Alpha Cubed Investments LLC raised its holdings in shares of Reliance Steel & Aluminum Co (NYSE:RS) by 304.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,338 shares of the industrial products company’s stock after acquiring an additional 25,088 shares during the quarter. Alpha Cubed Investments LLC’s holdings in Reliance Steel & Aluminum were worth $3,154,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Advisory Services Network LLC grew its position in Reliance Steel & Aluminum by 982.9% in the fourth quarter. Advisory Services Network LLC now owns 444 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 403 shares during the period. Quadrant Capital Group LLC grew its holdings in shares of Reliance Steel & Aluminum by 279.1% during the first quarter. Quadrant Capital Group LLC now owns 436 shares of the industrial products company’s stock worth $36,000 after purchasing an additional 321 shares during the last quarter. Parallel Advisors LLC grew its holdings in shares of Reliance Steel & Aluminum by 166.0% during the first quarter. Parallel Advisors LLC now owns 532 shares of the industrial products company’s stock worth $48,000 after purchasing an additional 332 shares during the last quarter. Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in shares of Reliance Steel & Aluminum during the first quarter worth $60,000. Finally, Hilton Capital Management LLC bought a new stake in shares of Reliance Steel & Aluminum during the first quarter worth $99,000. Institutional investors and hedge funds own 83.27% of the company’s stock.
In other news, VP Arthur Ajemyan sold 3,200 shares of Reliance Steel & Aluminum stock in a transaction on Monday, July 29th. The stock was sold at an average price of $101.61, for a total value of $325,152.00. Following the transaction, the vice president now owns 7,544 shares in the company, valued at approximately $766,545.84. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 3.43% of the company’s stock.
Reliance Steel & Aluminum (NYSE:RS) last announced its quarterly earnings data on Thursday, July 25th. The industrial products company reported $2.71 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.60 by $0.11. Reliance Steel & Aluminum had a return on equity of 12.85% and a net margin of 5.22%. The firm had revenue of $2.88 billion during the quarter, compared to analysts’ expectations of $2.93 billion. During the same period in the previous year, the firm earned $3.10 EPS. The company’s quarterly revenue was down 3.5% compared to the same quarter last year. On average, equities analysts expect that Reliance Steel & Aluminum Co will post 9.26 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be paid a $0.55 dividend. The ex-dividend date is Thursday, August 15th. This represents a $2.20 annualized dividend and a dividend yield of 2.30%. Reliance Steel & Aluminum’s payout ratio is 24.61%.
RS has been the topic of several research analyst reports. Jefferies Financial Group cut Reliance Steel & Aluminum from a “buy” rating to a “hold” rating and decreased their target price for the stock from $105.00 to $100.00 in a report on Friday, April 26th. KeyCorp increased their target price on Reliance Steel & Aluminum from $100.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Longbow Research lowered Reliance Steel & Aluminum from a “neutral” rating to an “underperform” rating and set a $76.00 target price on the stock. in a research note on Thursday, April 18th. Citigroup set a $104.00 price target on Reliance Steel & Aluminum and gave the stock a “hold” rating in a report on Friday, July 26th. Finally, ValuEngine downgraded Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $100.00.
Reliance Steel & Aluminum Company 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.
Further Reading: How To Calculate Debt-to-Equity Ratio
Receive News & Ratings for Reliance Steel & Aluminum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Reliance Steel & Aluminum and related companies with MarketBeat.com's FREE daily email newsletter.