Wedbush Securities Inc. Makes New Investment in Reliance Steel & Aluminum Co. (NYSE:RS)

Posted by on Apr 19th, 2023

Wedbush Securities Inc. acquired a new stake in Reliance Steel & Aluminum Co. (NYSE:RS – Get Rating) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,203 shares of the industrial products company’s stock, valued at approximately $244,000.

A number of other hedge funds have also made changes to their positions in the stock. Flputnam Investment Management Co. lifted its position in Reliance Steel & Aluminum by 1.9% in the fourth quarter. Flputnam Investment Management Co. now owns 9,614 shares of the industrial products company’s stock worth $1,946,000 after purchasing an additional 176 shares during the period. New York State Common Retirement Fund raised its stake in shares of Reliance Steel & Aluminum by 6.5% in the 4th quarter. New York State Common Retirement Fund now owns 103,457 shares of the industrial products company’s stock worth $20,944,000 after buying an additional 6,351 shares in the last quarter. Oliver Luxxe Assets LLC lifted its holdings in shares of Reliance Steel & Aluminum by 0.8% in the fourth quarter. Oliver Luxxe Assets LLC now owns 24,857 shares of the industrial products company’s stock valued at $5,032,000 after buying an additional 208 shares during the period. Nordwand Advisors LLC bought a new position in Reliance Steel & Aluminum during the fourth quarter valued at about $11,306,000. Finally, Inspire Advisors LLC acquired a new position in Reliance Steel & Aluminum during the fourth quarter worth about $499,000. Institutional investors and hedge funds own 81.73% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on RS. The Goldman Sachs Group increased their price target on Reliance Steel & Aluminum from $245.00 to $270.00 and gave the company a “neutral” rating in a research report on Friday, March 10th. KeyCorp increased their target price on shares of Reliance Steel & Aluminum from $235.00 to $265.00 and gave the stock an “overweight” rating in a research report on Friday, February 17th. StockNews.com initiated coverage on shares of Reliance Steel & Aluminum in a report on Thursday, March 16th. They set a “buy” rating on the stock. BMO Capital Markets increased their price objective on Reliance Steel & Aluminum from $235.00 to $265.00 in a report on Friday, February 17th. Finally, Bank of America started coverage on Reliance Steel & Aluminum in a research report on Wednesday, January 4th. They set a “neutral” rating for the company. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Reliance Steel & Aluminum currently has an average rating of “Moderate Buy” and an average target price of $261.20.

Insider Activity at Reliance Steel & Aluminum

In other Reliance Steel & Aluminum news, VP Sean Michael Mollins sold 4,750 shares of the firm’s stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $263.87, for a total transaction of $1,253,382.50. Following the completion of the transaction, the vice president now owns 16,930 shares in the company, valued at $4,467,319.10. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director James Donald Hoffman sold 20,000 shares of the business’s stock in a transaction on Tuesday, February 21st. The shares were sold at an average price of $243.20, for a total value of $4,864,000.00. Following the sale, the director now owns 75,333 shares in the company, valued at approximately $18,320,985.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Sean Michael Mollins sold 4,750 shares of the stock in a transaction dated Friday, March 3rd. The stock was sold at an average price of $263.87, for a total transaction of $1,253,382.50. Following the sale, the vice president now owns 16,930 shares of the company’s stock, valued at approximately $4,467,319.10. The disclosure for this sale can be found here. Insiders have sold a total of 26,390 shares of company stock valued at $6,521,708 over the last quarter. 0.71% of the stock is owned by company insiders.

Reliance Steel & Aluminum Price Performance

Shares of RS stock opened at $253.53 on Wednesday. The company has a market capitalization of $14.92 billion, a P/E ratio of 8.50 and a beta of 0.88. The company has a current ratio of 3.55, a quick ratio of 2.10 and a debt-to-equity ratio of 0.16. Reliance Steel & Aluminum Co. has a 12 month low of $160.29 and a 12 month high of $264.42. The stock has a 50 day moving average of $247.22 and a two-hundred day moving average of $219.66.

Reliance Steel & Aluminum (NYSE:RS – Get Rating) last issued its earnings results on Thursday, February 16th. The industrial products company reported $5.87 EPS for the quarter, topping the consensus estimate of $4.47 by $1.40. The firm had revenue of $3.61 billion during the quarter, compared to analysts’ expectations of $3.64 billion. Reliance Steel & Aluminum had a return on equity of 27.01% and a net margin of 10.81%. Reliance Steel & Aluminum’s quarterly revenue was down 9.5% compared to the same quarter last year. During the same period last year, the business earned $6.83 earnings per share. As a group, equities analysts expect that Reliance Steel & Aluminum Co. will post 21.43 EPS for the current year.

Reliance Steel & Aluminum Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 24th. Stockholders of record on Friday, March 10th were given a dividend of $1.00 per share. This is a positive change from Reliance Steel & Aluminum’s previous quarterly dividend of $0.88. This represents a $4.00 annualized dividend and a dividend yield of 1.58%. The ex-dividend date of this dividend was Thursday, March 9th. Reliance Steel & Aluminum’s payout ratio is 13.42%.

Reliance Steel & Aluminum Company Profile

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Reliance Steel & Aluminum Co engages in the provision of a metal distribution center. It offers alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products. The company was founded by Thomas J. Neilan on February 3, 1939, and is headquartered in Scottsdale, AZ.

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

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