Verition Fund Management LLC Takes Position in Ryerson Holding Co. (NYSE:RYI)

Posted by Defense World Staff on Mar 9th, 2023

Verition Fund Management LLC acquired a new position in shares of Ryerson Holding Co. (NYSE:RYI – Get Rating) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 12,011 shares of the basic materials company’s stock, valued at approximately $309,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Dimensional Fund Advisors LP lifted its position in shares of Ryerson by 13.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,601,524 shares of the basic materials company’s stock worth $41,223,000 after buying an additional 195,220 shares during the last quarter. State Street Corp increased its holdings in Ryerson by 31.3% in the 2nd quarter. State Street Corp now owns 1,215,294 shares of the basic materials company’s stock worth $25,874,000 after purchasing an additional 289,773 shares in the last quarter. Vanguard Group Inc. increased its holdings in Ryerson by 2.5% in the 1st quarter. Vanguard Group Inc. now owns 855,308 shares of the basic materials company’s stock worth $29,954,000 after purchasing an additional 20,976 shares in the last quarter. Millennium Management LLC increased its holdings in Ryerson by 128.4% in the 2nd quarter. Millennium Management LLC now owns 588,135 shares of the basic materials company’s stock worth $12,521,000 after purchasing an additional 330,600 shares in the last quarter. Finally, Prudential Financial Inc. increased its holdings in Ryerson by 54.0% in the 3rd quarter. Prudential Financial Inc. now owns 363,410 shares of the basic materials company’s stock worth $9,354,000 after purchasing an additional 127,440 shares in the last quarter. 92.59% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

RYI has been the subject of a number of recent research reports. TheStreet cut Ryerson from a “b” rating to a “c+” rating in a report on Wednesday, February 22nd. BMO Capital Markets upped their target price on Ryerson from $36.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, February 24th.

Ryerson Trading Up 1.2 %

Shares of RYI stock opened at $39.49 on Thursday. The stock has a market cap of $1.46 billion, a price-to-earnings ratio of 3.92 and a beta of 1.77. The stock has a 50-day moving average of $36.24 and a 200-day moving average of $31.67. The company has a current ratio of 2.33, a quick ratio of 1.04 and a debt-to-equity ratio of 0.40. Ryerson Holding Co. has a 1-year low of $18.68 and a 1-year high of $44.09.

Ryerson (NYSE:RYI – Get Rating) last issued its quarterly earnings results on Wednesday, February 22nd. The basic materials company reported ($0.65) earnings per share for the quarter, missing the consensus estimate of $0.70 by ($1.35). The company had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.21 billion. Ryerson had a net margin of 6.18% and a return on equity of 48.31%. On average, equities research analysts forecast that Ryerson Holding Co. will post 2.88 earnings per share for the current year.

Ryerson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 16th. Stockholders of record on Monday, March 6th will be paid a $0.17 dividend. This is a boost from Ryerson’s previous quarterly dividend of $0.16. The ex-dividend date is Friday, March 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.72%. Ryerson’s dividend payout ratio is presently 6.75%.

About Ryerson

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Ryerson Holding Corp. engages in the processing and distribution of industrial metals. It processes and distributes products in stainless steel, aluminum carbon steel and alloy steels and a limited line of nickel and red metals in various shapes and forms. The firm serves end-markets including oil and gas, industrial equipment, transportation equipment, heavy equipment, and electrical machinery.