Bank of New York Mellon Corp Reduces Position in Reliance Steel & Aluminum Co. (NYSE:RS)

Bank of New York Mellon Corp lessened its holdings in shares of Reliance Steel & Aluminum Co. (NYSE:RS – Get Rating) by 2.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 741,078 shares of the industrial products company’s stock after selling 20,354 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.26% of Reliance Steel & Aluminum worth $129,252,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. Robeco Institutional Asset Management B.V. increased its holdings in Reliance Steel & Aluminum by 11.2% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 18,926 shares of the industrial products company’s stock valued at $3,302,000 after acquiring an additional 1,912 shares during the last quarter. Bridgefront Capital LLC purchased a new stake in shares of Reliance Steel & Aluminum in the 3rd quarter worth approximately $212,000. Toroso Investments LLC purchased a new stake in shares of Reliance Steel & Aluminum in the 3rd quarter worth approximately $259,000. Teachers Retirement System of The State of Kentucky purchased a new stake in shares of Reliance Steel & Aluminum in the 3rd quarter worth approximately $1,698,000. Finally, Captrust Financial Advisors lifted its position in shares of Reliance Steel & Aluminum by 31.2% in the 3rd quarter. Captrust Financial Advisors now owns 2,381 shares of the industrial products company’s stock worth $415,000 after purchasing an additional 566 shares during the period. Hedge funds and other institutional investors own 81.73% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on RS shares. StockNews.com assumed coverage on shares of Reliance Steel & Aluminum in a research note on Thursday. They set a “buy” rating on the stock. The Goldman Sachs Group increased their price objective on shares of Reliance Steel & Aluminum from $245.00 to $270.00 and gave the company a “neutral” rating in a report on Friday, March 10th. Bank of America assumed coverage on shares of Reliance Steel & Aluminum in a research report on Wednesday, January 4th. They issued a “neutral” rating for the company. Citigroup increased their target price on shares of Reliance Steel & Aluminum from $230.00 to $280.00 and gave the company a “buy” rating in a research report on Friday, February 17th. Finally, BMO Capital Markets increased their target price on shares of Reliance Steel & Aluminum from $235.00 to $265.00 in a research report on Friday, February 17th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $261.20.

Reliance Steel & Aluminum Price Performance

Shares of RS opened at $240.48 on Friday. Reliance Steel & Aluminum Co. has a 1-year low of $160.29 and a 1-year high of $264.42. The stock has a market cap of $14.18 billion, a PE ratio of 8.07 and a beta of 0.89. The firm has a 50-day simple moving average of $234.54 and a two-hundred day simple moving average of $208.76. The company has a debt-to-equity ratio of 0.16, a current ratio of 3.55 and a quick ratio of 2.10.

Reliance Steel & Aluminum (NYSE:RS – Get Rating) last posted its quarterly earnings data on Thursday, February 16th. The industrial products company reported $5.87 EPS for the quarter, beating the consensus estimate of $4.47 by $1.40. Reliance Steel & Aluminum had a net margin of 10.81% and a return on equity of 27.01%. The business had revenue of $3.61 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same quarter last year, the firm posted $6.83 earnings per share. The business’s revenue for the quarter was down 9.5% compared to the same quarter last year. As a group, analysts forecast that Reliance Steel & Aluminum Co. will post 21.41 EPS for the current year.

Reliance Steel & Aluminum Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 24th. Stockholders of record on Friday, March 10th will be paid a $1.00 dividend. This is a positive change from Reliance Steel & Aluminum’s previous quarterly dividend of $0.88. The ex-dividend date is Thursday, March 9th. This represents a $4.00 annualized dividend and a dividend yield of 1.66%. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is presently 13.42%.

Insider Activity

In other news, VP Sean Michael Mollins sold 4,750 shares of the firm’s stock in a transaction that occurred on Friday, March 3rd. The shares were sold at an average price of $263.87, for a total value of $1,253,382.50. Following the completion of the transaction, the vice president now owns 16,930 shares of the company’s stock, valued at $4,467,319.10. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, VP Sean Michael Mollins sold 4,750 shares of Reliance Steel & Aluminum stock in a transaction that occurred on Friday, March 3rd. The shares were sold at an average price of $263.87, for a total value of $1,253,382.50. Following the completion of the transaction, the vice president now owns 16,930 shares in the company, valued at $4,467,319.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James Donald Hoffman sold 10,000 shares of Reliance Steel & Aluminum stock in a transaction that occurred on Friday, January 6th. The stock was sold at an average price of $211.45, for a total transaction of $2,114,500.00. Following the completion of the transaction, the director now owns 19,680 shares of the company’s stock, valued at approximately $4,161,336. The disclosure for this sale can be found here. Over the last quarter, insiders sold 36,390 shares of company stock valued at $8,636,208. 0.62% of the stock is currently owned by company insiders.

Reliance Steel & Aluminum Company Profile

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Reliance Steel & Aluminum Co engages in the provision of a metal distribution center. 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.