California Public Employees Retirement System Purchases 8,530 Shares of Reliance Steel & Aluminum Co. (NYSE:RS)

Posted by Defense World Staff on May 11th, 2023

California Public Employees Retirement System raised its position in shares of Reliance Steel & Aluminum Co. (NYSE:RS – Get Rating) by 5.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 152,810 shares of the industrial products company’s stock after acquiring an additional 8,530 shares during the period. California Public Employees Retirement System owned approximately 0.26% of Reliance Steel & Aluminum worth $30,935,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Worth Asset Management LLC purchased a new stake in Reliance Steel & Aluminum in the first quarter worth about $28,000. Tobam acquired a new position in Reliance Steel & Aluminum in the 3rd quarter worth approximately $33,000. Penserra Capital Management LLC acquired a new stake in shares of Reliance Steel & Aluminum during the 1st quarter worth approximately $46,000. EverSource Wealth Advisors LLC lifted its position in shares of Reliance Steel & Aluminum by 387.8% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 439 shares of the industrial products company’s stock valued at $77,000 after buying an additional 349 shares in the last quarter. Finally, Ronald Blue Trust Inc. lifted its position in shares of Reliance Steel & Aluminum by 137.6% during the 4th quarter. Ronald Blue Trust Inc. now owns 582 shares of the industrial products company’s stock valued at $102,000 after buying an additional 337 shares in the last quarter. Institutional investors own 81.73% of the company’s stock.

Insider Activity

In related news, Director James Donald Hoffman sold 20,000 shares of the company’s stock in a transaction on Tuesday, February 21st. The stock was sold at an average price of $243.20, for a total transaction of $4,864,000.00. Following the transaction, the director now directly owns 75,333 shares of the company’s stock, valued at $18,320,985.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Reliance Steel & Aluminum news, Director James Donald Hoffman sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 21st. The stock was sold at an average price of $243.20, for a total value of $4,864,000.00. Following the completion of the transaction, the director now owns 75,333 shares of the company’s stock, valued at approximately $18,320,985.60. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Arthur Ajemyan sold 1,640 shares of the firm’s stock in a transaction on Monday, February 27th. The shares were sold at an average price of $246.54, for a total value of $404,325.60. Following the sale, the chief financial officer now directly owns 13,028 shares of the company’s stock, valued at $3,211,923.12. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,390 shares of company stock worth $6,521,708. 0.71% of the stock is owned by company insiders.

Reliance Steel & Aluminum Stock Performance

NYSE RS opened at $240.65 on Thursday. The business’s 50-day moving average price is $248.94 and its 200 day moving average price is $226.37. Reliance Steel & Aluminum Co. has a twelve month low of $160.29 and a twelve month high of $264.42. The company has a market capitalization of $14.15 billion, a PE ratio of 8.62 and a beta of 0.88. The company has a current ratio of 4.83, a quick ratio of 2.80 and a debt-to-equity ratio of 0.16.

Reliance Steel & Aluminum (NYSE:RS – Get Rating) last issued its quarterly earnings data on Thursday, April 27th. The industrial products company reported $6.37 earnings per share for the quarter, beating analysts’ consensus estimates of $5.70 by $0.67. The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $3.92 billion. Reliance Steel & Aluminum had a return on equity of 24.11% and a net margin of 10.30%. Reliance Steel & Aluminum’s quarterly revenue was down 11.6% on a year-over-year basis. During the same quarter last year, the firm earned $8.42 EPS. On average, research analysts predict that Reliance Steel & Aluminum Co. will post 21.62 earnings per share for the current year.

Reliance Steel & Aluminum Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 9th. Stockholders of record on Friday, May 26th will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 1.66%. The ex-dividend date is Thursday, May 25th. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is presently 14.33%.

Wall Street Analyst Weigh In

RS has been the topic of several analyst reports. KeyCorp lifted their price target on Reliance Steel & Aluminum from $235.00 to $265.00 and gave the stock an “overweight” rating in a report on Friday, February 17th. Wolfe Research downgraded Reliance Steel & Aluminum from an “outperform” rating to a “peer perform” rating in a research report on Friday, April 28th. Citigroup lifted their target price on Reliance Steel & Aluminum from $230.00 to $280.00 and gave the company a “buy” rating in a research report on Friday, February 17th. The Goldman Sachs Group lifted their target price 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. Finally, StockNews.com began coverage on Reliance Steel & Aluminum in a research report on Thursday, March 16th. They issued a “buy” rating for the company. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $270.00.

About Reliance Steel & Aluminum

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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.