Bornite Capital Management LP raised its position in Reliance Steel & Aluminum Co. (NYSE: RS – Get Rating) by 100.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 150,000 shares of the industrial products company stock after acquiring an additional 75,000 shares during the quarter. Reliance Steel & Aluminum makes up 8.4% of Bornite Capital Management LP’s investment portfolio, making the stock its 2nd largest position. Bornite Capital Management LP owned 0.24% of Reliance Steel & Aluminum worth $ 24,333,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. FMR LLC boosted its position in Reliance Steel & Aluminum by 249.2% during the 1st quarter. FMR LLC now owns 227,173 shares of the industrial products company stock valued at $ 20,504,000 after acquiring an additional 162,118 shares in the last quarter. Morgan Stanley boosted its position in shares of Reliance Steel & Aluminum by 113.7% in the 2nd quarter. Morgan Stanley now owns 180,485 shares of the industrial products company stock worth $ 27,234,000 after purchasing an additional 96,034 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Reliance Steel & Aluminum by 48.5% in the 3rd quarter. Renaissance Technologies LLC now owns 51,412 shares of the industrial products company stock worth $ 7,322,000 after purchasing an additional 16,800 shares in the last quarter. GSA Capital Partners LLP bought a new stake in shares of Reliance Steel & Aluminum in the 3rd quarter worth approximately $ 319,000. Finally, Eaton Vance Management boosted its position in shares of Reliance Steel & Aluminum by 4.3% in the 3rd quarter. Eaton Vance Management now owns 9,674 shares of the industrial products company stock worth $ 1,253,000 after purchasing an additional 395 shares in the last quarter. Institutional investors own 81.84% of the company stock.
RS has been the topic of a number of analyst reports. Citigroup boosted their price target on Reliance Steel & Aluminum from $ 200.00 to $ 230.00 in a research report on Friday, April 29th. The Goldman Sachs Group dropped their price target on Reliance Steel & Aluminum from $ 244.00 to $ 234.00 in a research report on Tuesday, May 31st. StockNews.com raised Reliance Steel & Aluminum from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 28th. Wolfe Research raised Reliance Steel & Aluminum from a “market perform” rating to an “outperform” rating and set a $ 226.00 price target on the stock in a research report on Thursday, April 28th. Finally, Exane BNP Paribas raised Reliance Steel & Aluminum from a “neutral” rating to an “outperform” rating in a research report on Thursday, April 14th. One analyst has rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company stock. According to MarketBeat.com, Reliance Steel & Aluminum presently has an average rating of “Buy” and a consensus target price of $ 203.71.
RS stock opened at $ 175.85 on Wednesday. The stock has a market capitalization of $ 10.89 billion, a PE ratio of 6.71 and a beta of 0.76. Reliance Steel & Aluminum Co. has a 12-month low of $ 135.46 and a 12-month high of $ 211.65. The company has a current ratio of 3.96, a quick ratio of 2.28 and a debt-to-equity ratio of 0.25. The stock’s 50 day simple moving average is $ 191.10 and its 200 day simple moving average is $ 176.79.
Reliance Steel & Aluminum (NYSE: RS – Get Rating) last released its quarterly earnings data on Thursday, April 28th. The industrial products company reported $ 8.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $ 7.20 by $ 1.22. The business had revenue of $ 4.49 billion for the quarter, compared to analysts’ expectations of $ 4.03 billion. Reliance Steel & Aluminum had a return on equity of 27.94% and a net margin of 10.61%. The firm’s quarterly revenue was up 58.0% on a year-over-year basis. During the same period in the prior year, the firm posted $ 4.10 EPS. On average, research analysts predict that Reliance Steel & Aluminum Co. will post 27.9 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, June 10th. Shareholders of record on Friday, May 27th were paid a dividend of $ 0.875 per share. The ex-dividend date of this dividend was Thursday, May 26th. This represents a $ 3.50 dividend on an annualized basis and a yield of 1.99%. Reliance Steel & Aluminum’s dividend payout ratio is presently 13.36%.
In other Reliance Steel & Aluminum news, CEO James Donald Hoffman sold 10,000 shares of the business’s stock in a transaction on Wednesday, April 6th. The shares were sold at an average price of $ 178.59, for a total transaction of $ 1,785,900.00. Following the completion of the sale, the chief executive officer now directly owns 152,738 shares in the company, valued at approximately $ 27,277,479.42. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.62% of the stock is currently owned by insiders.
About Reliance Steel & Aluminum: (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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