Reliance Steel & Aluminum (NYSE:RS – Get Rating) was upgraded by equities researchers at StockNews.com from a "buy" rating to a "strong-buy" rating in a note issued to investors on Wednesday.

Other research analysts have also issued reports about the company. The Goldman Sachs Group decreased their target price on Reliance Steel & Aluminum from $234.00 to $218.00 in a report on Tuesday, July 12th. KeyCorp decreased their target price on Reliance Steel & Aluminum from $215.00 to $207.00 and set an "overweight" rating for the company in a report on Tuesday, July 19th. Finally, BMO Capital Markets initiated coverage on Reliance Steel & Aluminum in a report on Monday, August 15th. They issued an "outperform" rating and a $230.00 target price for the company. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $222.20.

Reliance Steel & Aluminum Trading Up 2.3 %

Shares of RS traded up $4.04 during midday trading on Wednesday, hitting $176.65. 580,370 shares of the stock were exchanged, compared to its average volume of 414,542. Reliance Steel & Aluminum has a 52-week low of $139.02 and a 52-week high of $211.65. The stock has a fifty day simple moving average of $186.57 and a 200 day simple moving average of $185.93. The firm has a market cap of $10.65 billion, a P/E ratio of 5.84 and a beta of 0.83. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.60 and a current ratio of 3.02.

Insider Buying and Selling at Reliance Steel & Aluminum

In other news, CEO James Donald Hoffman sold 10,000 shares of Reliance Steel & Aluminum stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $167.78, for a total transaction of $1,677,800.00. Following the sale, the chief executive officer now owns 142,738 shares in the company, valued at $23,948,581.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Arthur Ajemyan sold 1,000 shares of Reliance Steel & Aluminum stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $198.39, for a total transaction of $198,390.00. Following the sale, the chief financial officer now owns 12,870 shares in the company, valued at $2,553,279.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James Donald Hoffman sold 10,000 shares of Reliance Steel & Aluminum stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $167.78, for a total value of $1,677,800.00. Following the sale, the chief executive officer now owns 142,738 shares in the company, valued at approximately $23,948,581.64. The disclosure for this sale can be found here. 0.62% of the stock is owned by insiders.

Hedge Funds Weigh In On Reliance Steel & Aluminum

Several institutional investors have recently added to or reduced their stakes in the stock. Federated Hermes Inc. increased its position in Reliance Steel & Aluminum by 1.0% in the 2nd quarter. Federated Hermes Inc. now owns 19,069 shares of the industrial products company's stock valued at $3,239,000 after acquiring an additional 184 shares during the period. Royal London Asset Management Ltd. boosted its holdings in Reliance Steel & Aluminum by 28.0% in the 2nd quarter. Royal London Asset Management Ltd. now owns 1,194,848 shares of the industrial products company's stock valued at $202,963,000 after purchasing an additional 261,250 shares in the last quarter. ExodusPoint Capital Management LP boosted its holdings in Reliance Steel & Aluminum by 130.5% in the 2nd quarter. ExodusPoint Capital Management LP now owns 62,248 shares of the industrial products company's stock valued at $10,573,000 after purchasing an additional 35,246 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Reliance Steel & Aluminum by 6.3% in the 2nd quarter. Goldman Sachs Group Inc. now owns 317,904 shares of the industrial products company's stock valued at $53,999,000 after purchasing an additional 18,956 shares in the last quarter. Finally, Centiva Capital LP purchased a new stake in Reliance Steel & Aluminum in the 2nd quarter valued at approximately $999,000. Institutional investors and hedge funds own 83.16% of the company's stock.

Reliance Steel & Aluminum Company Profile

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Reliance Steel & Aluminum Co operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.

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