Trading Report: Today, Wells Fargo & Company MN lowers its Position in Reliance Steel & Aluminum Co. (RS)

Today, Wells Fargo & Company MN lowers its Position in Reliance Steel & Aluminum Co. (RS)

Wells Fargo & Company MN reduced its stake in shares of Reliance Steel & Aluminum Co. (NYSE:RS) by 24.5% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 239,904 shares of the company’s stock after selling 78,014 shares during the period. Wells Fargo & Company MN owned about 0.33% of Reliance Steel & Aluminum Co. worth $17,281,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of RS. Retirement Systems of Alabama raised its stake in shares of Reliance Steel & Aluminum Co. by 0.3% in the second quarter. Retirement Systems of Alabama now owns 209,626 shares of the company’s stock valued at $16,120,000 after buying an additional 640 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Reliance Steel & Aluminum Co. by 136.7% in the second quarter. American Century Companies Inc. now owns 49,063 shares of the company’s stock valued at $3,773,000 after buying an additional 28,339 shares during the last quarter. Gareth Morgan Investments Limited Partnership acquired a new stake in shares of Reliance Steel & Aluminum Co. during the second quarter valued at about $3,239,000. Societe Generale acquired a new stake in shares of Reliance Steel & Aluminum Co. during the second quarter valued at about $1,875,000. Finally, Synovus Financial Corp raised its stake in shares of Reliance Steel & Aluminum Co. by 0.6% in the second quarter. Synovus Financial Corp now owns 3,263 shares of the company’s stock valued at $250,000 after buying an additional 19 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Reliance Steel & Aluminum Co. (NYSE:RS) traded up 0.12% on Friday, hitting $83.31. 250,172 shares of the stock traded hands. Reliance Steel & Aluminum Co. has a 52 week low of $50.08 and a 52 week high of $84.25. The stock has a 50 day moving average of $72.41 and a 200 day moving average of $74.08. The firm has a market capitalization of $6.05 billion, a PE ratio of 19.52 and a beta of 1.25.

Reliance Steel & Aluminum Co. (NYSE:RS) last announced its earnings results on Thursday, October 20th. The company reported $1.25 earnings per share for the quarter, missing analysts’ consensus estimates of $1.32 by $0.07. Reliance Steel & Aluminum Co. had a return on equity of 8.10% and a net margin of 3.63%. The firm had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $1.84 billion. During the same period in the prior year, the business earned $1.16 EPS. Reliance Steel & Aluminum Co.’s quarterly revenue was down 4.4% on a year-over-year basis. Equities research analysts anticipate that Reliance Steel & Aluminum Co. will post $4.40 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Friday, November 18th will be paid a dividend of $0.425 per share. This represents a $1.70 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date is Wednesday, November 16th. Reliance Steel & Aluminum Co.’s dividend payout ratio is presently 39.81%.

Several equities research analysts have issued reports on the stock. Jefferies Group reiterated a “hold” rating on shares of Reliance Steel & Aluminum Co. in a research note on Saturday, October 1st. Bank of America Corp. upgraded shares of Reliance Steel & Aluminum Co. from an “underperform” rating to a “neutral” rating and set a $84.00 price target on the stock in a research note on Thursday, July 28th. TheStreet upgraded shares of Reliance Steel & Aluminum Co. from a “hold” rating to a “buy” rating in a research note on Tuesday. Deutsche Bank AG upgraded shares of Reliance Steel & Aluminum Co. from a “hold” rating to a “buy” rating and lowered their price target for the company from $75.00 to $74.00 in a research note on Wednesday, November 9th. Finally, Zacks Investment Research upgraded shares of Reliance Steel & Aluminum Co. from a “sell” rating to a “hold” rating in a research note on Thursday, October 27th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $78.78.

In related news, EVP William K. Sales, Jr. sold 25,000 shares of Reliance Steel & Aluminum Co. stock in a transaction on Tuesday, November 22nd. The shares were sold at an average price of $81.56, for a total transaction of $2,039,000.00. Following the completion of the transaction, the executive vice president now owns 102,843 shares of the company’s stock, valued at $8,387,875.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.73% of the company’s stock.

About Reliance Steel & Aluminum Co.

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