Ryerson Holding Co. (NYSE:RYI) Stake Boosted by Summit Global Investments

Summit Global Investments boosted its holdings in Ryerson Holding Co. (NYSE:RYI) by 15.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 33,320 shares of the basic materials company’s stock after acquiring an additional 4,573 shares during the period. Summit Global Investments owned about 0.10% of Ryerson worth $1,156,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. SG Americas Securities LLC bought a new stake in shares of Ryerson in the 3rd quarter worth approximately $219,000. Bank of New York Mellon Corp boosted its holdings in shares of Ryerson by 3.6% during the third quarter. Bank of New York Mellon Corp now owns 342,029 shares of the basic materials company’s stock valued at $9,950,000 after acquiring an additional 11,957 shares during the period. Strs Ohio grew its position in shares of Ryerson by 23.4% during the third quarter. Strs Ohio now owns 21,100 shares of the basic materials company’s stock worth $613,000 after acquiring an additional 4,000 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Ryerson by 9.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 443,992 shares of the basic materials company’s stock worth $12,916,000 after acquiring an additional 37,518 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its position in Ryerson by 22.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 14,213 shares of the basic materials company’s stock valued at $413,000 after purchasing an additional 2,596 shares during the last quarter. 94.81% of the stock is currently owned by institutional investors and hedge funds.

Ryerson Price Performance

RYI stock traded down $0.45 during trading on Friday, hitting $22.84. The company had a trading volume of 670,714 shares, compared to its average volume of 262,101. The firm has a market capitalization of $784.33 million, a price-to-earnings ratio of 8.85 and a beta of 1.69. The company has a current ratio of 2.09, a quick ratio of 0.95 and a debt-to-equity ratio of 0.55. The business has a 50 day moving average of $31.54 and a 200 day moving average of $31.58. Ryerson Holding Co. has a fifty-two week low of $22.32 and a fifty-two week high of $44.70.

Ryerson (NYSE:RYI) last issued its quarterly earnings results on Wednesday, February 21st. The basic materials company reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.49. Ryerson had a net margin of 1.84% and a return on equity of 10.27%. The company had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same period in the prior year, the business posted ($0.65) EPS.

Ryerson Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Thursday, June 6th will be paid a $0.188 dividend. This represents a $0.75 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date of this dividend is Thursday, June 6th. Ryerson’s dividend payout ratio is presently 29.07%.

Insider Activity

In other news, insider Alagu Sundarrajan sold 2,593 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $32.52, for a total transaction of $84,324.36. Following the completion of the transaction, the insider now owns 10,484 shares in the company, valued at approximately $340,939.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, COO Michael Burbach bought 4,000 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were bought at an average cost of $23.75 per share, with a total value of $95,000.00. Following the completion of the transaction, the chief operating officer now directly owns 226,263 shares of the company’s stock, valued at $5,373,746.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Alagu Sundarrajan sold 2,593 shares of the stock in a transaction on Monday, March 25th. The shares were sold at an average price of $32.52, for a total value of $84,324.36. Following the completion of the transaction, the insider now owns 10,484 shares of the company’s stock, valued at approximately $340,939.68. The disclosure for this sale can be found here. Insiders own 3.88% of the company’s stock.

Analyst Ratings Changes

RYI has been the topic of several analyst reports. StockNews.com lowered shares of Ryerson from a “buy” rating to a “hold” rating in a research note on Friday. BMO Capital Markets lowered their target price on Ryerson from $33.00 to $28.00 and set a “market perform” rating on the stock in a research report on Thursday.

About Ryerson

Ryerson Holding Corporation, together with its subsidiaries, processes and distributes industrial metals in the United States and internationally. It offers a line of products in carbon steel, stainless steel, alloy steels, and aluminum, as well as nickel and red metals in various shapes and forms, including coils, sheets, rounds, hexagons, square and flat bars, plates, structural, and tubing.