Tyers Asset Management LLC Increases Stake in Reliance Steel & Aluminum Co (NYSE:RS)

Tyers Asset Management LLC grew its stake in shares of Reliance Steel & Aluminum Co (NYSE:RS) by 148.6% during the first quarter, HoldingsChannel reports. The firm owned 17,424 shares of the industrial products company’s stock after purchasing an additional 10,416 shares during the quarter. Tyers Asset Management LLC’s holdings in Reliance Steel & Aluminum were worth $1,573,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Two Sigma Securities LLC bought a new stake in shares of Reliance Steel & Aluminum during the 4th quarter valued at about $236,000. Rhumbline Advisers boosted its stake in shares of Reliance Steel & Aluminum by 2.0% during the 1st quarter. Rhumbline Advisers now owns 185,307 shares of the industrial products company’s stock valued at $16,726,000 after purchasing an additional 3,669 shares in the last quarter. Great West Life Assurance Co. Can boosted its stake in shares of Reliance Steel & Aluminum by 12.1% during the 4th quarter. Great West Life Assurance Co. Can now owns 58,731 shares of the industrial products company’s stock valued at $3,952,000 after purchasing an additional 6,346 shares in the last quarter. Paloma Partners Management Co boosted its stake in shares of Reliance Steel & Aluminum by 143.4% during the 4th quarter. Paloma Partners Management Co now owns 15,582 shares of the industrial products company’s stock valued at $1,109,000 after purchasing an additional 9,179 shares in the last quarter. Finally, NTV Asset Management LLC bought a new stake in shares of Reliance Steel & Aluminum during the 1st quarter valued at about $248,000. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Reliance Steel & Aluminum stock traded up $0.05 during trading hours on Thursday, hitting $89.12. The stock had a trading volume of 1,865 shares, compared to its average volume of 444,847. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.85 and a current ratio of 4.06. The stock has a market capitalization of $5.99 billion, a PE ratio of 10.01, a price-to-earnings-growth ratio of 1.07 and a beta of 1.26. Reliance Steel & Aluminum Co has a 12-month low of $68.62 and a 12-month high of $96.36.

Reliance Steel & Aluminum (NYSE:RS) last issued its earnings results on Thursday, April 25th. The industrial products company reported $2.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.42. The business had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $2.97 billion. Reliance Steel & Aluminum had a net margin of 5.58% and a return on equity of 13.70%. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the previous year, the company earned $2.30 earnings per share. As a group, equities research analysts forecast that Reliance Steel & Aluminum Co will post 9.25 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 24th will be issued a $0.55 dividend. The ex-dividend date is Thursday, May 23rd. This represents a $2.20 annualized dividend and a yield of 2.47%. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is presently 24.61%.

In other news, Director Gregg J. Mollins sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $91.81, for a total transaction of $2,295,250.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Stephen Paul Koch sold 11,333 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $91.62, for a total transaction of $1,038,329.46. Following the transaction, the vice president now directly owns 22,187 shares of the company’s stock, valued at $2,032,772.94. The disclosure for this sale can be found here. Insiders sold 39,008 shares of company stock valued at $3,580,455 over the last ninety days. Corporate insiders own 3.43% of the company’s stock.

A number of research analysts recently issued reports on RS shares. Citigroup set a $98.00 price target on shares of Reliance Steel & Aluminum and gave the company a “hold” rating in a research report on Monday, May 20th. Jefferies Financial Group cut shares of Reliance Steel & Aluminum from a “buy” rating to a “hold” rating and lowered their price target for the company from $105.00 to $100.00 in a research report on Friday, April 26th. Cowen reissued an “outperform” rating and set a $95.00 price target (up from $80.00) on shares of Reliance Steel & Aluminum in a research report on Tuesday, February 26th. Longbow Research cut shares of Reliance Steel & Aluminum from a “neutral” rating to an “underperform” rating and set a $76.00 price target for the company. in a research report on Thursday, April 18th. Finally, Bank of America reissued a “neutral” rating and set a $98.00 price target on shares of Reliance Steel & Aluminum in a research report on Friday, May 31st. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $94.08.

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Reliance Steel & Aluminum Profile

Reliance Steel & Aluminum Co operates as a metals service center company. The company provides alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products and related processing services to general manufacturing, non-residential construction, transportation, aerospace and defense, energy, electronics and semiconductor fabrication, auto, and heavy industries.

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

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