State of Alaska Department of Revenue Raises Position in Reliance Steel & Aluminum Co. (NYSE:RS)


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State of Alaska Department of Revenue grew its holdings in shares of Reliance Steel & Aluminum Co. (NYSE:RS) by 58.5% in the 4th quarter, HoldingsChannel.com reports. The firm owned 23,333 shares of the industrial products company’s stock after purchasing an additional 8,615 shares during the quarter. State of Alaska Department of Revenue’s holdings in Reliance Steel & Aluminum were worth $2,793,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of RS. Royal London Asset Management Ltd. lifted its holdings in shares of Reliance Steel & Aluminum by 124.2% during the 3rd quarter. Royal London Asset Management Ltd. now owns 730,509 shares of the industrial products company’s stock valued at $74,611,000 after purchasing an additional 404,704 shares during the last quarter. Ninety One UK Ltd lifted its holdings in shares of Reliance Steel & Aluminum by 42.1% during the 3rd quarter. Ninety One UK Ltd now owns 1,040,243 shares of the industrial products company’s stock valued at $106,146,000 after purchasing an additional 307,980 shares during the last quarter. Scopus Asset Management L.P. purchased a new position in Reliance Steel & Aluminum in the 3rd quarter worth $19,898,000. FMR LLC raised its stake in Reliance Steel & Aluminum by 249.2% in the 1st quarter. FMR LLC now owns 227,173 shares of the industrial products company’s stock worth $20,504,000 after acquiring an additional 162,118 shares during the last quarter. Finally, AJO LP raised its stake in Reliance Steel & Aluminum by 55.4% in the 3rd quarter. AJO LP now owns 424,679 shares of the industrial products company’s stock worth $43,333,000 after acquiring an additional 151,341 shares during the last quarter. Hedge funds and other institutional investors own 80.03% of the company’s stock.

NYSE RS opened at $132.12 on Thursday. Reliance Steel & Aluminum Co. has a fifty-two week low of $70.57 and a fifty-two week high of $135.33. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.92 and a current ratio of 4.25. The firm has a market capitalization of $8.42 billion, a P/E ratio of 18.87, a PEG ratio of 1.81 and a beta of 1.10. The stock has a 50-day simple moving average of $121.84 and a two-hundred day simple moving average of $109.71.

Reliance Steel & Aluminum (NYSE:RS) last posted its earnings results on Thursday, October 22nd. The industrial products company reported $1.87 EPS for the quarter, beating the Zacks’ consensus estimate of $1.53 by $0.34. Reliance Steel & Aluminum had a return on equity of 11.52% and a net margin of 4.83%. The firm had revenue of $2.09 billion for the quarter, compared to analysts’ expectations of $2.12 billion. During the same period last year, the firm earned $2.39 EPS. The company’s quarterly revenue was down 22.4% on a year-over-year basis. As a group, analysts forecast that Reliance Steel & Aluminum Co. will post 6.91 earnings per share for the current year.

In related news, CFO Karla R. Lewis sold 9,280 shares of Reliance Steel & Aluminum stock in a transaction dated Thursday, December 3rd. The stock was sold at an average price of $119.67, for a total value of $1,110,537.60. Following the sale, the chief financial officer now directly owns 89,691 shares in the company, valued at approximately $10,733,321.97. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Arthur Ajemyan sold 2,275 shares of Reliance Steel & Aluminum stock in a transaction dated Thursday, December 3rd. The stock was sold at an average price of $119.69, for a total value of $272,294.75. Following the completion of the sale, the vice president now owns 8,518 shares in the company, valued at $1,019,519.42. The disclosure for this sale can be found here. Insiders have sold a total of 24,967 shares of company stock worth $2,975,013 over the last 90 days. Insiders own 3.43% of the company’s stock.

A number of equities analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft lowered Reliance Steel & Aluminum from a “buy” rating to a “hold” rating and set a $123.00 target price for the company. in a research note on Friday, January 8th. BidaskClub lowered Reliance Steel & Aluminum from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 18th. Bank of America upgraded Reliance Steel & Aluminum from a “neutral” rating to a “buy” rating and set a $123.00 target price for the company in a research note on Friday, October 23rd. Finally, ValuEngine upgraded Reliance Steel & Aluminum from a “sell” rating to a “hold” rating in a research note on Friday, October 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $111.75.

About Reliance Steel & Aluminum

Reliance Steel & Aluminum Co operates as a metals service center company. The company provides alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products and processing services to general manufacturing, non-residential construction, transportation, aerospace and defense, energy, electronics and semiconductor fabrication, and heavy industries.

Read More: Exchange-Traded Funds (ETFs)

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

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