Park Avenue Securities LLC Decreases Holdings in Reliance Steel & Aluminum Co. (NYSE:RS)

Park Avenue Securities LLC lessened its stake in shares of Reliance Steel & Aluminum Co. (NYSE:RSGet Rating) by 9.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,072 shares of the industrial products company’s stock after selling 207 shares during the period. Park Avenue Securities LLC’s holdings in Reliance Steel & Aluminum were worth $361,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Worth Asset Management LLC purchased a new position in shares of Reliance Steel & Aluminum in the first quarter worth about $28,000. Ronald Blue Trust Inc. increased its stake in shares of Reliance Steel & Aluminum by 400.0% in the third quarter. Ronald Blue Trust Inc. now owns 245 shares of the industrial products company’s stock worth $42,000 after purchasing an additional 196 shares in the last quarter. Penserra Capital Management LLC purchased a new position in shares of Reliance Steel & Aluminum in the first quarter worth about $46,000. Pinebridge Investments L.P. increased its stake in shares of Reliance Steel & Aluminum by 206.0% in the second quarter. Pinebridge Investments L.P. now owns 306 shares of the industrial products company’s stock worth $52,000 after purchasing an additional 206 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of Reliance Steel & Aluminum by 38.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 438 shares of the industrial products company’s stock worth $75,000 after purchasing an additional 122 shares in the last quarter. Hedge funds and other institutional investors own 81.73% of the company’s stock.

Reliance Steel & Aluminum Trading Up 1.8 %

Shares of Reliance Steel & Aluminum stock opened at $215.67 on Monday. Reliance Steel & Aluminum Co. has a 1 year low of $145.79 and a 1 year high of $218.74. The firm has a market cap of $12.66 billion, a PE ratio of 7.05 and a beta of 0.87. The company has a debt-to-equity ratio of 0.17, a current ratio of 3.25 and a quick ratio of 1.78. The company has a 50 day simple moving average of $207.25 and a two-hundred day simple moving average of $193.93.

Reliance Steel & Aluminum (NYSE:RSGet Rating) last announced its earnings results on Thursday, October 27th. The industrial products company reported $6.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.20 by $0.28. Reliance Steel & Aluminum had a net margin of 10.98% and a return on equity of 29.31%. The business had revenue of $4.25 billion during the quarter, compared to analyst estimates of $4.14 billion. During the same period in the previous year, the business posted $6.15 earnings per share. Reliance Steel & Aluminum’s revenue for the quarter was up 10.4% on a year-over-year basis. Analysts expect that Reliance Steel & Aluminum Co. will post 28.65 earnings per share for the current fiscal year.

Reliance Steel & Aluminum Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 2nd. Shareholders of record on Friday, November 18th were given a dividend of $0.875 per share. The ex-dividend date of this dividend was Thursday, November 17th. This represents a $3.50 annualized dividend and a yield of 1.62%. Reliance Steel & Aluminum’s payout ratio is presently 11.45%.

Insider Transactions at Reliance Steel & Aluminum

In other news, COO Stephen Paul Koch sold 6,569 shares of the business’s stock in a transaction that occurred on Friday, December 2nd. The shares were sold at an average price of $213.71, for a total value of $1,403,860.99. Following the completion of the sale, the chief operating officer now directly owns 5,486 shares in the company, valued at approximately $1,172,413.06. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director James Donald Hoffman sold 10,000 shares of Reliance Steel & Aluminum stock in a transaction on Friday, January 6th. The shares were sold at an average price of $211.45, for a total value of $2,114,500.00. Following the transaction, the director now directly owns 19,680 shares of the company’s stock, valued at $4,161,336. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Stephen Paul Koch sold 6,569 shares of Reliance Steel & Aluminum stock in a transaction on Friday, December 2nd. The stock was sold at an average price of $213.71, for a total transaction of $1,403,860.99. Following the completion of the transaction, the chief operating officer now directly owns 5,486 shares in the company, valued at $1,172,413.06. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,747 shares of company stock worth $5,479,608. 0.62% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on RS. KeyCorp lifted their target price on shares of Reliance Steel & Aluminum from $210.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 22nd. StockNews.com lowered shares of Reliance Steel & Aluminum from a “strong-buy” rating to a “buy” rating in a research report on Thursday, October 6th. Bank of America started coverage on shares of Reliance Steel & Aluminum in a research report on Wednesday, January 4th. They issued a “neutral” rating for the company. Finally, The Goldman Sachs Group lowered shares of Reliance Steel & Aluminum from a “buy” rating to a “neutral” rating and cut their price objective for the company from $218.00 to $201.00 in a research report on Thursday, October 6th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $222.40.

Reliance Steel & Aluminum Company 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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