MAI Capital Management Raises Stock Position in Reliance Steel & Aluminum Co. (NYSE:RS)

Posted by Defense World Staff on Aug 21st, 2023

MAI Capital Management lifted its holdings in shares of Reliance Steel & Aluminum Co. (NYSE:RS – Free Report) by 2.6% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,663 shares of the industrial products company’s stock after purchasing an additional 92 shares during the quarter. MAI Capital Management’s holdings in Reliance Steel & Aluminum were worth $941,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Raymond James Financial Services Advisors Inc. boosted its position in Reliance Steel & Aluminum by 0.8% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 5,005 shares of the industrial products company’s stock valued at $1,285,000 after buying an additional 41 shares during the period. Signaturefd LLC grew its stake in Reliance Steel & Aluminum by 3.8% during the 1st quarter. Signaturefd LLC now owns 1,162 shares of the industrial products company’s stock worth $298,000 after purchasing an additional 42 shares in the last quarter. CWM LLC grew its stake in Reliance Steel & Aluminum by 4.8% during the 4th quarter. CWM LLC now owns 1,039 shares of the industrial products company’s stock worth $210,000 after purchasing an additional 48 shares in the last quarter. Arizona State Retirement System increased its holdings in Reliance Steel & Aluminum by 0.3% during the 1st quarter. Arizona State Retirement System now owns 17,063 shares of the industrial products company’s stock worth $4,381,000 after purchasing an additional 49 shares during the period. Finally, Eagle Strategies LLC raised its position in Reliance Steel & Aluminum by 1.0% in the 1st quarter. Eagle Strategies LLC now owns 5,577 shares of the industrial products company’s stock valued at $1,432,000 after purchasing an additional 57 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Activity

In other Reliance Steel & Aluminum news, SVP William A. Smith II sold 6,000 shares of Reliance Steel & Aluminum 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 transaction, the senior vice president now owns 18,366 shares of the company’s stock, valued at $5,375,911.86. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Reliance Steel & Aluminum news, SVP William A. Smith II sold 6,000 shares of the firm’s stock in a transaction 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 transaction, the senior vice president now directly owns 18,366 shares of the company’s stock, valued at approximately $5,375,911.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James Donald Hoffman sold 10,000 shares of the company’s stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $235.16, for a total transaction of $2,351,600.00. Following the completion of the sale, the director now directly owns 124,042 shares of the company’s stock, valued at $29,169,716.72. The disclosure for this sale can be found here. Company insiders own 0.71% of the company’s stock.

Reliance Steel & Aluminum Price Performance

RS stock opened at $278.47 on Monday. The stock has a market cap of $16.31 billion, a price-to-earnings ratio of 11.03 and a beta of 0.91. Reliance Steel & Aluminum Co. has a fifty-two week low of $168.24 and a fifty-two week 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. The business has a 50 day moving average price of $275.82 and a 200 day moving average price of $255.82.

Reliance Steel & Aluminum (NYSE:RS – Get Free Report) last issued its earnings results on Thursday, July 27th. The industrial products company reported $6.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.52 by ($0.03). The company had revenue of $3.88 billion during the quarter, compared to analyst estimates of $3.98 billion. Reliance Steel & Aluminum had a net margin of 9.63% and a return on equity of 20.88%. The company’s quarterly revenue was down 17.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $9.15 EPS. Equities research analysts anticipate that Reliance Steel & Aluminum Co. will post 22.18 earnings per share for the current fiscal year.

Reliance Steel & Aluminum Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.44%. The ex-dividend date of this dividend is Thursday, August 17th. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is currently 15.84%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. StockNews.com upgraded shares of Reliance Steel & Aluminum from a “hold” rating to a “buy” rating in a research note on Wednesday, August 16th. Wolfe Research lowered shares of Reliance Steel & Aluminum from an “outperform” rating to a “peer perform” rating in a report on Friday, April 28th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $270.00.

View Our Latest Stock Report on Reliance Steel & Aluminum

About Reliance Steel & Aluminum

(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.