Ritholtz Wealth Management Buys Shares of 2,395 Reliance Steel & Aluminum Co. (NYSE:RS)

Ritholtz Wealth Management bought a new stake in shares of Reliance Steel & Aluminum Co. (NYSE:RS) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,395 shares of the industrial products company’s stock, valued at approximately $244,000.

Several other hedge funds also recently made changes to their positions in RS. Russell Investments Group Ltd. grew its position in Reliance Steel & Aluminum by 10.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 193,827 shares of the industrial products company’s stock valued at $18,188,000 after purchasing an additional 18,353 shares during the period. Federated Hermes Inc. grew its holdings in Reliance Steel & Aluminum by 17.5% during the 2nd quarter. Federated Hermes Inc. now owns 37,650 shares of the industrial products company’s stock valued at $3,574,000 after buying an additional 5,599 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in Reliance Steel & Aluminum by 12.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 120,944 shares of the industrial products company’s stock valued at $11,481,000 after buying an additional 13,424 shares in the last quarter. First Trust Advisors LP grew its holdings in Reliance Steel & Aluminum by 6.2% during the 2nd quarter. First Trust Advisors LP now owns 102,636 shares of the industrial products company’s stock valued at $9,743,000 after buying an additional 5,976 shares in the last quarter. Finally, Commonwealth Equity Services LLC purchased a new position in Reliance Steel & Aluminum during the 2nd quarter valued at about $203,000. 80.03% of the stock is owned by institutional investors.

RS stock traded down $1.93 during trading on Monday, reaching $109.31. The stock had a trading volume of 4,187 shares, compared to its average volume of 451,457. Reliance Steel & Aluminum Co. has a 52 week low of $70.57 and a 52 week high of $122.17. The stock’s 50 day moving average is $107.33 and its two-hundred day moving average is $98.32. The company has a current ratio of 4.25, a quick ratio of 1.92 and a debt-to-equity ratio of 0.29. The firm has a market cap of $7.09 billion, a PE ratio of 15.89, a PEG ratio of 1.81 and a beta of 1.10.

Reliance Steel & Aluminum (NYSE:RS) last posted its earnings results on Thursday, October 22nd. The industrial products company reported $1.87 earnings per share for the quarter, beating analysts’ consensus estimates of $1.53 by $0.34. Reliance Steel & Aluminum had a return on equity of 11.52% and a net margin of 4.83%. The company had revenue of $2.09 billion for the quarter, compared to the consensus estimate of $2.12 billion. During the same quarter in the prior year, the company earned $2.39 earnings per share. Reliance Steel & Aluminum’s revenue was down 22.4% on a year-over-year basis. On average, research analysts anticipate that Reliance Steel & Aluminum Co. will post 6.91 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 4th. Stockholders of record on Friday, November 20th will be paid a $0.625 dividend. This represents a $2.50 annualized dividend and a dividend yield of 2.29%. The ex-dividend date is Thursday, November 19th. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is currently 24.18%.

RS has been the subject of several recent analyst reports. Citigroup boosted their price objective on Reliance Steel & Aluminum from $90.00 to $115.00 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft upgraded Reliance Steel & Aluminum from a “hold” rating to a “buy” rating and boosted their target price for the stock from $90.00 to $115.00 in a research report on Tuesday, August 4th. ValuEngine upgraded Reliance Steel & Aluminum from a “sell” rating to a “hold” rating in a research report on Friday. Bank of America upgraded Reliance Steel & Aluminum from a “neutral” rating to a “buy” rating and set a $123.00 price objective for the company in a research report on Friday. Finally, BofA Securities upgraded Reliance Steel & Aluminum from a “neutral” rating to a “buy” rating and set a $123.00 price objective for the company in a research report on Friday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. Reliance Steel & Aluminum currently has a consensus rating of “Hold” and an average target price of $113.00.

Reliance Steel & Aluminum 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 processing services to general manufacturing, non-residential construction, transportation, aerospace and defense, energy, electronics and semiconductor fabrication, and heavy industries.

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

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