Wedge Capital Management L L P NC Has $6.28 Million Holdings in Reliance Steel & Aluminum Co. (NYSE:RS)

Wedge Capital Management L L P NC reduced its position in shares of Reliance Steel & Aluminum Co. (NYSE:RSGet Rating) by 17.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 36,994 shares of the industrial products company’s stock after selling 8,039 shares during the quarter. Wedge Capital Management L L P NC owned 0.06% of Reliance Steel & Aluminum worth $6,284,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Worth Asset Management LLC acquired a new position in Reliance Steel & Aluminum during the first quarter worth $28,000. Denali Advisors LLC raised its stake in shares of Reliance Steel & Aluminum by 100.0% in the 1st quarter. Denali Advisors LLC now owns 200 shares of the industrial products company’s stock valued at $37,000 after acquiring an additional 100 shares in the last quarter. Penserra Capital Management LLC acquired a new stake in Reliance Steel & Aluminum in the 1st quarter worth approximately $46,000. Rational Advisors LLC boosted its position in Reliance Steel & Aluminum by 50.6% during the first quarter. Rational Advisors LLC now owns 256 shares of the industrial products company’s stock worth $47,000 after purchasing an additional 86 shares during the period. Finally, Rosenberg Matthew Hamilton grew its holdings in Reliance Steel & Aluminum by 704.3% during the first quarter. Rosenberg Matthew Hamilton now owns 378 shares of the industrial products company’s stock valued at $69,000 after purchasing an additional 331 shares during the last quarter. 83.16% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Insider Buying and Selling

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

Reliance Steel & Aluminum Stock Performance

NYSE:RS opened at $179.43 on Wednesday. The firm’s 50-day moving average is $186.97 and its 200-day moving average is $186.46. The company has a market cap of $10.82 billion, a price-to-earnings ratio of 5.93 and a beta of 0.83. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.60 and a current ratio of 3.02. Reliance Steel & Aluminum Co. has a 52-week low of $138.41 and a 52-week high of $211.65.

Reliance Steel & Aluminum (NYSE:RSGet Rating) last released its earnings results on Thursday, July 28th. The industrial products company reported $9.15 earnings per share for the quarter, topping analysts’ consensus estimates of $9.02 by $0.13. The business had revenue of $4.68 billion for the quarter, compared to the consensus estimate of $4.61 billion. Reliance Steel & Aluminum had a return on equity of 30.46% and a net margin of 11.25%. The firm’s revenue for the quarter was up 36.9% compared to the same quarter last year. During the same period last year, the business earned $5.06 earnings per share. Equities research analysts anticipate that Reliance Steel & Aluminum Co. will post 28.26 earnings per share for the current year.

Reliance Steel & Aluminum Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 2nd. Investors of record on Friday, August 19th were paid a $0.875 dividend. The ex-dividend date of this dividend was Thursday, August 18th. This represents a $3.50 dividend on an annualized basis and a dividend yield of 1.95%. Reliance Steel & Aluminum’s payout ratio is 11.56%.

Reliance Steel & Aluminum Profile

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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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