Nordea Investment Management AB buys 1,350 shares of Reliance Steel & Aluminum Co. (NYSE:RS)
Nordea Investment Management AB increased its position in shares of Reliance Steel & Aluminum Co. (NYSE: RS – Get Rating) by 2.3% during the 1st quarter, according to its latest Form 13F filed with the Securities and Exchange Commission. The fund held 61,078 shares of the industrial products company after buying an additional 1,350 shares during the quarter. Nordea Investment Management AB’s holdings in Reliance Steel & Aluminum were worth $11,260,000 when it last filed with the Securities and Exchange Commission.
Other institutional investors have also recently changed their stake in the company. Rational Advisors LLC acquired a new stake in Reliance Steel & Aluminum during the fourth quarter for a value of approximately $28,000. National Bank of Canada FI acquired a new stake in Reliance Steel & Aluminum during the fourth quarter valued at approximately $33,000. South Dakota’s Sageworth Trust Co bought a new stake in Reliance Steel & Aluminum during the fourth quarter worth about $33,000. IndexIQ Advisors LLC raised its position in Reliance Steel & Aluminum shares by 39.9% during the fourth quarter. IndexIQ Advisors LLC now owns 459 shares of the industrial products company worth $74,000 after buying 131 additional shares in the last quarter. Finally, Exchange Traded Concepts LLC increased its position in Reliance Steel & Aluminum shares by 61.6% during the fourth quarter. Exchange Traded Concepts LLC now owns 496 shares of the industrial products company worth $80,000 after buying 189 additional shares in the last quarter. 81.84% of the shares are currently held by hedge funds and other institutional investors.
NYSE:RS shares opened at $172.79 on Friday. Reliance Steel & Aluminum Co. has a 52-week low of $135.46 and a 52-week high of $211.65. The company has a debt ratio of 0.25, a quick ratio of 2.28 and a current ratio of 3.96. The company has a market capitalization of $10.70 billion, a PE ratio of 6.60 and a beta of 0.76. The company has a 50-day moving average price of $188.67 and a two-hundred-day moving average price of $177.57.
Reliance Steel & Aluminum (NYSE:RS – Get Rating) last reported results on Thursday, April 28. The industrial products company reported EPS of $8.42 for the quarter, beating the consensus estimate of $7.20 by $1.22. Reliance Steel & Aluminum posted a net margin of 10.61% and a return on equity of 27.94%. The company posted revenue of $4.49 billion in the quarter, versus a consensus estimate of $4.03 billion. In the same quarter of the previous year, the company had earned earnings per share of $4.10. The company’s quarterly revenue increased 58.0% year over year. On average, sell-side analysts expect Reliance Steel & Aluminum Co. to post earnings per share of 27.9 for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, June 10. Shareholders of record on Friday, May 27 received a dividend of $0.875. This represents an annualized dividend of $3.50 and a yield of 2.03%. The ex-dividend date was Thursday, May 26. Reliance Steel & Aluminum’s payout ratio is currently 13.36%.
In other news, CEO James Donald Hoffman sold 10,000 shares in a trade on Wednesday April 6. The shares were sold at an average price of $178.59, for a total transaction of $1,785,900.00. Following the completion of the sale, the CEO now owns 152,738 shares of the company, valued at $27,277,479.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this hyperlink. 0.62% of the shares are currently held by company insiders.
A number of brokerages have recently released reports on RS. Goldman Sachs Group cut its price target on Reliance Steel & Aluminum shares from $244.00 to $234.00 in a Tuesday, May 31 research report. BNP Paribas raised shares of Reliance Steel & Aluminum from a “neutral” rating to an “outperforming” rating in a research report on Thursday, April 14. Wolfe Research upgraded Reliance Steel & Aluminum shares from a “market performer” rating to an “outperformer” rating and set a target price of $226.00 on the stock in a research report from the Thursday, April 28. KeyCorp raised its price target on Reliance Steel & Aluminum stock from $200.00 to $215.00 and gave the stock an “overweight” rating in a Wednesday, April 20 research report. Finally, Citigroup raised its price target on shares of Reliance Steel & Aluminum from $200.00 to $230.00 in a Friday, April 29 report. One research analyst gave the stock a hold rating, eight gave the stock a buy rating and one gave the stock a high buy rating. According to data from MarketBeat.com, Reliance Steel & Aluminum has an average rating of “Buy” and an average target price of $207.50.
Reliance steel and aluminum profile (Get an evaluation)
Reliance Steel & Aluminum Co operates as a diversified metal solutions provider and metal service center company in the United States, Canada and internationally. The company distributes a range of approximately 100,000 metal products including alloys, aluminum, brass, copper, carbon steel, stainless steel, titanium and specialty steel products ; and provides metal processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor manufacturing, and heavy industries.
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