Point72 Asset Management L.P. Takes $15.51 Million Position in Reliance Steel & Aluminum Co (NYSE:RS)

Point72 Asset Management L.P. bought a new position in shares of Reliance Steel & Aluminum Co (NYSE:RS) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 177,170 shares of the industrial products company’s stock, valued at approximately $15,509,000. Point72 Asset Management L.P. owned approximately 0.24% of Reliance Steel & Aluminum at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Quantbot Technologies LP purchased a new position in shares of Reliance Steel & Aluminum in the 1st quarter valued at approximately $135,000. Itau Unibanco Holding S.A. raised its position in shares of Reliance Steel & Aluminum by 130.1% in the 2nd quarter. Itau Unibanco Holding S.A. now owns 2,391 shares of the industrial products company’s stock valued at $209,000 after purchasing an additional 1,352 shares during the last quarter. Raymond James Financial Services Advisors Inc. purchased a new position in shares of Reliance Steel & Aluminum in the 2nd quarter valued at approximately $237,000. GAM Holding AG purchased a new position in shares of Reliance Steel & Aluminum in the 2nd quarter valued at approximately $245,000. Finally, Twin Capital Management Inc. purchased a new position in shares of Reliance Steel & Aluminum in the 2nd quarter valued at approximately $248,000. Institutional investors own 80.98% of the company’s stock.

In related news, Director David H. Hannah sold 25,000 shares of Reliance Steel & Aluminum stock in a transaction on Wednesday, August 1st. The shares were sold at an average price of $90.04, for a total value of $2,251,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 3.24% of the stock is currently owned by company insiders.

Several equities analysts recently commented on the stock. Deutsche Bank lowered shares of Reliance Steel & Aluminum from a “buy” rating to a “hold” rating and decreased their price objective for the company from $100.00 to $90.00 in a research report on Tuesday. Bank of America lowered shares of Reliance Steel & Aluminum from a “buy” rating to an “underperform” rating and set a $90.00 price target for the company. in a research report on Friday, September 7th. Zacks Investment Research raised shares of Reliance Steel & Aluminum from a “hold” rating to a “buy” rating and set a $98.00 price target for the company in a research report on Wednesday, September 5th. Citigroup initiated coverage on shares of Reliance Steel & Aluminum in a research report on Monday, September 17th. They set a “neutral” rating and a $90.00 price target for the company. Finally, KeyCorp reduced their price target on shares of Reliance Steel & Aluminum from $100.00 to $97.00 and set a “buy” rating for the company in a research report on Monday, September 10th. One research analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $95.22.

Shares of NYSE RS traded down $1.43 during midday trading on Friday, reaching $83.72. 713,666 shares of the stock were exchanged, compared to its average volume of 498,237. The stock has a market capitalization of $6.17 billion, a price-to-earnings ratio of 15.39, a PEG ratio of 0.96 and a beta of 1.13. Reliance Steel & Aluminum Co has a twelve month low of $72.69 and a twelve month high of $97.41. The company has a debt-to-equity ratio of 0.39, a current ratio of 4.06 and a quick ratio of 1.76.

Reliance Steel & Aluminum (NYSE:RS) last issued its quarterly earnings data on Thursday, July 26th. The industrial products company reported $3.10 EPS for the quarter, topping analysts’ consensus estimates of $2.75 by $0.35. The business had revenue of $2.99 billion for the quarter. Reliance Steel & Aluminum had a net margin of 7.55% and a return on equity of 12.29%. Reliance Steel & Aluminum’s revenue for the quarter was up 20.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.40 EPS. Analysts anticipate that Reliance Steel & Aluminum Co will post 9.82 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 7th. Investors of record on Friday, August 17th were paid a $0.50 dividend. The ex-dividend date of this dividend was Thursday, August 16th. This represents a $2.00 dividend on an annualized basis and a yield of 2.39%. Reliance Steel & Aluminum’s dividend payout ratio is currently 36.76%.

Reliance Steel & Aluminum Company 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.

Read More: What is intrinsic value?

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

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.

Leave a Reply