Amalgamated Bank Increases Stake in Reliance Steel & Aluminum Co (RS)

Amalgamated Bank increased its position in shares of Reliance Steel & Aluminum Co (NYSE:RS) by 3.0% during the first quarter, Holdings Channel reports. The institutional investor owned 11,063 shares of the industrial products company’s stock after buying an additional 325 shares during the period. Amalgamated Bank’s holdings in Reliance Steel & Aluminum Co were worth $885,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Reliance Steel & Aluminum Co by 11,996.1% in the first quarter. BlackRock Inc. now owns 6,681,296 shares of the industrial products company’s stock worth $534,635,000 after buying an additional 6,626,061 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Reliance Steel & Aluminum Co by 4.2% in the first quarter. Vanguard Group Inc. now owns 5,934,721 shares of the industrial products company’s stock worth $474,896,000 after buying an additional 239,449 shares in the last quarter. State Street Corp increased its stake in shares of Reliance Steel & Aluminum Co by 1.6% in the fourth quarter. State Street Corp now owns 2,502,770 shares of the industrial products company’s stock worth $199,080,000 after buying an additional 38,287 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Reliance Steel & Aluminum Co by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 2,500,776 shares of the industrial products company’s stock worth $200,111,000 after buying an additional 23,898 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in shares of Reliance Steel & Aluminum Co by 22.7% in the first quarter. Victory Capital Management Inc. now owns 2,127,546 shares of the industrial products company’s stock worth $170,245,000 after buying an additional 393,700 shares in the last quarter. 83.68% of the stock is currently owned by institutional investors and hedge funds.

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

Shares of Reliance Steel & Aluminum Co (NYSE:RS) traded down 3.896% on Tuesday, reaching $69.685. 599,830 shares of the company’s stock were exchanged. Reliance Steel & Aluminum Co has a one year low of $65.10 and a one year high of $88.58. The company has a 50 day moving average price of $73.90 and a 200 day moving average price of $79.54. The firm has a market cap of $5.08 billion, a PE ratio of 15.791 and a beta of 1.25.

Reliance Steel & Aluminum Co (NYSE:RS) last issued its quarterly earnings data on Thursday, April 27th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.42 by $0.10. The business had revenue of $2.42 billion for the quarter. Reliance Steel & Aluminum Co had a return on equity of 10.68% and a net margin of 4.69%. The firm’s revenue was up 11.9% on a year-over-year basis. During the same period last year, the company earned $1.03 earnings per share. Analysts expect that Reliance Steel & Aluminum Co will post $5.59 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 16th. Stockholders of record on Friday, May 26th were issued a dividend of $0.45 per share. The ex-dividend date was Wednesday, May 24th. This represents a $1.80 annualized dividend and a dividend yield of 2.48%. Reliance Steel & Aluminum Co’s dividend payout ratio (DPR) is 40.72%.

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A number of equities research analysts recently weighed in on RS shares. Macquarie raised shares of Reliance Steel & Aluminum Co from a “neutral” rating to an “outperform” rating in a research note on Tuesday, March 14th. Longbow Research started coverage on shares of Reliance Steel & Aluminum Co in a research note on Wednesday, April 19th. They issued a “neutral” rating on the stock. Jefferies Group LLC reaffirmed a “hold” rating and issued a $77.00 target price (down from $80.00) on shares of Reliance Steel & Aluminum Co in a research note on Friday, April 28th. Bank of America Corporation raised shares of Reliance Steel & Aluminum Co from a “neutral” rating to a “buy” rating and set a $88.00 target price on the stock in a research note on Tuesday, May 23rd. They noted that the move was a valuation call. Finally, Barclays PLC reaffirmed a “hold” rating and issued a $59.00 target price on shares of Reliance Steel & Aluminum Co in a research note on Monday, May 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $83.25.

About Reliance Steel & Aluminum Co

Reliance Steel & Aluminum Co is a metals service center company in North America (the United States and Canada). As of December 31, 2016, the Company’s network of metals service centers operated over 300 locations in 39 states in the United States and in 12 other countries (Australia, Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom).new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “RS”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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