Metis Global Partners LLC Purchases New Shares in Reliance Steel & Aluminum Co. (NYSE:RS)

Posted by Defense World Staff on Aug 13th, 2023

Metis Global Partners LLC purchased a new stake in shares of Reliance Steel & Aluminum Co. (NYSE:RS – Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 924 shares of the industrial products company’s stock, valued at approximately $237,000.

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

Reliance Steel & Aluminum Stock Up 0.8 %

RS opened at $282.13 on Friday. The stock has a market capitalization of $16.52 billion, a price-to-earnings ratio of 11.17 and a beta of 0.91. The firm has a 50 day moving average price of $272.32 and a 200-day moving average price of $253.70. Reliance Steel & Aluminum Co. has a twelve month low of $168.24 and a twelve month high of $295.98. The company has a quick ratio of 2.83, a current ratio of 5.18 and a debt-to-equity ratio of 0.15.

Reliance Steel & Aluminum (NYSE:RS – Get Free Report) last announced its earnings results on Thursday, July 27th. The industrial products company reported $6.49 earnings per share for the quarter, missing analysts’ consensus estimates of $6.52 by ($0.03). The company had revenue of $3.88 billion for the quarter, compared to analysts’ expectations of $3.98 billion. Reliance Steel & Aluminum had a net margin of 9.63% and a return on equity of 20.88%. Reliance Steel & Aluminum’s quarterly revenue was down 17.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $9.15 earnings per share. Equities research analysts forecast that Reliance Steel & Aluminum Co. will post 22.19 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, September 1st. Shareholders of record on Friday, August 18th will be paid a dividend of $1.00 per share. The ex-dividend date is Thursday, August 17th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.42%. Reliance Steel & Aluminum’s dividend payout ratio is currently 15.84%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Wolfe Research downgraded Reliance Steel & Aluminum from an “outperform” rating to a “peer perform” rating in a report on Friday, April 28th. StockNews.com downgraded Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $270.00.

Read Our Latest Analysis on RS

Insider Activity

In related news, SVP William A. Smith II sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $292.71, for a total transaction of $1,756,260.00. Following the completion of the sale, the senior vice president now directly owns 18,366 shares in the company, valued at $5,375,911.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director James Donald Hoffman sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $235.16, for a total value of $2,351,600.00. Following the transaction, the director now owns 124,042 shares of the company’s stock, valued at $29,169,716.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP William A. Smith II sold 6,000 shares of the stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $292.71, for a total transaction of $1,756,260.00. Following the completion of the sale, the senior vice president now directly owns 18,366 shares of the company’s stock, valued at $5,375,911.86. The disclosure for this sale can be found here. Insiders own 0.62% of the company’s stock.

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.