Mitsubishi UFJ Trust & Banking Corp Purchases 9,113 Shares of Reliance Steel & Aluminum Co. (NYSE:RS)

Mitsubishi UFJ Trust & Banking Corp grew its position in shares of Reliance Steel & Aluminum Co. (NYSE:RSGet Rating) by 59.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 24,325 shares of the industrial products company’s stock after buying an additional 9,113 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Reliance Steel & Aluminum were worth $4,132,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in RS. Kestra Advisory Services LLC boosted its position in shares of Reliance Steel & Aluminum by 17.5% during the first quarter. Kestra Advisory Services LLC now owns 1,899 shares of the industrial products company’s stock valued at $348,000 after buying an additional 283 shares during the last quarter. Park Avenue Securities LLC grew its stake in shares of Reliance Steel & Aluminum by 5.5% in the first quarter. Park Avenue Securities LLC now owns 2,315 shares of the industrial products company’s stock worth $424,000 after acquiring an additional 121 shares during the period. State of New Jersey Common Pension Fund D raised its holdings in shares of Reliance Steel & Aluminum by 3.6% during the first quarter. State of New Jersey Common Pension Fund D now owns 33,203 shares of the industrial products company’s stock valued at $6,088,000 after purchasing an additional 1,167 shares during the last quarter. Strategic Family Wealth Counselors L.L.C. bought a new position in Reliance Steel & Aluminum during the first quarter valued at approximately $280,000. Finally, Envestnet Asset Management Inc. boosted its holdings in Reliance Steel & Aluminum by 126.5% in the first quarter. Envestnet Asset Management Inc. now owns 378,085 shares of the industrial products company’s stock worth $69,322,000 after purchasing an additional 211,146 shares during the last quarter. Institutional investors own 83.16% of the company’s stock.

Reliance Steel & Aluminum Stock Performance

Shares of RS opened at $205.95 on Friday. The business has a 50-day simple moving average of $188.52 and a two-hundred day simple moving average of $186.46. The company has a quick ratio of 1.78, a current ratio of 3.25 and a debt-to-equity ratio of 0.17. Reliance Steel & Aluminum Co. has a 52 week low of $145.79 and a 52 week high of $211.65. The stock has a market cap of $12.09 billion, a price-to-earnings ratio of 6.74 and a beta of 0.87.

Reliance Steel & Aluminum (NYSE:RSGet Rating) last announced its quarterly earnings data on Thursday, October 27th. The industrial products company reported $6.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.19 by $0.29. Reliance Steel & Aluminum had a return on equity of 29.31% and a net margin of 10.98%. The company had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.14 billion. During the same period in the previous year, the company posted $6.15 EPS. The firm’s revenue was up 10.4% on a year-over-year basis. On average, analysts expect that Reliance Steel & Aluminum Co. will post 28.69 EPS for the current year.

Reliance Steel & Aluminum Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 2nd. Investors of record on Friday, November 18th will be paid a dividend of $0.875 per share. This represents a $3.50 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date is Thursday, November 17th. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is 11.45%.

Insider Buying and Selling

In related news, CEO James Donald Hoffman sold 10,000 shares of the firm’s stock in a transaction on Thursday, October 6th. The shares were sold at an average price of $183.31, for a total transaction of $1,833,100.00. Following the completion of the transaction, the chief executive officer now directly owns 132,738 shares of the company’s stock, valued at $24,332,202.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.62% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. StockNews.com cut Reliance Steel & Aluminum from a “strong-buy” rating to a “buy” rating in a report on Thursday, October 6th. The Goldman Sachs Group downgraded Reliance Steel & Aluminum from a “buy” rating to a “neutral” rating and cut their price target for the company from $218.00 to $201.00 in a research note on Thursday, October 6th. BMO Capital Markets started coverage on shares of Reliance Steel & Aluminum in a research note on Monday, August 15th. They issued an “outperform” rating and a $230.00 price objective on the stock. Finally, KeyCorp raised their price objective on shares of Reliance Steel & Aluminum from $207.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, October 28th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Reliance Steel & Aluminum has an average rating of “Moderate Buy” and a consensus price target of $219.40.

Reliance Steel & Aluminum Company Profile

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Reliance Steel & Aluminum Co engages in the provision of metals processing services and distribution of metal products. It offers alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and specialty steel products. The company was founded by Thomas J. Neilan on February 3, 1939, and is headquartered in Scottsdale, AZ.

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

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