Reliance Steel & Aluminum Co. (NYSE:RS) Stake Lifted by DnB Asset Management AS

Posted by Defense World Staff on Sep 18th, 2023

DnB Asset Management AS increased its stake in shares of Reliance Steel & Aluminum Co. (NYSE:RS – Free Report) by 5.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,472 shares of the industrial products company’s stock after buying an additional 863 shares during the quarter. DnB Asset Management AS’s holdings in Reliance Steel & Aluminum were worth $4,202,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. grew its stake in shares of Reliance Steel & Aluminum by 814.7% in the first quarter. Envestnet Asset Management Inc. now owns 1,436,988 shares of the industrial products company’s stock worth $47,995,000 after purchasing an additional 1,279,892 shares in the last quarter. BlackRock Inc. grew its stake in shares of Reliance Steel & Aluminum by 14.5% in the first quarter. BlackRock Inc. now owns 6,453,558 shares of the industrial products company’s stock worth $1,656,886,000 after purchasing an additional 815,429 shares in the last quarter. First Trust Advisors LP grew its stake in shares of Reliance Steel & Aluminum by 246.7% in the first quarter. First Trust Advisors LP now owns 968,450 shares of the industrial products company’s stock worth $248,640,000 after purchasing an additional 689,091 shares in the last quarter. CI Private Wealth LLC bought a new position in shares of Reliance Steel & Aluminum in the fourth quarter worth $82,101,000. Finally, Norges Bank bought a new position in shares of Reliance Steel & Aluminum in the fourth quarter worth $78,366,000. 80.87% of the stock is currently owned by institutional investors.

Reliance Steel & Aluminum Trading Down 1.8 %

Shares of NYSE RS opened at $261.03 on Monday. Reliance Steel & Aluminum Co. has a 12 month low of $168.24 and a 12 month high of $295.98. The company has a market cap of $15.29 billion, a price-to-earnings ratio of 10.34 and a beta of 0.92. 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 fifty day simple moving average of $280.48 and a 200-day simple moving average of $260.76.

Reliance Steel & Aluminum (NYSE:RS – Get Free Report) last announced its earnings results on Thursday, July 27th. The industrial products company reported $6.49 EPS for the quarter, missing the consensus estimate of $6.52 by ($0.03). Reliance Steel & Aluminum had a net margin of 9.63% and a return on equity of 20.88%. The company had revenue of $3.88 billion for the quarter, compared to analysts’ expectations of $3.98 billion. During the same period in the prior year, the company earned $9.15 earnings per share. The company’s revenue for the quarter was down 17.1% on a year-over-year basis. Sell-side analysts predict that Reliance Steel & Aluminum Co. will post 22.14 EPS for the current year.

Reliance Steel & Aluminum Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 18th were paid a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend was Thursday, August 17th. Reliance Steel & Aluminum’s dividend payout ratio is currently 15.84%.

Insider Buying and Selling

In related news, Director Mark V. Kaminski sold 5,000 shares of the stock in a transaction dated Friday, August 18th. The stock was 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 approximately $2,910,327.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Reliance Steel & Aluminum 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 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 SEC, which is accessible through the SEC website. Also, Director Mark V. Kaminski sold 5,000 shares of the company’s stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $277.65, for a total value of $1,388,250.00. Following the completion of the transaction, the director now directly owns 10,482 shares in the company, valued at $2,910,327.30. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,503 shares of company stock valued at $10,634,666. Corporate insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com raised Reliance Steel & Aluminum from a “hold” rating to a “buy” rating in a research note on Wednesday, August 16th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Reliance Steel & Aluminum currently has a consensus rating of “Moderate Buy” and an average price target of $270.00.

View Our Latest Stock Analysis on RS

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.