Verition Fund Management LLC Grows Position in Reliance Steel & Aluminum Co. (RS)

Verition Fund Management LLC increased its stake in shares of Reliance Steel & Aluminum Co. (NYSE:RS) by 396.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 27,035 shares of the industrial products company’s stock after buying an additional 21,593 shares during the quarter. Verition Fund Management LLC’s holdings in Reliance Steel & Aluminum Co. were worth $1,968,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. BlackRock Inc. grew its holdings in shares of Reliance Steel & Aluminum Co. by 4.2% during the second quarter. BlackRock Inc. now owns 6,959,142 shares of the industrial products company’s stock worth $506,694,000 after buying an additional 277,846 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Reliance Steel & Aluminum Co. by 2.5% during the second quarter. Vanguard Group Inc. now owns 6,081,125 shares of the industrial products company’s stock worth $442,766,000 after buying an additional 146,404 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of Reliance Steel & Aluminum Co. by 27.8% during the second quarter. Victory Capital Management Inc. now owns 2,718,818 shares of the industrial products company’s stock worth $197,957,000 after buying an additional 591,272 shares during the last quarter. State Street Corp grew its holdings in shares of Reliance Steel & Aluminum Co. by 2.2% during the first quarter. State Street Corp now owns 2,558,032 shares of the industrial products company’s stock worth $204,690,000 after buying an additional 55,262 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Reliance Steel & Aluminum Co. by 2.0% during the second quarter. Dimensional Fund Advisors LP now owns 2,550,984 shares of the industrial products company’s stock worth $185,743,000 after buying an additional 50,208 shares during the last quarter. 82.50% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Reliance Steel & Aluminum Co. (NYSE:RS) traded up 1.49% during midday trading on Friday, reaching $76.75. The company’s stock had a trading volume of 85,450 shares. The company has a market capitalization of $5.60 billion, a P/E ratio of 17.31 and a beta of 1.24. The stock has a 50 day moving average of $74.39 and a 200-day moving average of $74.31. Reliance Steel & Aluminum Co. has a 1-year low of $65.10 and a 1-year high of $88.58.

Reliance Steel & Aluminum Co. (NYSE:RS) last posted its quarterly earnings data on Thursday, October 26th. The industrial products company reported $0.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.29 by ($0.45). Reliance Steel & Aluminum Co. had a net margin of 3.57% and a return on equity of 8.67%. On average, equities research analysts anticipate that Reliance Steel & Aluminum Co. will post $5.16 earnings per share for the current year.

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A number of research firms recently issued reports on RS. Deutsche Bank AG reissued a “buy” rating on shares of Reliance Steel & Aluminum Co. in a report on Saturday, June 24th. Cowen and Company reissued a “buy” rating and set a $92.00 price target on shares of Reliance Steel & Aluminum Co. in a report on Friday, September 1st. BidaskClub lowered Reliance Steel & Aluminum Co. from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 21st. Jefferies Group LLC reissued a “hold” rating and set a $72.00 price target on shares of Reliance Steel & Aluminum Co. in a report on Wednesday, July 19th. Finally, Zacks Investment Research raised Reliance Steel & Aluminum Co. from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. Reliance Steel & Aluminum Co. has an average rating of “Buy” and a consensus target price of $81.33.

Reliance Steel & Aluminum Co. Company Profile

Reliance Steel & Aluminum Co is a metals service center company in North America (the United States and Canada). As of December 31, 2016, the Company’s network of metals service centers operated over 300 locations in 39 states in the United States and in 12 other countries (Australia, Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom).

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

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