Short Interest in Reliance Steel & Aluminum Co. (NYSE:RS) Declines By 20.8%

Reliance Steel & Aluminum Co. (NYSE:RS) was the recipient of a significant decrease in short interest during the month of August. As of August 31st, there was short interest totalling 605,600 shares, a decrease of 20.8% from the August 15th total of 764,200 shares. Based on an average trading volume of 331,100 shares, the days-to-cover ratio is presently 1.8 days. Approximately 1.0% of the shares of the stock are sold short.

In other news, CEO James Donald Hoffman sold 5,000 shares of the stock in a transaction dated Tuesday, July 6th. The shares were sold at an average price of $151.57, for a total value of $757,850.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.43% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of RS. BlackRock Inc. lifted its stake in Reliance Steel & Aluminum by 14.3% during the 1st quarter. BlackRock Inc. now owns 6,494,396 shares of the industrial products company’s stock valued at $989,033,000 after acquiring an additional 811,035 shares in the last quarter. Amundi bought a new stake in shares of Reliance Steel & Aluminum during the 2nd quarter worth $97,747,000. Lord Abbett & CO. LLC raised its stake in shares of Reliance Steel & Aluminum by 85.6% during the 2nd quarter. Lord Abbett & CO. LLC now owns 1,237,124 shares of the industrial products company’s stock worth $186,683,000 after purchasing an additional 570,732 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Reliance Steel & Aluminum by 35.3% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,618,043 shares of the industrial products company’s stock worth $244,163,000 after purchasing an additional 421,896 shares during the period. Finally, Prudential Financial Inc. raised its stake in shares of Reliance Steel & Aluminum by 430.8% during the 2nd quarter. Prudential Financial Inc. now owns 482,944 shares of the industrial products company’s stock worth $72,877,000 after purchasing an additional 391,954 shares during the period. Institutional investors and hedge funds own 81.66% of the company’s stock.

A number of research analysts have recently commented on the stock. Citigroup raised shares of Reliance Steel & Aluminum from a “neutral” rating to a “buy” rating and increased their target price for the stock from $160.00 to $200.00 in a report on Monday, July 26th. JPMorgan Chase & Co. started coverage on shares of Reliance Steel & Aluminum in a research report on Wednesday, June 16th. They set an “overweight” rating and a $181.00 target price for the company. Seaport Res Ptn reissued a “buy” rating on shares of Reliance Steel & Aluminum in a research report on Monday, August 23rd. Seaport Global Securities began coverage on shares of Reliance Steel & Aluminum in a research report on Monday, August 23rd. They set a “buy” rating and a $165.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft raised shares of Reliance Steel & Aluminum to a “hold” rating and raised their price objective for the stock from $165.00 to $175.00 in a research report on Wednesday, September 15th. They noted that the move was a valuation call. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $162.38.

NYSE RS traded up $5.44 during mid-day trading on Wednesday, hitting $145.61. The company’s stock had a trading volume of 13,878 shares, compared to its average volume of 372,664. The company’s 50 day simple moving average is $151.05 and its 200 day simple moving average is $155.98. Reliance Steel & Aluminum has a twelve month low of $99.98 and a twelve month high of $181.21. The company has a current ratio of 4.36, a quick ratio of 2.54 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $9.24 billion, a price-to-earnings ratio of 11.02 and a beta of 1.04.

Reliance Steel & Aluminum (NYSE:RS) last posted its quarterly earnings results on Wednesday, July 21st. The industrial products company reported $5.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.89 by $0.17. Reliance Steel & Aluminum had a net margin of 7.86% and a return on equity of 15.96%. The business had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.19 billion. During the same quarter last year, the firm posted $1.36 EPS. Reliance Steel & Aluminum’s revenue was up 69.3% compared to the same quarter last year. As a group, research analysts forecast that Reliance Steel & Aluminum will post 18.01 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 27th. Shareholders of record on Friday, August 13th were paid a dividend of $0.688 per share. The ex-dividend date of this dividend was Thursday, August 12th. This is a boost from Reliance Steel & Aluminum’s previous quarterly dividend of $0.69. This represents a $2.75 annualized dividend and a yield of 1.89%. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is 35.67%.

About Reliance Steel & Aluminum

Reliance Steel & Aluminum Co engages in the provision of metals processing services and distribution of metal products. It offers alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and specialty steel products. The company was founded by Thomas J. Neilan on February 3, 1939 and is headquartered in Los Angeles, CA.

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