Trading Report: Today: Reliance Steel & Aluminum Co. (RS) Stake Boosted by First Citizens Bank & Trust Co.

Today: Reliance Steel & Aluminum Co. (RS) Stake Boosted by First Citizens Bank & Trust Co.

First Citizens Bank & Trust Co. raised its position in Reliance Steel & Aluminum Co. (NYSE:RS) by 8.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,664 shares of the company’s stock after buying an additional 436 shares during the period. First Citizens Bank & Trust Co.’s holdings in Reliance Steel & Aluminum Co. were worth $436,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the company. American Century Companies Inc. boosted its position in 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 worth $3,773,000 after buying an additional 28,339 shares during the last quarter. Retirement Systems of Alabama boosted its position in 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 worth $16,120,000 after buying an additional 640 shares during the last quarter. Bank of Montreal Can acquired a new position in Reliance Steel & Aluminum Co. during the second quarter worth approximately $4,584,000. Robeco Institutional Asset Management B.V. boosted its position in Reliance Steel & Aluminum Co. by 711.8% in the second quarter. Robeco Institutional Asset Management B.V. now owns 796,416 shares of the company’s stock worth $61,243,000 after buying an additional 698,314 shares during the last quarter. Finally, Profit Investment Management LLC boosted its position in Reliance Steel & Aluminum Co. by 38.6% in the second quarter. Profit Investment Management LLC now owns 38,000 shares of the company’s stock worth $2,922,000 after buying an additional 10,579 shares during the last quarter. Institutional investors and hedge funds own 84.08% of the company’s stock.

Reliance Steel & Aluminum Co. (NYSE:RS) traded up 0.23% during midday trading on Friday, hitting $68.63. 321,072 shares of the stock were exchanged. Reliance Steel & Aluminum Co. has a 1-year low of $50.08 and a 1-year high of $84.25. The firm’s 50-day moving average price is $70.89 and its 200 day moving average price is $73.77. The firm has a market capitalization of $4.98 billion, a P/E ratio of 16.00 and a beta of 1.50.

Reliance Steel & Aluminum Co. (NYSE:RS) last posted its earnings results on Thursday, July 21st. The company reported $1.36 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.30 by $0.06. Reliance Steel & Aluminum Co. had a net margin of 3.61% and a return on equity of 8.05%. The company had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.31 billion. During the same quarter in the prior year, the business posted $1.21 EPS. The firm’s revenue was down 9.1% compared to the same quarter last year. Analysts expect that Reliance Steel & Aluminum Co. will post $4.78 earnings per share for the current fiscal year.

A number of research firms recently commented on RS. Jefferies Group reiterated a “hold” rating on shares of Reliance Steel & Aluminum Co. in a report on Saturday, October 1st. Zacks Investment Research cut Reliance Steel & Aluminum Co. from a “hold” rating to a “sell” rating in a report on Monday, September 26th. Bank of America Corp. upgraded Reliance Steel & Aluminum Co. from an “underperform” rating to a “neutral” rating and set a $84.00 price objective for the company in a report on Thursday, July 28th. Cowen and Company boosted their price objective on Reliance Steel & Aluminum Co. from $78.00 to $86.00 and gave the stock an “outperform” rating in a report on Friday, July 22nd. Finally, Rosenblatt Securities boosted their price objective on Reliance Steel & Aluminum Co. from $69.00 to $76.00 and gave the stock a “neutral” rating in a report on Tuesday, July 5th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $78.56.

In other Reliance Steel & Aluminum Co. news, Director Douglas M. Hayes sold 3,383 shares of the stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $73.43, for a total value of $248,413.69. Following the completion of the sale, the director now owns 4,709 shares in the company, valued at approximately $345,781.87. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director David H. Hannah sold 36,782 shares of the stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $77.29, for a total transaction of $2,842,880.78. The disclosure for this sale can be found here. 3.73% of the stock is currently owned by corporate insiders.

About Reliance Steel & Aluminum Co.

Reliance Steel & Aluminum Co is a metals service center company. The Company operates through metals service centers segment. The Company’s network of metals service centers operates over 300 locations in approximately 40 states in the United States and in other countries, including Australia, Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom.

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