Empirical Finance LLC Acquires New Holdings in Reliance Steel & Aluminum Co (RS)

Empirical Finance LLC acquired a new position in shares of Reliance Steel & Aluminum Co (NYSE:RS) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 17,324 shares of the industrial products company’s stock, valued at approximately $1,478,000.

Several other large investors have also recently made changes to their positions in RS. Millennium Management LLC raised its holdings in shares of Reliance Steel & Aluminum by 166.3% during the second quarter. Millennium Management LLC now owns 461,240 shares of the industrial products company’s stock worth $40,377,000 after acquiring an additional 288,069 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Reliance Steel & Aluminum during the second quarter worth $20,471,000. Acadian Asset Management LLC raised its holdings in shares of Reliance Steel & Aluminum by 13.7% during the second quarter. Acadian Asset Management LLC now owns 1,637,282 shares of the industrial products company’s stock worth $143,324,000 after acquiring an additional 196,890 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Reliance Steel & Aluminum during the second quarter worth $15,509,000. Finally, BlackRock Inc. raised its holdings in shares of Reliance Steel & Aluminum by 1.7% during the second quarter. BlackRock Inc. now owns 6,880,203 shares of the industrial products company’s stock worth $602,292,000 after acquiring an additional 115,704 shares in the last quarter. Institutional investors and hedge funds own 80.97% of the company’s stock.

RS has been the subject of several recent research reports. Bank of America lowered Reliance Steel & Aluminum from a “buy” rating to an “underperform” rating and set a $90.00 price objective for the company. in a report on Friday, September 7th. KeyCorp cut their price objective on Reliance Steel & Aluminum from $100.00 to $97.00 and set a “buy” rating for the company in a report on Monday, September 10th. Zacks Investment Research lowered Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a report on Tuesday, September 25th. Citigroup lowered Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a report on Tuesday, October 2nd. Finally, Jefferies Financial Group upgraded Reliance Steel & Aluminum from a “hold” rating to a “buy” rating and set a $72.00 price objective for the company in a report on Tuesday, July 10th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. Reliance Steel & Aluminum has an average rating of “Hold” and a consensus target price of $95.22.

In other Reliance Steel & Aluminum news, Director David H. Hannah sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, August 1st. The stock was sold at an average price of $90.04, for a total transaction of $2,251,000.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 3.24% of the stock is owned by company insiders.

NYSE RS opened at $81.43 on Friday. Reliance Steel & Aluminum Co has a fifty-two week low of $72.69 and a fifty-two week high of $97.41. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.76 and a current ratio of 4.06. The stock has a market cap of $6.02 billion, a price-to-earnings ratio of 10.50, a P/E/G ratio of 0.93 and a beta of 1.13.

Reliance Steel & Aluminum (NYSE:RS) last posted its earnings results on Thursday, July 26th. The industrial products company reported $3.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.75 by $0.35. Reliance Steel & Aluminum had a return on equity of 12.29% and a net margin of 7.55%. The company had revenue of $2.99 billion for the quarter. During the same quarter last year, the business earned $1.40 earnings per share. Reliance Steel & Aluminum’s quarterly revenue was up 20.8% on a year-over-year basis. Analysts anticipate that Reliance Steel & Aluminum Co will post 9.94 earnings per share for the current fiscal year.

Reliance Steel & Aluminum Company Profile

Reliance Steel & Aluminum Co operates as a metals service center company in the United States and internationally. The company provides steel, aluminum, stainless, and specialty metals and related processing services to customers in various industries, such as infrastructure and energy; fabricates steel and aluminum products; and provides various precision fabrication services, including laser cutting, shearing, computer numerated control (CNC) punching, and CNC forming and rolling, as well as welding, assembly, painting, inventory management, and engineering expertise.

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

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