Reliance Steel & Aluminum Co. (NYSE:RS) Position Increased by State Treasurer State of Michigan

State Treasurer State of Michigan increased its stake in Reliance Steel & Aluminum Co. (NYSE:RS) by 1.4% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 30,000 shares of the industrial products company’s stock after buying an additional 400 shares during the period. State Treasurer State of Michigan’s holdings in Reliance Steel & Aluminum Co. were worth $2,184,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Old Mutual Global Investors UK Ltd. bought a new stake in Reliance Steel & Aluminum Co. during the first quarter valued at approximately $1,086,000. Russell Investments Group Ltd. boosted its stake in Reliance Steel & Aluminum Co. by 27.8% in the first quarter. Russell Investments Group Ltd. now owns 289,503 shares of the industrial products company’s stock worth $23,167,000 after buying an additional 63,001 shares during the period. Profit Investment Management LLC boosted its stake in Reliance Steel & Aluminum Co. by 42.6% in the first quarter. Profit Investment Management LLC now owns 47,910 shares of the industrial products company’s stock worth $3,834,000 after buying an additional 14,324 shares during the period. Janney Montgomery Scott LLC boosted its stake in Reliance Steel & Aluminum Co. by 12.1% in the first quarter. Janney Montgomery Scott LLC now owns 3,856 shares of the industrial products company’s stock worth $309,000 after buying an additional 415 shares during the period. Finally, Acadian Asset Management LLC boosted its stake in Reliance Steel & Aluminum Co. by 17.0% in the first quarter. Acadian Asset Management LLC now owns 1,947,526 shares of the industrial products company’s stock worth $155,841,000 after buying an additional 283,652 shares during the period. Institutional investors and hedge funds own 83.74% of the company’s stock.

Reliance Steel & Aluminum Co. (NYSE:RS) opened at 69.31 on Friday. Reliance Steel & Aluminum Co. has a 12 month low of $65.10 and a 12 month high of $88.58. The company’s 50-day moving average is $72.83 and its 200-day moving average is $76.70. The company has a market cap of $5.05 billion, a price-to-earnings ratio of 15.63 and a beta of 1.23.

Reliance Steel & Aluminum Co. (NYSE:RS) last announced its quarterly earnings results on Thursday, July 27th. The industrial products company reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.02. Reliance Steel & Aluminum Co. had a return on equity of 8.67% and a net margin of 3.57%. The business had revenue of $2.48 billion during the quarter. During the same period in the prior year, the business earned $1.36 EPS. The company’s revenue for the quarter was up 12.3% compared to the same quarter last year. On average, equities research analysts anticipate that Reliance Steel & Aluminum Co. will post $5.17 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Friday, August 18th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date is Wednesday, August 16th. Reliance Steel & Aluminum Co.’s dividend payout ratio is currently 40.54%.

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A number of analysts have issued reports on the stock. Jefferies Group LLC reiterated a “hold” rating and issued a $72.00 target price on shares of Reliance Steel & Aluminum Co. in a research note on Wednesday, July 19th. BidaskClub upgraded shares of Reliance Steel & Aluminum Co. from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 13th. Deutsche Bank AG restated a “buy” rating on shares of Reliance Steel & Aluminum Co. in a research note on Saturday, June 24th. Cowen and Company set a $92.00 price objective on shares of Reliance Steel & Aluminum Co. and gave the stock an “outperform” rating in a research note on Thursday, July 27th. Finally, KeyCorp restated an “overweight” rating and issued a $81.00 price objective (down from $85.00) on shares of Reliance Steel & Aluminum Co. in a research note on Monday, June 26th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $82.86.

About Reliance Steel & Aluminum Co.

Reliance Steel & Aluminum Co is a metals service center company in North America (the United States and Canada). As of December 31, 2016, the Company’s network of metals service centers operated over 300 locations in 39 states in the United States and in 12 other countries (Australia, Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom).

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

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