Reliance Steel & Aluminum Co. (NYSE:RS) Shares Sold by Maryland State Retirement & Pension System

Posted by Defense World Staff on Sep 23rd, 2023

Maryland State Retirement & Pension System trimmed its position in shares of Reliance Steel & Aluminum Co. (NYSE:RS – Free Report) by 2.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,463 shares of the industrial products company’s stock after selling 128 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Reliance Steel & Aluminum were worth $1,212,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Worth Asset Management LLC purchased a new position in shares of Reliance Steel & Aluminum in the 1st quarter valued at about $28,000. Belpointe Asset Management LLC purchased a new stake in Reliance Steel & Aluminum during the fourth quarter worth approximately $39,000. Massmutual Trust Co. FSB ADV lifted its stake in Reliance Steel & Aluminum by 124.3% during the first quarter. Massmutual Trust Co. FSB ADV now owns 166 shares of the industrial products company’s stock worth $43,000 after purchasing an additional 92 shares during the last quarter. Penserra Capital Management LLC purchased a new stake in Reliance Steel & Aluminum during the first quarter worth approximately $46,000. Finally, Advisory Services Network LLC lifted its stake in Reliance Steel & Aluminum by 160.0% during the first quarter. Advisory Services Network LLC now owns 221 shares of the industrial products company’s stock worth $57,000 after purchasing an additional 136 shares during the last quarter. 80.87% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Get Our Latest Stock Report on Reliance Steel & Aluminum

Reliance Steel & Aluminum Trading Down 0.3 %

RS opened at $261.84 on Friday. The firm has a market cap of $15.33 billion, a price-to-earnings ratio of 10.37 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’s 50 day moving average is $278.71 and its two-hundred day moving average is $260.89. Reliance Steel & Aluminum Co. has a 52 week low of $168.24 and a 52 week high of $295.98.

Reliance Steel & Aluminum (NYSE:RS – Get Free Report) last released its earnings results on Thursday, July 27th. The industrial products company reported $6.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $3.98 billion. During the same period in the previous year, the firm posted $9.15 EPS. The company’s revenue for the quarter was down 17.1% on a year-over-year basis. On average, research 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 issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date was Thursday, August 17th. Reliance Steel & Aluminum’s dividend payout ratio is presently 15.84%.

Insiders Place Their Bets

In other Reliance Steel & Aluminum news, CEO Karla R. Lewis sold 10,000 shares of the business’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $284.15, for a total transaction of $2,841,500.00. Following the sale, the chief executive officer now directly owns 111,258 shares in the company, valued at $31,613,960.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, SVP William A. Smith II sold 6,000 shares of the company’s stock in a transaction on 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 transaction, the senior vice president now directly owns 18,366 shares in the company, valued at $5,375,911.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Karla R. Lewis sold 10,000 shares of the company’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $284.15, for a total value of $2,841,500.00. Following the completion of the transaction, the chief executive officer now owns 111,258 shares of the company’s stock, valued at $31,613,960.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,503 shares of company stock worth $10,634,666. 0.62% of the stock is owned by corporate insiders.

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.