Reliance Steel & Aluminum Co (NYSE:RS) Short Interest Down 18.9% in June

Reliance Steel & Aluminum Co (NYSE:RS) was the recipient of a significant decline in short interest in June. As of June 30th, there was short interest totalling 1,613,500 shares, a decline of 18.9% from the May 30th total of 1,990,300 shares. Based on an average daily trading volume, of 424,800 shares, the short-interest ratio is presently 3.8 days. Approximately 2.5% of the shares of the company are short sold.

In other news, VP Stephen Paul Koch sold 11,333 shares of the business’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $91.62, for a total value of $1,038,329.46. Following the sale, the vice president now owns 22,187 shares in the company, valued at approximately $2,032,772.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jeffrey Wayne Durham sold 2,675 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $92.29, for a total transaction of $246,875.75. Following the completion of the sale, the vice president now owns 8,255 shares in the company, valued at approximately $761,853.95. The disclosure for this sale can be found here. Insiders have sold 39,008 shares of company stock worth $3,580,455 in the last quarter. Corporate insiders own 3.43% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of RS. Advisory Services Network LLC lifted its position in Reliance Steel & Aluminum by 982.9% during the 4th quarter. Advisory Services Network LLC now owns 444 shares of the industrial products company’s stock worth $32,000 after buying an additional 403 shares in the last quarter. Quadrant Capital Group LLC raised its holdings in Reliance Steel & Aluminum by 279.1% during the 1st quarter. Quadrant Capital Group LLC now owns 436 shares of the industrial products company’s stock worth $36,000 after purchasing an additional 321 shares during the last quarter. Parallel Advisors LLC raised its holdings in Reliance Steel & Aluminum by 166.0% during the 1st quarter. Parallel Advisors LLC now owns 532 shares of the industrial products company’s stock worth $48,000 after purchasing an additional 332 shares during the last quarter. Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in Reliance Steel & Aluminum during the 1st quarter worth about $60,000. Finally, Hilton Capital Management LLC bought a new stake in Reliance Steel & Aluminum during the 1st quarter worth about $99,000. Institutional investors and hedge funds own 81.41% of the company’s stock.

RS has been the topic of several recent analyst reports. Citigroup set a $98.00 target price on shares of Reliance Steel & Aluminum and gave the company a “hold” rating in a research note on Monday, May 20th. Bank of America set a $77.00 target price on shares of Zscaler and gave the company a “neutral” rating in a research note on Friday, May 31st. Longbow Research downgraded shares of Reliance Steel & Aluminum from a “neutral” rating to an “underperform” rating and set a $76.00 target price on the stock. in a research note on Thursday, April 18th. Deutsche Bank set a $81.00 target price on shares of Franco Nevada and gave the company a “hold” rating in a research note on Thursday. Finally, Cowen set a $100.00 target price on shares of Reliance Steel & Aluminum and gave the company a “buy” rating in a research note on Wednesday, June 26th. Three equities research 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 currently has an average rating of “Hold” and an average price target of $96.10.

NYSE RS traded up $0.69 on Friday, hitting $91.50. 29,980 shares of the company were exchanged, compared to its average volume of 362,582. The firm’s 50 day simple moving average is $89.05. The company has a market cap of $6.15 billion, a P/E ratio of 10.23, a P/E/G ratio of 1.11 and a beta of 1.31. The company has a current ratio of 4.06, a quick ratio of 1.85 and a debt-to-equity ratio of 0.47. Reliance Steel & Aluminum has a 1-year low of $68.62 and a 1-year high of $95.66.

Reliance Steel & Aluminum (NYSE:RS) last issued its quarterly earnings results on Thursday, April 25th. The industrial products company reported $2.80 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.38 by $0.42. The business had revenue of $2.96 billion for the quarter, compared to the consensus estimate of $2.97 billion. Reliance Steel & Aluminum had a net margin of 5.58% and a return on equity of 13.70%. The firm’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.30 EPS. On average, analysts expect that Reliance Steel & Aluminum will post 9.17 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 24th were given a dividend of $0.55 per share. The ex-dividend date was Thursday, May 23rd. This represents a $2.20 annualized dividend and a yield of 2.40%. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is 24.61%.

Reliance Steel & Aluminum Company 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.

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