Envestnet Asset Management Inc. Buys 1,279,892 Shares of Reliance Steel & Aluminum Co. (NYSE:RS)

Posted by Defense World Staff on Aug 29th, 2023

Envestnet Asset Management Inc. increased its stake in shares of Reliance Steel & Aluminum Co. (NYSE:RS – Free Report) by 814.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,436,988 shares of the industrial products company’s stock after acquiring an additional 1,279,892 shares during the quarter. Envestnet Asset Management Inc. owned about 2.44% of Reliance Steel & Aluminum worth $47,995,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of RS. Laffer Tengler Investments boosted its stake in Reliance Steel & Aluminum by 36.0% during the fourth quarter. Laffer Tengler Investments now owns 593 shares of the industrial products company’s stock worth $120,000 after buying an additional 157 shares in the last quarter. Metis Global Partners LLC acquired a new stake in Reliance Steel & Aluminum during the first quarter worth $237,000. CENTRAL TRUST Co boosted 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 buying an additional 245 shares in the last quarter. M&T Bank Corp boosted its stake in Reliance Steel & Aluminum by 322.0% during the fourth quarter. M&T Bank Corp now owns 15,218 shares of the industrial products company’s stock worth $513,000 after buying an additional 11,612 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in Reliance Steel & Aluminum during the first quarter worth $490,000. Institutional investors own 80.87% of the company’s stock.

Reliance Steel & Aluminum Stock Up 0.7 %

Shares of NYSE RS opened at $277.58 on Tuesday. The firm’s 50-day simple moving average is $277.86 and its 200 day simple moving average is $257.30. The company has a market cap of $16.26 billion, a price-to-earnings ratio of 10.99 and a beta of 0.91. 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 Co. has a 12-month low of $168.24 and a 12-month high of $295.98.

Reliance Steel & Aluminum (NYSE:RS – Get Free Report) last issued its quarterly 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 for the quarter, compared to analyst estimates of $3.98 billion. Reliance Steel & Aluminum had a return on equity of 20.88% and a net margin of 9.63%. The firm’s quarterly revenue was down 17.1% on a year-over-year basis. During the same quarter last year, the company earned $9.15 EPS. On average, research analysts expect that Reliance Steel & Aluminum Co. will post 22.18 earnings per share for the current fiscal year.

Reliance Steel & Aluminum Dividend Announcement

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

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Reliance Steel & Aluminum from a “hold” rating to a “buy” rating in a research note on Wednesday, August 16th. Three 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, Reliance Steel & Aluminum presently has an average rating of “Moderate Buy” and an average target price of $270.00.

Get Our Latest Report on Reliance Steel & Aluminum

Insider Buying and Selling

In related news, SVP William A. Smith II sold 6,000 shares of the company’s stock in a transaction dated 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 owns 18,366 shares in the company, valued at approximately $5,375,911.86. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, SVP William A. Smith II sold 6,000 shares of the company’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $292.71, for a total value 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 approximately $5,375,911.86. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Mark V. Kaminski sold 5,000 shares of the company’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $277.65, for a total value of $1,388,250.00. Following the completion of the sale, the director now directly owns 10,482 shares of the company’s stock, valued at $2,910,327.30. The disclosure for this sale can be found here. Insiders have sold a total of 17,503 shares of company stock worth $4,935,566 in the last 90 days. Corporate insiders own 0.71% of the company’s stock.

Reliance Steel & Aluminum 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.