Reliance Steel & Aluminum Co (NYSE:RS) saw a large increase in short interest in August. As of August 31st, there was short interest totalling 1,846,400 shares, an increase of 20.1% from the July 31st total of 1,537,500 shares. Approximately 2.9% of the company’s stock are short sold. Based on an average daily volume of 486,600 shares, the short-interest ratio is currently 3.8 days.
RS has been the topic of several research reports. Deutsche Bank set a $100.00 price target on Reliance Steel & Aluminum and gave the company a “buy” rating in a research report on Thursday, July 11th. Citigroup set a $104.00 price target on Reliance Steel & Aluminum and gave the company a “hold” rating in a research report on Friday, July 26th. Zacks Investment Research raised Reliance Steel & Aluminum from a “sell” rating to a “hold” rating and set a $108.00 price target on the stock in a research report on Monday, July 29th. Cowen set a $108.00 price target on Reliance Steel & Aluminum and gave the company a “buy” rating in a research report on Friday, July 26th. Finally, Bank of America reissued a “neutral” rating and set a $98.00 price target on shares of Reliance Steel & Aluminum in a research report on Friday, May 31st. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $99.89.
Shares of RS stock traded down $0.34 on Friday, hitting $103.40. 280,994 shares of the stock traded hands, compared to its average volume of 459,630. The company has a debt-to-equity ratio of 0.39, a current ratio of 4.42 and a quick ratio of 2.08. The company has a market capitalization of $6.87 billion, a PE ratio of 11.57, a PEG ratio of 1.25 and a beta of 1.30. Reliance Steel & Aluminum has a 1-year low of $68.62 and a 1-year high of $105.25. The company’s fifty day moving average is $98.63 and its 200 day moving average is $92.02.
Reliance Steel & Aluminum (NYSE:RS) last posted its quarterly earnings results on Thursday, July 25th. The industrial products company reported $2.71 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.60 by $0.11. The business had revenue of $2.88 billion for the quarter, compared to analyst estimates of $2.93 billion. Reliance Steel & Aluminum had a return on equity of 12.85% and a net margin of 5.22%. The business’s revenue was down 3.5% compared to the same quarter last year. During the same period in the prior year, the company posted $3.10 EPS. As a group, equities research analysts expect that Reliance Steel & Aluminum will post 9.18 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were given a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 2.13%. The ex-dividend date was Thursday, August 15th. Reliance Steel & Aluminum’s dividend payout ratio is presently 24.61%.
In other Reliance Steel & Aluminum news, VP Arthur Ajemyan sold 3,200 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $101.61, for a total value of $325,152.00. Following the transaction, the vice president now directly owns 7,544 shares of the company’s stock, valued at approximately $766,545.84. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 3.43% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of RS. FinTrust Capital Advisors LLC acquired a new stake in Reliance Steel & Aluminum in the second quarter worth $32,000. Rehmann Capital Advisory Group increased its position in Reliance Steel & Aluminum by 997.4% in the second quarter. Rehmann Capital Advisory Group now owns 417 shares of the industrial products company’s stock worth $39,000 after buying an additional 379 shares during the period. Parallel Advisors LLC increased its position in Reliance Steel & Aluminum by 166.0% in the first quarter. Parallel Advisors LLC now owns 532 shares of the industrial products company’s stock worth $48,000 after buying an additional 332 shares during the period. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Reliance Steel & Aluminum in the second quarter worth $53,000. Finally, Advisory Services Network LLC increased its position in Reliance Steel & Aluminum by 39.4% in the second quarter. Advisory Services Network LLC now owns 619 shares of the industrial products company’s stock worth $59,000 after buying an additional 175 shares during the period. 84.01% of the stock is currently owned by hedge funds and other institutional investors.
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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