First Trust Advisors LP Increases Stake in Reliance Steel & Aluminum Co (NYSE:RS)

First Trust Advisors LP lifted its holdings in shares of Reliance Steel & Aluminum Co (NYSE:RS) by 5.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 158,543 shares of the industrial products company’s stock after buying an additional 8,385 shares during the quarter. First Trust Advisors LP owned about 0.24% of Reliance Steel & Aluminum worth $14,310,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the stock. Two Sigma Securities LLC purchased a new stake in shares of Reliance Steel & Aluminum in the 4th quarter valued at $236,000. DekaBank Deutsche Girozentrale boosted its position in Reliance Steel & Aluminum by 28.5% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 62,703 shares of the industrial products company’s stock valued at $5,429,000 after buying an additional 13,914 shares during the period. Burney Co. boosted its position in Reliance Steel & Aluminum by 4.7% during the 1st quarter. Burney Co. now owns 69,347 shares of the industrial products company’s stock valued at $6,259,000 after buying an additional 3,112 shares during the period. Rhumbline Advisers boosted its position in Reliance Steel & Aluminum by 2.0% during the 1st quarter. Rhumbline Advisers now owns 185,307 shares of the industrial products company’s stock valued at $16,726,000 after buying an additional 3,669 shares during the period. Finally, Great West Life Assurance Co. Can boosted its position in Reliance Steel & Aluminum by 12.1% during the 4th quarter. Great West Life Assurance Co. Can now owns 58,731 shares of the industrial products company’s stock valued at $3,952,000 after buying an additional 6,346 shares during the period. 81.74% of the stock is currently owned by institutional investors and hedge funds.

Several brokerages have weighed in on RS. Deutsche Bank set a $81.00 price target on shares of Franco Nevada and gave the company a “hold” rating in a research report on Thursday, July 11th. Cowen set a $100.00 target price on shares of Reliance Steel & Aluminum and gave the stock a “buy” rating in a research report on Wednesday, June 26th. Citigroup set a $98.00 target price on shares of Reliance Steel & Aluminum and gave the stock a “hold” rating in a research report on Monday, May 20th. Longbow Research cut shares of Reliance Steel & Aluminum from a “neutral” rating to an “underperform” rating and set a $76.00 target price for the company. in a research report on Thursday, April 18th. Finally, Jefferies Financial Group cut shares of Reliance Steel & Aluminum from a “buy” rating to a “hold” rating and dropped their target price for the stock from $105.00 to $100.00 in a research report on Friday, April 26th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $96.10.

Shares of Reliance Steel & Aluminum stock traded up $0.93 during trading on Friday, hitting $93.30. The company’s stock had a trading volume of 260,500 shares, compared to its average volume of 433,709. The firm has a market capitalization of $6.29 billion, a P/E ratio of 10.45, a PEG ratio of 1.12 and a beta of 1.31. The company has a debt-to-equity ratio of 0.47, a current ratio of 4.06 and a quick ratio of 1.85. Reliance Steel & Aluminum Co has a 52 week low of $68.62 and a 52 week high of $95.66. The business’s fifty day moving average price is $90.10.

Reliance Steel & Aluminum (NYSE:RS) last released its quarterly earnings data on Thursday, April 25th. The industrial products company reported $2.80 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.42. Reliance Steel & Aluminum had a net margin of 5.58% and a return on equity of 13.70%. The business had revenue of $2.96 billion during the quarter, compared to analyst estimates of $2.97 billion. During the same period last year, the business earned $2.30 EPS. Reliance Steel & Aluminum’s revenue was up 7.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Reliance Steel & Aluminum Co will post 9.12 EPS for the current fiscal year.

In related news, VP Jeffrey Wayne Durham sold 2,675 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $92.29, for a total value of $246,875.75. Following the transaction, the vice president now owns 8,255 shares of the company’s stock, valued at $761,853.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Gregg J. Mollins sold 25,000 shares of Reliance Steel & Aluminum stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $91.81, for a total transaction of $2,295,250.00. The disclosure for this sale can be found here. Insiders sold 39,008 shares of company stock valued at $3,580,455 over the last quarter. Company insiders own 3.43% of the company’s stock.

Reliance Steel & Aluminum Profile

Reliance Steel & Aluminum Co operates as a metals service center company. The company provides alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products and related processing services to general manufacturing, non-residential construction, transportation, aerospace and defense, energy, electronics and semiconductor fabrication, auto, and heavy industries.

Further Reading: Accumulation/Distribution

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

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