WBI Investments Inc. Takes Position in Reliance Steel & Aluminum Co (RS)

WBI Investments Inc. acquired a new position in shares of Reliance Steel & Aluminum Co (NYSE:RS) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 30,762 shares of the industrial products company’s stock, valued at approximately $2,624,000.

Several other institutional investors also recently made changes to their positions in RS. Millennium Management LLC lifted its stake in Reliance Steel & Aluminum by 166.3% during the second quarter. Millennium Management LLC now owns 461,240 shares of the industrial products company’s stock worth $40,377,000 after purchasing an additional 288,069 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in Reliance Steel & Aluminum during the second quarter worth approximately $20,471,000. Acadian Asset Management LLC lifted its stake in Reliance Steel & Aluminum by 13.7% during the second quarter. Acadian Asset Management LLC now owns 1,637,282 shares of the industrial products company’s stock worth $143,324,000 after purchasing an additional 196,890 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in Reliance Steel & Aluminum during the second quarter worth approximately $15,509,000. Finally, First Quadrant L P CA lifted its stake in Reliance Steel & Aluminum by 332.3% during the third quarter. First Quadrant L P CA now owns 212,307 shares of the industrial products company’s stock worth $18,108,000 after purchasing an additional 163,193 shares during the last quarter. 81.40% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE RS opened at $82.14 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 4.40 and a quick ratio of 1.92. Reliance Steel & Aluminum Co has a twelve month low of $72.69 and a twelve month high of $97.41. The company has a market capitalization of $5.71 billion, a price-to-earnings ratio of 8.73, a PEG ratio of 0.91 and a beta of 1.15.

Reliance Steel & Aluminum (NYSE:RS) last issued its quarterly earnings data on Thursday, October 25th. The industrial products company reported $2.42 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.69 by ($0.27). Reliance Steel & Aluminum had a net margin of 7.66% and a return on equity of 13.58%. The firm had revenue of $2.97 billion during the quarter. As a group, sell-side analysts anticipate that Reliance Steel & Aluminum Co will post 9.63 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 7th. Shareholders of record on Friday, November 16th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date is Thursday, November 15th. Reliance Steel & Aluminum’s dividend payout ratio is currently 36.76%.

RS has been the subject of several recent analyst reports. Jefferies Financial Group upgraded Reliance Steel & Aluminum from a “hold” rating to a “buy” rating and set a $72.00 target price for the company in a research note on Tuesday, July 10th. Macquarie set a $96.00 target price on Reliance Steel & Aluminum and gave the stock a “buy” rating in a research note on Friday, October 26th. KeyCorp decreased their target price on Reliance Steel & Aluminum from $100.00 to $97.00 and set a “buy” rating for the company in a research note on Monday, September 10th. Zacks Investment Research upgraded Reliance Steel & Aluminum from a “hold” rating to a “buy” rating and set a $98.00 target price for the company in a research note on Wednesday, September 5th. Finally, Citigroup cut Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a research note on Tuesday, October 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. Reliance Steel & Aluminum has an average rating of “Hold” and a consensus price target of $95.30.

About Reliance Steel & Aluminum

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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