Reliance Steel & Aluminum Co (NYSE:RS) saw a large decline in short interest in June. As of June 30th, there was short interest totalling 1,613,500 shares, a decline of 18.9% from the May 30th total of 1,990,300 shares. Based on an average daily trading volume, of 424,800 shares, the short-interest ratio is currently 3.8 days. Currently, 2.5% of the shares of the stock are short sold.
A number of equities research analysts recently weighed in on RS shares. Citigroup set a $98.00 price objective on Reliance Steel & Aluminum and gave the stock a “hold” rating in a research report on Monday, May 20th. Longbow Research lowered Reliance Steel & Aluminum from a “neutral” rating to an “underperform” rating and set a $76.00 price objective on the stock. in a research report on Thursday, April 18th. Cowen set a $100.00 price objective on Reliance Steel & Aluminum and gave the stock a “buy” rating in a research report on Wednesday, June 26th. Deutsche Bank set a $81.00 price objective on Franco Nevada and gave the stock a “hold” rating in a research report on Thursday. Finally, Bank of America set a $77.00 price objective on Zscaler and gave the stock a “neutral” rating in a research report on Friday, May 31st. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. Reliance Steel & Aluminum has an average rating of “Hold” and a consensus target price of $96.10.
Shares of NYSE RS traded up $1.03 during trading on Friday, reaching $91.84. The company had a trading volume of 1,193,488 shares, compared to its average volume of 364,531. The company has a fifty day simple moving average of $89.19. Reliance Steel & Aluminum has a 12 month low of $68.62 and a 12 month high of $95.66. The company has a market cap of $6.11 billion, a PE ratio of 10.27, a P/E/G ratio of 1.10 and a beta of 1.31. The company has a current ratio of 4.06, a quick ratio of 1.85 and a debt-to-equity ratio of 0.47.
Reliance Steel & Aluminum (NYSE:RS) last released its quarterly earnings results on Thursday, April 25th. The industrial products company reported $2.80 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $2.96 billion for the quarter, compared to analyst estimates of $2.97 billion. During the same quarter in the previous year, the company posted $2.30 EPS. The business’s revenue was up 7.2% on a year-over-year basis. As a group, sell-side analysts forecast that Reliance Steel & Aluminum will post 9.17 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 24th were given a $0.55 dividend. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.40%. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is presently 24.61%.
In related news, VP Jeffrey Wayne Durham sold 2,675 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $92.29, for a total transaction of $246,875.75. Following the sale, the vice president now owns 8,255 shares in the company, valued at approximately $761,853.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gregg J. Mollins sold 25,000 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $91.81, for a total value of $2,295,250.00. The disclosure for this sale can be found here. Insiders have sold a total of 39,008 shares of company stock valued at $3,580,455 in the last three months. 3.43% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Advisory Services Network LLC boosted its position in shares of Reliance Steel & Aluminum by 982.9% during the 4th quarter. Advisory Services Network LLC now owns 444 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 403 shares in the last quarter. Quadrant Capital Group LLC boosted its position in shares of Reliance Steel & Aluminum by 279.1% during the 1st quarter. Quadrant Capital Group LLC now owns 436 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 321 shares in the last quarter. Parallel Advisors LLC boosted its position in shares of Reliance Steel & Aluminum by 166.0% during the 1st quarter. Parallel Advisors LLC now owns 532 shares of the industrial products company’s stock valued at $48,000 after purchasing an additional 332 shares in the last quarter. Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in shares of Reliance Steel & Aluminum during the 1st quarter valued at about $60,000. Finally, Hilton Capital Management LLC bought a new stake in shares of Reliance Steel & Aluminum during the 1st quarter valued at about $99,000. Hedge funds and other institutional investors own 81.41% of the company’s stock.
Reliance Steel & Aluminum Company Profile
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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