Reliance Steel & Aluminum Co (NYSE:RS) Shares Acquired by California Public Employees Retirement System

California Public Employees Retirement System lifted its position in shares of Reliance Steel & Aluminum Co (NYSE:RS) by 28.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 194,848 shares of the industrial products company’s stock after purchasing an additional 43,524 shares during the period. California Public Employees Retirement System’s holdings in Reliance Steel & Aluminum were worth $19,419,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Reliance Steel & Aluminum by 2.8% during the 2nd quarter. Vanguard Group Inc. now owns 6,495,340 shares of the industrial products company’s stock worth $614,590,000 after purchasing an additional 178,013 shares during the period. Victory Capital Management Inc. boosted its position in Reliance Steel & Aluminum by 0.6% during the 2nd quarter. Victory Capital Management Inc. now owns 4,114,555 shares of the industrial products company’s stock worth $389,319,000 after purchasing an additional 22,803 shares during the period. Bank of New York Mellon Corp boosted its position in Reliance Steel & Aluminum by 7.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 983,535 shares of the industrial products company’s stock worth $93,062,000 after purchasing an additional 69,294 shares during the period. Allianz Asset Management GmbH boosted its position in Reliance Steel & Aluminum by 41.5% during the 2nd quarter. Allianz Asset Management GmbH now owns 906,963 shares of the industrial products company’s stock worth $85,816,000 after purchasing an additional 266,169 shares during the period. Finally, Wells Fargo & Company MN boosted its position in Reliance Steel & Aluminum by 137.8% during the 2nd quarter. Wells Fargo & Company MN now owns 865,529 shares of the industrial products company’s stock worth $81,896,000 after purchasing an additional 501,503 shares during the period. Institutional investors and hedge funds own 83.90% of the company’s stock.

NYSE:RS opened at $117.34 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 4.01 and a quick ratio of 1.90. The firm has a 50-day moving average of $105.28 and a two-hundred day moving average of $96.30. The stock has a market cap of $7.83 billion, a P/E ratio of 13.13, a PEG ratio of 1.37 and a beta of 1.34. Reliance Steel & Aluminum Co has a 1-year low of $68.62 and a 1-year high of $120.85.

Reliance Steel & Aluminum (NYSE:RS) last posted its quarterly earnings data on Thursday, October 24th. The industrial products company reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.95 by $0.44. The company had revenue of $2.69 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Reliance Steel & Aluminum had a net margin of 5.48% and a return on equity of 12.52%. The firm’s revenue for the quarter was down 9.7% on a year-over-year basis. During the same period in the prior year, the company posted $2.42 EPS. As a group, equities analysts expect that Reliance Steel & Aluminum Co will post 9.59 earnings per share for the current year.

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The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be given a $0.55 dividend. The ex-dividend date is Thursday, November 14th. This represents a $2.20 dividend on an annualized basis and a yield of 1.87%. Reliance Steel & Aluminum’s payout ratio is currently 24.61%.

RS has been the subject of a number of research reports. ValuEngine raised shares of Reliance Steel & Aluminum from a “sell” rating to a “hold” rating in a research report on Friday, October 25th. KeyCorp upped their price target on shares of Reliance Steel & Aluminum from $107.00 to $109.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Cowen reissued an “outperform” rating and issued a $123.00 price objective (up from $107.00) on shares of Reliance Steel & Aluminum in a research report on Tuesday, October 29th. Citigroup set a $104.00 price objective on shares of Reliance Steel & Aluminum and gave the company a “hold” rating in a research report on Friday, July 26th. Finally, Longbow Research raised shares of Reliance Steel & Aluminum from an “underperform” rating to a “neutral” rating in a research report on Friday, September 6th. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Reliance Steel & Aluminum presently has an average rating of “Hold” and an average target price of $105.00.

Reliance Steel & Aluminum Profile

Reliance Steel & Aluminum Co operates as a metals service center company. The company provides alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products and related processing services to general manufacturing, non-residential construction, transportation, aerospace and defense, energy, electronics and semiconductor fabrication, auto, and heavy industries.

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Want to see what other hedge funds are holding RS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Reliance Steel & Aluminum Co (NYSE:RS).

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

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