Partnervest Advisory Services LLC Has $6,323,000 Stake in Reliance Steel & Aluminum Co. (RS)

Partnervest Advisory Services LLC maintained its position in shares of Reliance Steel & Aluminum Co. (NYSE:RS) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 86,847 shares of the industrial products company’s stock at the end of the second quarter. Reliance Steel & Aluminum Co. accounts for 2.9% of Partnervest Advisory Services LLC’s holdings, making the stock its 4th largest position. Partnervest Advisory Services LLC’s holdings in Reliance Steel & Aluminum Co. were worth $6,323,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in RS. BlackRock Inc. increased its position 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 valued at $534,635,000 after buying an additional 6,626,061 shares in the last quarter. Vanguard Group Inc. increased its position 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 valued at $474,896,000 after buying an additional 239,449 shares in the last quarter. State Street Corp increased its position in shares of Reliance Steel & Aluminum Co. by 2.2% in the first quarter. State Street Corp now owns 2,558,032 shares of the industrial products company’s stock valued at $204,690,000 after buying an additional 55,262 shares in the last quarter. Dimensional Fund Advisors LP increased its position 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 valued at $200,111,000 after buying an additional 23,898 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position 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 valued at $170,245,000 after buying an additional 393,700 shares in the last quarter. Institutional investors and hedge funds own 83.28% of the company’s stock.

Shares of Reliance Steel & Aluminum Co. (NYSE:RS) opened at 72.34 on Thursday. The firm’s 50 day moving average is $73.07 and its 200-day moving average is $77.20. The company has a market cap of $5.27 billion, a PE ratio of 16.31 and a beta of 1.23. Reliance Steel & Aluminum Co. has a 1-year low of $65.10 and a 1-year high of $88.58.

Reliance Steel & Aluminum Co. (NYSE:RS) last posted its quarterly earnings data on Thursday, July 27th. The industrial products company reported $1.40 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.38 by $0.02. The firm had revenue of $2.48 billion for the quarter. Reliance Steel & Aluminum Co. had a net margin of 3.57% and a return on equity of 8.67%. The business’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.36 EPS. Equities analysts expect that Reliance Steel & Aluminum Co. will post $5.17 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Friday, August 18th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.49%. The ex-dividend date is Wednesday, August 16th. Reliance Steel & Aluminum Co.’s dividend payout ratio (DPR) is currently 40.54%.

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RS has been the subject of several research analyst reports. Zacks Investment Research upgraded shares of Reliance Steel & Aluminum Co. from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. BidaskClub downgraded shares of Reliance Steel & Aluminum Co. from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Longbow Research initiated coverage on shares of Reliance Steel & Aluminum Co. in a research report on Wednesday, April 19th. They set a “neutral” rating for the company. Jefferies Group LLC restated a “hold” rating and set a $77.00 price objective (down from $80.00) on shares of Reliance Steel & Aluminum Co. in a research report on Friday, April 28th. Finally, Bank of America Corporation upgraded shares of Reliance Steel & Aluminum Co. from a “neutral” rating to a “buy” rating and set a $88.00 price objective for the company in a research report on Tuesday, May 23rd. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. Reliance Steel & Aluminum Co. has an average rating of “Buy” and an average price target of $82.86.

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).

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

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