Arizona State Retirement System Has $4.38 Million Position in Reliance Steel & Aluminum Co. (NYSE:RS)

Posted by Defense World Staff on Jul 18th, 2023

Arizona State Retirement System grew its holdings in Reliance Steel & Aluminum Co. (NYSE:RS – Free Report) by 0.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 17,063 shares of the industrial products company’s stock after purchasing an additional 49 shares during the quarter. Arizona State Retirement System’s holdings in Reliance Steel & Aluminum were worth $4,381,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Worth Asset Management LLC acquired a new stake in Reliance Steel & Aluminum during the first quarter worth about $28,000. Belpointe Asset Management LLC acquired a new stake in Reliance Steel & Aluminum during the fourth quarter worth about $39,000. Massmutual Trust Co. FSB ADV grew its position in Reliance Steel & Aluminum by 124.3% during the first quarter. Massmutual Trust Co. FSB ADV now owns 166 shares of the industrial products company’s stock worth $43,000 after buying an additional 92 shares in the last quarter. Penserra Capital Management LLC bought a new position in Reliance Steel & Aluminum during the first quarter worth about $46,000. Finally, CENTRAL TRUST Co lifted its stake in Reliance Steel & Aluminum by 288.2% during the first quarter. CENTRAL TRUST Co now owns 330 shares of the industrial products company’s stock worth $85,000 after purchasing an additional 245 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have commented on RS shares. StockNews.com started coverage on shares of Reliance Steel & Aluminum in a research note on Thursday, May 18th. They set a “buy” rating for the company. Wolfe Research cut shares of Reliance Steel & Aluminum from an “outperform” rating to a “peer perform” rating in a research note on Friday, April 28th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Reliance Steel & Aluminum has an average rating of “Moderate Buy” and a consensus price target of $270.00.

Insider Buying and Selling

In related news, Director James Donald Hoffman sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $235.16, for a total value of $2,351,600.00. Following the completion of the transaction, the director now owns 124,042 shares in the company, valued at approximately $29,169,716.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.71% of the stock is currently owned by corporate insiders.

Reliance Steel & Aluminum Stock Performance

NYSE:RS opened at $285.38 on Tuesday. Reliance Steel & Aluminum Co. has a 1 year low of $168.24 and a 1 year high of $286.80. The firm has a 50 day moving average of $254.74 and a 200-day moving average of $243.81. The company has a current ratio of 4.83, a quick ratio of 2.80 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $16.78 billion, a P/E ratio of 10.23 and a beta of 0.90.

Reliance Steel & Aluminum (NYSE:RS – Get Free Report) last posted its earnings results on Thursday, April 27th. The industrial products company reported $6.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.70 by $0.67. Reliance Steel & Aluminum had a net margin of 10.30% and a return on equity of 24.11%. The company had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $3.92 billion. During the same quarter in the previous year, the company posted $8.42 earnings per share. Reliance Steel & Aluminum’s quarterly revenue was down 11.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Reliance Steel & Aluminum Co. will post 22.68 EPS for the current fiscal year.

Reliance Steel & Aluminum Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 9th. Investors of record on Friday, May 26th were given a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 1.40%. The ex-dividend date of this dividend was Thursday, May 25th. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is presently 14.33%.

Reliance Steel & Aluminum Company Profile

(Free Report)

Reliance Steel & Aluminum Co operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.