Reliance Steel & Aluminum (NYSE:RS) Reaches New 12-Month High at $294.41

Posted by Defense World Staff on Aug 2nd, 2023

Reliance Steel & Aluminum Co. (NYSE:RS – Get Free Report)’s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $294.41 and last traded at $293.36, with a volume of 32819 shares traded. The stock had previously closed at $289.67.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Wolfe Research lowered shares of Reliance Steel & Aluminum from an “outperform” rating to a “peer perform” rating in a research report on Friday, April 28th. StockNews.com assumed coverage on shares of Reliance Steel & Aluminum in a research report on Thursday, May 18th. 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’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $270.00.

Reliance Steel & Aluminum Price Performance

The company has a debt-to-equity ratio of 0.15, a current ratio of 5.18 and a quick ratio of 2.83. The firm has a market capitalization of $17.23 billion, a P/E ratio of 11.61 and a beta of 0.91. The firm’s 50 day simple moving average is $264.80 and its two-hundred day simple moving average is $250.09.

Reliance Steel & Aluminum (NYSE:RS – Get Free Report) last posted its quarterly earnings results on Thursday, July 27th. The industrial products company reported $6.49 earnings per share for the quarter, missing the consensus estimate of $6.52 by ($0.03). The business had revenue of $3.88 billion during the quarter, compared to the consensus estimate of $3.98 billion. Reliance Steel & Aluminum had a return on equity of 20.88% and a net margin of 9.63%. The business’s revenue for the quarter was down 17.1% on a year-over-year basis. During the same period in the prior year, the firm earned $9.15 earnings per share. As a group, analysts predict that Reliance Steel & Aluminum Co. will post 22.19 earnings per share for the current year.

Reliance Steel & Aluminum Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date is Thursday, August 17th. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is presently 15.84%.

Insider Activity

In related news, Director James Donald Hoffman sold 10,000 shares of the stock in a transaction dated 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 directly owns 124,042 shares of the company’s stock, valued at $29,169,716.72. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.71% of the company’s stock.

Institutional Trading of Reliance Steel & Aluminum

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Harbor Capital Advisors Inc. purchased a new stake in shares of Reliance Steel & Aluminum in the 2nd quarter worth approximately $29,000. Worth Asset Management LLC purchased a new stake in shares of Reliance Steel & Aluminum in the 1st quarter worth approximately $28,000. Massmutual Trust Co. FSB ADV grew its stake in shares of Reliance Steel & Aluminum by 124.3% in the 1st 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 during the last quarter. UMB Bank n.a. grew its stake in shares of Reliance Steel & Aluminum by 487.1% in the 2nd quarter. UMB Bank n.a. now owns 182 shares of the industrial products company’s stock worth $49,000 after buying an additional 151 shares during the last quarter. Finally, Belpointe Asset Management LLC purchased a new stake in shares of Reliance Steel & Aluminum in the 4th quarter worth approximately $39,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

About Reliance Steel & Aluminum

(Get 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.