New York State Teachers Retirement System Has $7.58 Million Position in Reliance Steel & Aluminum Co (RS)

New York State Teachers Retirement System decreased its position in Reliance Steel & Aluminum Co (NYSE:RS) by 4.1% in the 1st quarter, Holdings Channel reports. The firm owned 84,012 shares of the industrial products company’s stock after selling 3,605 shares during the period. New York State Teachers Retirement System’s holdings in Reliance Steel & Aluminum were worth $7,583,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in RS. Oregon Public Employees Retirement Fund raised its stake in Reliance Steel & Aluminum by 7,017.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,033,327 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 2,004,757 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Reliance Steel & Aluminum by 23.8% during the 4th quarter. Victory Capital Management Inc. now owns 4,001,940 shares of the industrial products company’s stock valued at $284,819,000 after acquiring an additional 768,834 shares during the last quarter. Norges Bank acquired a new position in shares of Reliance Steel & Aluminum during the 4th quarter valued at about $52,211,000. Poplar Forest Capital LLC increased its stake in shares of Reliance Steel & Aluminum by 38.2% during the 4th quarter. Poplar Forest Capital LLC now owns 790,061 shares of the industrial products company’s stock valued at $56,229,000 after acquiring an additional 218,217 shares during the last quarter. Finally, BNP Paribas Arbitrage SA increased its stake in shares of Reliance Steel & Aluminum by 210.8% during the 1st quarter. BNP Paribas Arbitrage SA now owns 81,726 shares of the industrial products company’s stock valued at $7,377,000 after acquiring an additional 55,427 shares during the last quarter. 82.22% of the stock is owned by hedge funds and other institutional investors.

NYSE RS opened at $84.85 on Friday. Reliance Steel & Aluminum Co has a 12 month low of $68.62 and a 12 month high of $97.41. The company has a debt-to-equity ratio of 0.47, a current ratio of 4.06 and a quick ratio of 1.85. The stock has a market cap of $6.01 billion, a PE ratio of 9.49, a P/E/G ratio of 1.07 and a beta of 1.26.

Reliance Steel & Aluminum (NYSE:RS) last issued its earnings results on Thursday, April 25th. The industrial products company reported $2.80 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.38 by $0.42. Reliance Steel & Aluminum had a return on equity of 13.70% and a net margin of 5.58%. The business had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $2.97 billion. During the same quarter in the previous year, the business earned $2.30 EPS. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, analysts expect that Reliance Steel & Aluminum Co will post 9.26 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 24th will be issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date is Thursday, May 23rd. Reliance Steel & Aluminum’s payout ratio is currently 24.61%.

In other news, VP Michael Patrick Shanley sold 8,870 shares of the business’s stock in a transaction dated Tuesday, February 26th. The stock was sold at an average price of $90.62, for a total transaction of $803,799.40. Following the completion of the sale, the vice president now owns 38,137 shares in the company, valued at approximately $3,455,974.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP William A. Smith II sold 3,025 shares of the business’s stock in a transaction dated Monday, February 25th. The stock was sold at an average price of $90.63, for a total value of $274,155.75. Following the sale, the senior vice president now owns 25,505 shares of the company’s stock, valued at approximately $2,311,518.15. The disclosure for this sale can be found here. Insiders have sold a total of 117,570 shares of company stock valued at $10,619,764 in the last quarter. Company insiders own 3.43% of the company’s stock.

RS has been the subject of a number of research analyst reports. Cowen reaffirmed an “outperform” rating and set a $95.00 price objective (up previously from $80.00) on shares of Reliance Steel & Aluminum in a research note on Tuesday, February 26th. Citigroup set a $98.00 price objective on shares of Reliance Steel & Aluminum and gave the company a “hold” rating in a research note on Monday. Jefferies Financial Group downgraded shares of Reliance Steel & Aluminum from a “buy” rating to a “hold” rating and dropped their price objective for the company from $105.00 to $100.00 in a research note on Friday, April 26th. Finally, Longbow Research downgraded shares of Reliance Steel & Aluminum from a “neutral” rating to an “underperform” rating and set a $76.00 price objective for the company. in a research note on Thursday, April 18th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $93.20.

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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 related processing services to general manufacturing, non-residential construction, transportation, aerospace and defense, energy, electronics and semiconductor fabrication, auto, and heavy industries.

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

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