Reliance Steel & Aluminum Co. (NYSE:RS) Shares Sold by Swiss National Bank

Posted by Defense World Staff on May 12th, 2023

Swiss National Bank trimmed its stake in shares of Reliance Steel & Aluminum Co. (NYSE:RS – Get Rating) by 0.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 145,600 shares of the industrial products company’s stock after selling 1,300 shares during the period. Swiss National Bank owned about 0.25% of Reliance Steel & Aluminum worth $29,475,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. State Street Corp lifted its position in shares of Reliance Steel & Aluminum by 16.4% in the first quarter. State Street Corp now owns 2,549,898 shares of the industrial products company’s stock valued at $467,524,000 after acquiring an additional 359,364 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Reliance Steel & Aluminum by 121.1% in the first quarter. First Trust Advisors LP now owns 515,735 shares of the industrial products company’s stock valued at $94,560,000 after acquiring an additional 282,481 shares in the last quarter. Pacer Advisors Inc. lifted its position in shares of Reliance Steel & Aluminum by 123.8% in the fourth quarter. Pacer Advisors Inc. now owns 329,950 shares of the industrial products company’s stock valued at $66,795,000 after acquiring an additional 182,502 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of Reliance Steel & Aluminum in the first quarter valued at approximately $22,389,000. Finally, Dearborn Partners LLC purchased a new position in shares of Reliance Steel & Aluminum in the fourth quarter valued at approximately $21,324,000. 81.73% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Reliance Steel & Aluminum news, VP Sean Michael Mollins sold 4,750 shares of the business’s stock in a transaction that occurred on 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 transaction, the vice president now owns 16,930 shares in the company, valued at approximately $4,467,319.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Reliance Steel & Aluminum news, VP Sean Michael Mollins sold 4,750 shares of the firm’s stock in a transaction on 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 completion of the transaction, the vice president now owns 16,930 shares of the company’s stock, valued at $4,467,319.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James Donald Hoffman sold 20,000 shares of the firm’s stock in a transaction 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 sale, the director now owns 75,333 shares in the company, valued at approximately $18,320,985.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,390 shares of company stock worth $6,521,708. Company insiders own 0.71% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on RS. Citigroup raised their target price on Reliance Steel & Aluminum from $230.00 to $280.00 and gave the stock a “buy” rating in a research note on Friday, February 17th. KeyCorp lifted their price objective on Reliance Steel & Aluminum from $235.00 to $265.00 and gave the company an “overweight” rating in a research note on Friday, February 17th. BMO Capital Markets boosted their target price on Reliance Steel & Aluminum from $235.00 to $265.00 in a research note on Friday, February 17th. The Goldman Sachs Group boosted their target price on Reliance Steel & Aluminum from $245.00 to $270.00 and gave the stock a “neutral” rating in a research note on Friday, March 10th. Finally, StockNews.com assumed coverage on Reliance Steel & Aluminum in a research note on Thursday, March 16th. They set a “buy” rating for the company. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $270.00.

Reliance Steel & Aluminum Stock Down 0.5 %

RS opened at $239.39 on Friday. The business has a 50 day moving average price of $248.53 and a two-hundred day moving average price of $226.46. The company has a quick ratio of 2.80, a current ratio of 4.83 and a debt-to-equity ratio of 0.16. The company has a market cap of $14.07 billion, a PE ratio of 8.58 and a beta of 0.88. Reliance Steel & Aluminum Co. has a 52 week low of $160.29 and a 52 week high of $264.42.

Reliance Steel & Aluminum (NYSE:RS – Get Rating) last posted its quarterly earnings data on Thursday, April 27th. The industrial products company reported $6.37 EPS for the quarter, beating the consensus estimate of $5.70 by $0.67. Reliance Steel & Aluminum had a return on equity of 24.11% and a net margin of 10.30%. The firm had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $3.92 billion. During the same period in the prior year, the business earned $8.42 EPS. The firm’s revenue was down 11.6% compared to the same quarter last year. As a group, research analysts anticipate that Reliance Steel & Aluminum Co. will post 21.62 EPS for the current year.

Reliance Steel & Aluminum Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 9th. Shareholders 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 yield of 1.67%. The ex-dividend date is Thursday, May 25th. Reliance Steel & Aluminum’s payout ratio is 14.33%.

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.