Reliance Steel & Aluminum Co. (RS) Shares Bought by Legal & General Group Plc

Legal & General Group Plc increased its holdings in Reliance Steel & Aluminum Co. (NYSE:RS) by 5.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 113,455 shares of the industrial products company’s stock after acquiring an additional 6,221 shares during the quarter. Legal & General Group Plc owned about 0.16% of Reliance Steel & Aluminum worth $8,643,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also made changes to their positions in RS. Eagle Asset Management Inc. raised its holdings in Reliance Steel & Aluminum by 2.0% in the third quarter. Eagle Asset Management Inc. now owns 139,798 shares of the industrial products company’s stock worth $10,905,000 after purchasing an additional 2,675 shares in the last quarter. Nordea Investment Management AB raised its holdings in Reliance Steel & Aluminum by 8.6% in the third quarter. Nordea Investment Management AB now owns 28,075 shares of the industrial products company’s stock worth $2,138,000 after purchasing an additional 2,232 shares in the last quarter. Tdam USA Inc. raised its holdings in Reliance Steel & Aluminum by 23.8% in the third quarter. Tdam USA Inc. now owns 21,288 shares of the industrial products company’s stock worth $1,622,000 after purchasing an additional 4,098 shares in the last quarter. Van ECK Associates Corp raised its holdings in Reliance Steel & Aluminum by 12.7% in the third quarter. Van ECK Associates Corp now owns 98,129 shares of the industrial products company’s stock worth $7,474,000 after purchasing an additional 11,031 shares in the last quarter. Finally, Yorktown Management & Research Co Inc bought a new position in Reliance Steel & Aluminum in the third quarter worth $845,000. 82.34% of the stock is owned by institutional investors.

In other news, SVP William A. Smith II sold 1,123 shares of the firm’s stock in a transaction on Friday, December 8th. The stock was sold at an average price of $82.69, for a total transaction of $92,860.87. Following the completion of the transaction, the senior vice president now directly owns 15,320 shares in the company, valued at $1,266,810.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.73% of the stock is owned by company insiders.

RS has been the subject of a number of research reports. Jefferies Group reiterated a “hold” rating on shares of Reliance Steel & Aluminum in a report on Thursday, August 31st. Cowen reiterated a “buy” rating and issued a $92.00 price objective on shares of Reliance Steel & Aluminum in a report on Friday, September 1st. Bank of America reiterated a “buy” rating and issued a $89.00 price objective (up previously from $88.00) on shares of Reliance Steel & Aluminum in a report on Tuesday, September 5th. Macquarie assumed coverage on Reliance Steel & Aluminum in a report on Wednesday, September 6th. They issued an “outperform” rating for the company. Finally, Zacks Investment Research upgraded Reliance Steel & Aluminum from a “hold” rating to a “buy” rating and set a $86.00 price target for the company in a report on Monday, October 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. Reliance Steel & Aluminum presently has an average rating of “Buy” and a consensus target price of $80.33.

Shares of Reliance Steel & Aluminum Co. (NYSE:RS) traded up $0.30 during trading hours on Thursday, hitting $83.98. The stock had a trading volume of 368,400 shares, compared to its average volume of 493,220. Reliance Steel & Aluminum Co. has a 1 year low of $68.46 and a 1 year high of $88.58. The company has a debt-to-equity ratio of 0.43, a current ratio of 4.06 and a quick ratio of 1.79. The company has a market capitalization of $6,101.55, a P/E ratio of 16.54, a PEG ratio of 1.78 and a beta of 1.29.

Reliance Steel & Aluminum (NYSE:RS) last issued its quarterly earnings results on Thursday, October 26th. The industrial products company reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.11. Reliance Steel & Aluminum had a return on equity of 8.61% and a net margin of 3.97%. The firm had revenue of $2.45 billion during the quarter. During the same quarter in the previous year, the business earned $1.25 earnings per share. Reliance Steel & Aluminum’s revenue was up 12.1% compared to the same quarter last year. analysts expect that Reliance Steel & Aluminum Co. will post 5.21 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, December 8th. Stockholders of record on Friday, November 17th were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Thursday, November 16th. This represents a $1.80 annualized dividend and a dividend yield of 2.14%. Reliance Steel & Aluminum’s payout ratio is presently 35.43%.

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Reliance Steel & Aluminum Company Profile

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 (NYSE:RS)

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