Rehmann Capital Advisory Group Sells 149 Shares of Reliance Steel & Aluminum Co. (NYSE:RS)

Rehmann Capital Advisory Group trimmed its stake in Reliance Steel & Aluminum Co. (NYSE:RSGet Rating) by 7.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,745 shares of the industrial products company’s stock after selling 149 shares during the quarter. Rehmann Capital Advisory Group’s holdings in Reliance Steel & Aluminum were worth $320,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. BlackRock Inc. lifted its holdings in shares of Reliance Steel & Aluminum by 6.5% during the first quarter. BlackRock Inc. now owns 6,370,754 shares of the industrial products company’s stock valued at $1,168,079,000 after purchasing an additional 389,942 shares in the last quarter. State Street Corp lifted its holdings in shares of Reliance Steel & Aluminum by 16.4% during the first quarter. State Street Corp now owns 2,549,898 shares of the industrial products company’s stock valued at $467,524,000 after purchasing an additional 359,364 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Reliance Steel & Aluminum by 2.0% during the first quarter. Dimensional Fund Advisors LP now owns 2,242,803 shares of the industrial products company’s stock valued at $411,223,000 after purchasing an additional 44,267 shares in the last quarter. Yacktman Asset Management LP lifted its holdings in shares of Reliance Steel & Aluminum by 19.9% during the first quarter. Yacktman Asset Management LP now owns 1,263,336 shares of the industrial products company’s stock valued at $231,633,000 after purchasing an additional 209,836 shares in the last quarter. Finally, Lord Abbett & CO. LLC lifted its holdings in shares of Reliance Steel & Aluminum by 1.1% during the first quarter. Lord Abbett & CO. LLC now owns 1,088,884 shares of the industrial products company’s stock valued at $199,650,000 after purchasing an additional 12,107 shares in the last quarter. 83.16% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CFO Arthur Ajemyan sold 1,000 shares of the stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $198.39, for a total transaction of $198,390.00. Following the completion of the sale, the chief financial officer now owns 12,870 shares in the company, valued at $2,553,279.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO James Donald Hoffman sold 10,000 shares of the stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $167.78, for a total transaction of $1,677,800.00. Following the completion of the sale, the chief executive officer now owns 142,738 shares in the company, valued at $23,948,581.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Arthur Ajemyan sold 1,000 shares of the stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $198.39, for a total value of $198,390.00. Following the sale, the chief financial officer now owns 12,870 shares of the company’s stock, valued at approximately $2,553,279.30. The disclosure for this sale can be found here. 0.62% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RS. StockNews.com downgraded Reliance Steel & Aluminum from a “strong-buy” rating to a “buy” rating in a report on Friday, July 29th. BMO Capital Markets began coverage on Reliance Steel & Aluminum in a research report on Monday, August 15th. They set an “outperform” rating and a $230.00 price objective for the company. The Goldman Sachs Group reduced their price objective on Reliance Steel & Aluminum from $234.00 to $218.00 in a research report on Tuesday, July 12th. Finally, KeyCorp reduced their price objective on Reliance Steel & Aluminum from $215.00 to $207.00 and set an “overweight” rating for the company in a research report on Tuesday, July 19th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Reliance Steel & Aluminum presently has an average rating of “Buy” and a consensus target price of $222.20.

Reliance Steel & Aluminum Stock Performance

Shares of RS opened at $175.46 on Friday. The company has a quick ratio of 1.60, a current ratio of 3.02 and a debt-to-equity ratio of 0.17. The business has a 50-day simple moving average of $186.68 and a two-hundred day simple moving average of $186.61. The stock has a market cap of $10.58 billion, a price-to-earnings ratio of 5.80 and a beta of 0.83. Reliance Steel & Aluminum Co. has a 52 week low of $135.46 and a 52 week high of $211.65.

Reliance Steel & Aluminum (NYSE:RSGet Rating) last issued its quarterly earnings results on Thursday, July 28th. The industrial products company reported $9.15 EPS for the quarter, topping analysts’ consensus estimates of $9.02 by $0.13. The business had revenue of $4.68 billion during the quarter, compared to analysts’ expectations of $4.61 billion. Reliance Steel & Aluminum had a return on equity of 30.46% and a net margin of 11.25%. The business’s quarterly revenue was up 36.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $5.06 earnings per share. On average, analysts expect that Reliance Steel & Aluminum Co. will post 28.26 EPS for the current year.

Reliance Steel & Aluminum Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 2nd. Shareholders of record on Friday, August 19th were given a $0.875 dividend. This represents a $3.50 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date of this dividend was Thursday, August 18th. Reliance Steel & Aluminum’s payout ratio is 11.56%.

About Reliance Steel & Aluminum

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Reliance Steel & Aluminum Co operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.

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

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