LS Investment Advisors LLC Increases Position in Reliance Steel & Aluminum Co. (RS)

LS Investment Advisors LLC raised its stake in Reliance Steel & Aluminum Co. (NYSE:RS) by 17.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,779 shares of the industrial products company’s stock after buying an additional 875 shares during the period. LS Investment Advisors LLC’s holdings in Reliance Steel & Aluminum Co. were worth $421,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in RS. BlackRock Inc. boosted its stake in shares of Reliance Steel & Aluminum Co. by 11,996.1% in the first quarter. BlackRock Inc. now owns 6,681,296 shares of the industrial products company’s stock valued at $534,635,000 after buying an additional 6,626,061 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Reliance Steel & Aluminum Co. by 4.2% in the first quarter. Vanguard Group Inc. now owns 5,934,721 shares of the industrial products company’s stock valued at $474,896,000 after buying an additional 239,449 shares during the last quarter. State Street Corp boosted its stake in shares of Reliance Steel & Aluminum Co. by 2.2% in the first quarter. State Street Corp now owns 2,558,032 shares of the industrial products company’s stock valued at $204,690,000 after buying an additional 55,262 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Reliance Steel & Aluminum Co. by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 2,500,776 shares of the industrial products company’s stock valued at $200,111,000 after buying an additional 23,898 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in shares of Reliance Steel & Aluminum Co. by 22.7% in the first quarter. Victory Capital Management Inc. now owns 2,127,546 shares of the industrial products company’s stock valued at $170,245,000 after buying an additional 393,700 shares during the last quarter. 83.28% of the stock is owned by institutional investors and hedge funds.

Reliance Steel & Aluminum Co. (NYSE RS) traded down 0.98% during trading on Thursday, reaching $71.63. The company had a trading volume of 42,830 shares. The firm’s 50 day moving average is $73.07 and its 200-day moving average is $77.20. Reliance Steel & Aluminum Co. has a 12 month low of $65.10 and a 12 month high of $88.58. The company has a market capitalization of $5.22 billion, a P/E ratio of 16.15 and a beta of 1.23.

Reliance Steel & Aluminum Co. (NYSE:RS) last posted its earnings results on Thursday, July 27th. The industrial products company reported $1.40 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.38 by $0.02. The company had revenue of $2.48 billion during the quarter. Reliance Steel & Aluminum Co. had a return on equity of 8.67% and a net margin of 3.57%. The firm’s revenue for the quarter was up 12.3% compared to the same quarter last year. During the same period last year, the company posted $1.36 earnings per share. On average, equities analysts expect that Reliance Steel & Aluminum Co. will post $5.17 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Friday, August 18th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.49%. The ex-dividend date is Wednesday, August 16th. Reliance Steel & Aluminum Co.’s dividend payout ratio (DPR) is presently 40.54%.

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Several analysts recently commented on RS shares. Deutsche Bank AG reiterated a “buy” rating on shares of Reliance Steel & Aluminum Co. in a research report on Saturday, June 24th. Bank of America Corporation upgraded Reliance Steel & Aluminum Co. from a “neutral” rating to a “buy” rating and set a $88.00 target price for the company in a report on Tuesday, May 23rd. They noted that the move was a valuation call. Jefferies Group LLC restated a “hold” rating and issued a $72.00 target price on shares of Reliance Steel & Aluminum Co. in a report on Wednesday, July 19th. BidaskClub upgraded Reliance Steel & Aluminum Co. from a “sell” rating to a “hold” rating in a report on Thursday, July 6th. Finally, Barclays PLC restated a “hold” rating and issued a $59.00 target price on shares of Reliance Steel & Aluminum Co. in a report on Monday, May 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. Reliance Steel & Aluminum Co. has a consensus rating of “Buy” and an average price target of $82.86.

About Reliance Steel & Aluminum Co.

Reliance Steel & Aluminum Co is a metals service center company in North America (the United States and Canada). As of December 31, 2016, the Company’s network of metals service centers operated over 300 locations in 39 states in the United States and in 12 other countries (Australia, Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom).

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

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