First Trust Advisors LP Trims Position in Reliance Steel & Aluminum Co (RS)

First Trust Advisors LP decreased its position in shares of Reliance Steel & Aluminum Co (NYSE:RS) by 1.7% in the third quarter, Holdings Channel reports. The firm owned 199,932 shares of the industrial products company’s stock after selling 3,440 shares during the period. First Trust Advisors LP’s holdings in Reliance Steel & Aluminum were worth $17,052,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vident Investment Advisory LLC lifted its position in shares of Reliance Steel & Aluminum by 1.5% in the second quarter. Vident Investment Advisory LLC now owns 38,552 shares of the industrial products company’s stock worth $3,375,000 after buying an additional 576 shares during the last quarter. Virginia Retirement Systems ET AL lifted its position in shares of Reliance Steel & Aluminum by 3.8% in the second quarter. Virginia Retirement Systems ET AL now owns 16,200 shares of the industrial products company’s stock worth $1,418,000 after buying an additional 600 shares during the last quarter. Moneta Group Investment Advisors LLC lifted its position in shares of Reliance Steel & Aluminum by 107.9% in the second quarter. Moneta Group Investment Advisors LLC now owns 1,445 shares of the industrial products company’s stock worth $126,000 after buying an additional 750 shares during the last quarter. Alpha Windward LLC lifted its position in shares of Reliance Steel & Aluminum by 13.7% in the third quarter. Alpha Windward LLC now owns 6,476 shares of the industrial products company’s stock worth $552,000 after buying an additional 780 shares during the last quarter. Finally, Yorktown Management & Research Co Inc lifted its position in shares of Reliance Steel & Aluminum by 7.2% in the second quarter. Yorktown Management & Research Co Inc now owns 11,900 shares of the industrial products company’s stock worth $1,042,000 after buying an additional 800 shares during the last quarter. 81.25% of the stock is owned by hedge funds and other institutional investors.

Shares of RS opened at $81.78 on Friday. Reliance Steel & Aluminum Co has a 12-month low of $72.69 and a 12-month high of $97.41. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.92 and a current ratio of 4.40. The stock has a market cap of $5.80 billion, a P/E ratio of 15.03, a PEG ratio of 0.95 and a beta of 1.15.

Reliance Steel & Aluminum (NYSE:RS) last issued its quarterly earnings results on Thursday, October 25th. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.69 by ($0.27). Reliance Steel & Aluminum had a net margin of 7.66% and a return on equity of 13.58%. The firm had revenue of $2.97 billion for the quarter. Analysts anticipate that Reliance Steel & Aluminum Co will post 9.63 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 7th. Investors of record on Friday, November 16th will be paid a dividend of $0.50 per share. The ex-dividend date is Thursday, November 15th. This represents a $2.00 annualized dividend and a yield of 2.45%. Reliance Steel & Aluminum’s dividend payout ratio is 36.76%.

A number of analysts have weighed in on the company. JPMorgan Chase & Co. boosted their price target on Reliance Steel & Aluminum from $100.00 to $105.00 and gave the stock a “neutral” rating in a research report on Friday, July 27th. Zacks Investment Research upgraded Reliance Steel & Aluminum from a “hold” rating to a “buy” rating and set a $98.00 price objective on the stock in a research note on Wednesday, September 5th. Deutsche Bank lowered Reliance Steel & Aluminum from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $100.00 to $90.00 in a research note on Tuesday, October 2nd. Macquarie set a $96.00 price objective on Reliance Steel & Aluminum and gave the stock a “buy” rating in a research note on Friday, October 26th. Finally, Citigroup assumed coverage on Reliance Steel & Aluminum in a research note on Monday, September 17th. They issued a “neutral” rating and a $90.00 price objective on the stock. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $95.30.

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About Reliance Steel & Aluminum

Reliance Steel & Aluminum Co operates as a metals service center company in the United States and internationally. The company provides steel, aluminum, stainless, and specialty metals and related processing services to customers in various industries, such as infrastructure and energy; fabricates steel and aluminum products; and provides various precision fabrication services, including laser cutting, shearing, computer numerated control (CNC) punching, and CNC forming and rolling, as well as welding, assembly, painting, inventory management, and engineering expertise.

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

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