Reliance Steel & Aluminum Co. (NYSE: RS – Get Rating) saw a large decrease in short interest during the month of May. As of May 31st, there was short interest totalling 973,300 shares, a decrease of 21.5% from the May 15th total of 1,240,000 shares. Currently, 1.6% of the shares of the stock are sold short. Based on an average trading volume of 444,100 shares, the short-interest ratio is currently 2.2 days.
Shares of RS stock opened at $ 175.85 on Wednesday. The company has a quick ratio of 2.28, a current ratio of 3.96 and a debt-to-equity ratio of 0.25. Reliance Steel & Aluminum has a 52 week low of $ 135.46 and a 52 week high of $ 211.65. The stock has a market capitalization of $ 10.89 billion, a PE ratio of 6.71 and a beta of 0.76. The firm has a 50 day moving average of $ 191.10 and a two-hundred day moving average of $ 176.79.
Reliance Steel & Aluminum (NYSE: RS – Get Rating) last issued its quarterly earnings results on Thursday, April 28th. The industrial products company reported $ 8.42 EPS for the quarter, beating the consensus estimate of $ 7.20 by $ 1.22. The company had revenue of $ 4.49 billion during the quarter, compared to analysts’ expectations of $ 4.03 billion. Reliance Steel & Aluminum had a net margin of 10.61% and a return on equity of 27.94%. The firm’s revenue was up 58.0% compared to the same quarter last year. During the same quarter last year, the company posted $ 4.10 EPS. Analysts expect that Reliance Steel & Aluminum will post 27.9 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 10th. Stockholders of record on Friday, May 27th were given a dividend of $ 0.875 per share. The ex-dividend date of this dividend was Thursday, May 26th. This represents a $ 3.50 annualized dividend and a dividend yield of 1.99%. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is currently 13.36%.
In other news, VP Jeffrey Wayne Durham sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, May 6th. The shares were sold at an average price of $ 196.06, for a total transaction of $ 1,960,600.00. Following the completion of the sale, the vice president now owns 19,071 shares in the company, valued at approximately $ 3,739,060.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.62% of the stock is currently owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its position in shares of Reliance Steel & Aluminum by 6.5% during the 1st quarter. BlackRock Inc. now owns 6,370,754 shares of the industrial products company stock worth $ 1,168,079,000 after purchasing an additional 389,942 shares during the last quarter. State Street Corp lifted its position in shares of Reliance Steel & Aluminum by 16.4% during the 1st quarter. State Street Corp now owns 2,549,898 shares of the industrial products company stock worth $ 467,524,000 after purchasing an additional 359,364 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Reliance Steel & Aluminum by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,242,803 shares of the industrial products company stock worth $ 411,223,000 after acquiring an additional 44,267 shares in the last quarter. Victory Capital Management Inc. raised its stake in Reliance Steel & Aluminum by 19.9% during the 4th quarter. Victory Capital Management Inc. now owns 2,196,588 shares of the industrial products company stock worth $ 356,330,000 after acquiring an additional 364,582 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in Reliance Steel & Aluminum by 12.8% in the third quarter. Wellington Management Group LLP now owns 2,155,113 shares of the industrial products company stock valued at $ 306,931,000 after purchasing an additional 245,179 shares during the period. 81.84% of the stock is owned by institutional investors and hedge funds.
RS has been the subject of a number of recent analyst reports. StockNews.com upgraded shares of Reliance Steel & Aluminum from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 28th. Exane BNP Paribas upgraded shares of Reliance Steel & Aluminum from a “neutral” rating to an “outperform” rating in a report on Thursday, April 14th. BNP Paribas upgraded shares of Reliance Steel & Aluminum from a “neutral” rating to an “outperform” rating in a report on Thursday, April 14th. Citigroup lifted their target price on shares of Reliance Steel & Aluminum from $ 200.00 to $ 230.00 in a report on Friday, April 29th. Finally, KeyCorp lifted their target price on shares of Reliance Steel & Aluminum from $ 200.00 to $ 215.00 and gave the company an “overweight” rating in a report on Wednesday, April 20th. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Reliance Steel & Aluminum has a consensus rating of “Buy” and a consensus target price of $ 203.71.
Reliance Steel & Aluminum Company Profile: (Get Rating)
Reliance Steel & Aluminum Co operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.
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