Alliancebernstein L.P. Decreases Stock Position in Reliance Steel & Aluminum Co. (NYSE:RS)

Alliancebernstein L.P. cut its holdings in Reliance Steel & Aluminum Co. (NYSE:RS) by 17.5% in the third quarter, HoldingsChannel reports. The institutional investor owned 1,205,866 shares of the industrial products company’s stock after selling 255,353 shares during the quarter. Alliancebernstein L.P.’s holdings in Reliance Steel & Aluminum were worth $171,739,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. raised its stake in Reliance Steel & Aluminum by 126.7% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the industrial products company’s stock valued at $26,000 after buying an additional 95 shares during the last quarter. Koshinski Asset Management Inc. purchased a new stake in Reliance Steel & Aluminum in the third quarter valued at about $26,000. Fifth Third Bancorp raised its stake in Reliance Steel & Aluminum by 29.4% in the third quarter. Fifth Third Bancorp now owns 321 shares of the industrial products company’s stock valued at $46,000 after buying an additional 73 shares during the last quarter. MUFG Americas Holdings Corp raised its stake in Reliance Steel & Aluminum by 67.0% in the third quarter. MUFG Americas Holdings Corp now owns 334 shares of the industrial products company’s stock valued at $48,000 after buying an additional 134 shares during the last quarter. Finally, Canada Pension Plan Investment Board purchased a new position in shares of Reliance Steel & Aluminum in the second quarter worth about $115,000. Institutional investors own 81.55% of the company’s stock.

In other Reliance Steel & Aluminum news, SVP William A. Smith II sold 5,598 shares of Reliance Steel & Aluminum stock in a transaction on Tuesday, November 9th. The stock was sold at an average price of $164.93, for a total value of $923,278.14. The transaction was disclosed in a filing with the SEC, which is available at this link. 3.43% of the stock is owned by insiders.

Shares of Reliance Steel & Aluminum stock opened at $166.33 on Friday. Reliance Steel & Aluminum Co. has a one year low of $114.26 and a one year high of $181.21. The company has a market cap of $10.42 billion, a price-to-earnings ratio of 9.58 and a beta of 0.99. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.39 and a current ratio of 4.25. The business’s 50 day moving average price is $160.42 and its 200 day moving average price is $153.38.

Reliance Steel & Aluminum (NYSE:RS) last announced its quarterly earnings data on Wednesday, October 27th. The industrial products company reported $6.15 EPS for the quarter, topping the Zacks’ consensus estimate of $5.95 by $0.20. Reliance Steel & Aluminum had a return on equity of 20.36% and a net margin of 9.16%. The firm had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $3.75 billion. During the same quarter last year, the business posted $1.87 earnings per share. The firm’s revenue was up 84.5% compared to the same quarter last year. On average, analysts predict that Reliance Steel & Aluminum Co. will post 20.48 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, December 3rd. Shareholders of record on Friday, November 19th were given a $0.688 dividend. The ex-dividend date of this dividend was Thursday, November 18th. This represents a $2.75 dividend on an annualized basis and a yield of 1.65%. Reliance Steel & Aluminum’s dividend payout ratio is currently 15.84%.

Several brokerages have commented on RS. The Goldman Sachs Group raised Reliance Steel & Aluminum from a “neutral” rating to a “buy” rating and raised their price objective for the company from $162.00 to $190.00 in a report on Wednesday, November 3rd. KeyCorp raised their price objective on Reliance Steel & Aluminum from $165.00 to $175.00 and gave the company an “overweight” rating in a report on Tuesday, November 23rd. Wolfe Research started coverage on Reliance Steel & Aluminum in a report on Tuesday, November 16th. They issued an “underperform” rating and a $158.00 price objective on the stock. Finally, Zacks Investment Research downgraded Reliance Steel & Aluminum from a “strong-buy” rating to a “hold” rating and set a $152.00 target price on the stock. in a research report on Friday, September 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $172.89.

Reliance Steel & Aluminum Company Profile

Reliance Steel & Aluminum Co engages in the provision of metals processing services and distribution of metal products. It offers alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and specialty steel products. The company was founded by Thomas J. Neilan on February 3, 1939 and is headquartered in Los Angeles, CA.

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Institutional Ownership by Quarter for Reliance Steel & Aluminum (NYSE:RS)

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