aluminum (NYSE:RS) last posted its earnings results on Thursday, February 15th. The industrial products company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.22. Reliance Steel & Aluminum had a return on equity of 9.00% and a net margin of 6.31%. The firm had revenue of $2.38 billion for the quarter. During the same quarter last year, the company posted $0.84 EPS. The firm’s revenue was up 15.3% on a year-over-year basis. analysts expect that Reliance Steel & Aluminum Co will post 7.06 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, March 30th. Shareholders of record on Friday, March 16th were issued a dividend of $0.50 per share. This is an increase from Reliance Steel & Aluminum’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, March 15th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.41%. Reliance Steel & Aluminum’s dividend payout ratio is 36.76%.

In other news, insider Gregg J. Mollins sold 30,332 shares of the business’s stock in a transaction that occurred on Tuesday, March 6th. The stock was sold at an average price of $92.83, for a total value of $2,815,719.56. Following the sale, the insider now directly owns 201,895 shares of the company’s stock, valued at approximately $18,741,912.85. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Gregg J. Mollins sold 8,990 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $94.89, for a total value of $853,061.10. Following the completion of the sale, the chief executive officer now directly owns 201,895 shares in the company, valued at $19,157,816.55. The disclosure for this sale can be found here. Insiders have sold a total of 58,322 shares of company stock worth $5,431,021 in the last quarter. Company insiders own 3.73% of the company’s stock.

RS has been the topic of several analyst reports. ValuEngine upgraded Reliance Steel & Aluminum from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Bank of America set a $97.00 price target on Reliance Steel & Aluminum and gave the company a “buy” rating in a report on Monday, January 8th. Longbow Research upgraded Reliance Steel & Aluminum from a “neutral” rating to a “buy” rating in a report on Wednesday, February 7th. KeyCorp set a $95.00 price target on Reliance Steel & Aluminum and gave the company a “buy” rating in a report on Wednesday, January 10th. Finally, Zacks Investment Research downgraded Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a report on Monday, January 8th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $89.88.

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Reliance Steel & Aluminum 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.

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

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