Ryerson (NYSE:RYI) Given New $28.00 Price Target at BMO Capital Markets

Ryerson (NYSE:RYI) had its target price lowered by BMO Capital Markets from $33.00 to $28.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a market perform rating on the basic materials company’s stock.

Ryerson Price Performance

Shares of Ryerson stock traded down $0.45 during trading hours on Thursday, reaching $22.84. The stock had a trading volume of 670,714 shares, compared to its average volume of 262,101. The stock’s 50 day moving average is $31.54 and its 200 day moving average is $31.58. The company has a current ratio of 2.09, a quick ratio of 0.95 and a debt-to-equity ratio of 0.55. Ryerson has a twelve month low of $22.32 and a twelve month high of $44.70. The firm has a market capitalization of $784.33 million, a PE ratio of 8.85 and a beta of 1.69.

Ryerson (NYSE:RYI) last issued its quarterly earnings results on Wednesday, February 21st. The basic materials company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.49. Ryerson had a return on equity of 10.27% and a net margin of 1.84%. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the prior year, the business posted ($0.65) earnings per share.

Ryerson Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Thursday, June 6th will be paid a dividend of $0.188 per share. The ex-dividend date of this dividend is Thursday, June 6th. This represents a $0.75 dividend on an annualized basis and a dividend yield of 3.29%. Ryerson’s dividend payout ratio is currently 29.07%.

Insider Buying and Selling

In other news, COO Michael Burbach acquired 4,000 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was bought at an average cost of $23.75 per share, for a total transaction of $95,000.00. Following the purchase, the chief operating officer now owns 226,263 shares in the company, valued at $5,373,746.25. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Ryerson news, COO Michael Burbach bought 4,000 shares of Ryerson stock in a transaction dated Thursday, May 2nd. The stock was acquired at an average cost of $23.75 per share, for a total transaction of $95,000.00. Following the completion of the transaction, the chief operating officer now directly owns 226,263 shares of the company’s stock, valued at $5,373,746.25. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Alagu Sundarrajan sold 2,593 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $32.52, for a total transaction of $84,324.36. Following the transaction, the insider now owns 10,484 shares in the company, valued at $340,939.68. The disclosure for this sale can be found here. Insiders own 3.88% of the company’s stock.

Institutional Investors Weigh In On Ryerson

Several hedge funds and other institutional investors have recently made changes to their positions in RYI. DekaBank Deutsche Girozentrale purchased a new stake in Ryerson in the 3rd quarter valued at $27,000. New York State Teachers Retirement System increased its position in Ryerson by 46.5% during the fourth quarter. New York State Teachers Retirement System now owns 2,518 shares of the basic materials company’s stock worth $87,000 after purchasing an additional 799 shares during the last quarter. State Board of Administration of Florida Retirement System raised its stake in Ryerson by 7.5% during the third quarter. State Board of Administration of Florida Retirement System now owns 6,882 shares of the basic materials company’s stock worth $200,000 after purchasing an additional 480 shares during the period. SG Americas Securities LLC acquired a new position in Ryerson in the 3rd quarter valued at about $219,000. Finally, Quadrature Capital Ltd purchased a new stake in shares of Ryerson in the 3rd quarter valued at approximately $234,000. Institutional investors and hedge funds own 94.81% of the company’s stock.

About Ryerson

Ryerson Holding Corporation, together with its subsidiaries, processes and distributes industrial metals in the United States and internationally. It offers a line of products in carbon steel, stainless steel, alloy steels, and aluminum, as well as nickel and red metals in various shapes and forms, including coils, sheets, rounds, hexagons, square and flat bars, plates, structural, and tubing.