Reliance Steel & Aluminum Co. (NYSE:RS) Shares Sold by ProShare Advisors LLC

Defense World · Oct 24, 2022 06:42

ProShare Advisors LLC lowered its holdings in Reliance Steel & Aluminum Co. (NYSE:RS – Get Rating) by 25.3% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,448 shares of the industrial products company's stock after selling 2,180 shares during the period. ProShare Advisors LLC's holdings in Reliance Steel & Aluminum were worth $1,095,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in RS. Yousif Capital Management LLC lifted its stake in Reliance Steel & Aluminum by 1.9% in the second quarter. Yousif Capital Management LLC now owns 36,888 shares of the industrial products company's stock worth $6,266,000 after acquiring an additional 675 shares during the last quarter. Aptus Capital Advisors LLC lifted its stake in Reliance Steel & Aluminum by 3.4% in the second quarter. Aptus Capital Advisors LLC now owns 16,226 shares of the industrial products company's stock worth $2,757,000 after acquiring an additional 540 shares during the last quarter. Crossmark Global Holdings Inc. lifted its stake in Reliance Steel & Aluminum by 80.3% in the second quarter. Crossmark Global Holdings Inc. now owns 9,517 shares of the industrial products company's stock worth $1,617,000 after acquiring an additional 4,240 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in Reliance Steel & Aluminum by 19.4% in the second quarter. Russell Investments Group Ltd. now owns 253,946 shares of the industrial products company's stock worth $43,301,000 after acquiring an additional 41,223 shares during the last quarter. Finally, National Bank of Canada FI lifted its stake in Reliance Steel & Aluminum by 330.3% in the second quarter. National Bank of Canada FI now owns 865 shares of the industrial products company's stock worth $147,000 after acquiring an additional 664 shares during the last quarter. Institutional investors and hedge funds own 83.16% of the company's stock.

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Reliance Steel & Aluminum Stock Up 1.7 %

Shares of NYSE:RS opened at $183.32 on Monday. The firm has a 50 day simple moving average of $184.70 and a 200-day simple moving average of $185.09. The company has a market capitalization of $11.05 billion, a PE ratio of 6.06 and a beta of 0.83. Reliance Steel & Aluminum Co. has a twelve month low of $142.74 and a twelve month high of $211.65. The company has a current ratio of 3.02, a quick ratio of 1.60 and a debt-to-equity ratio of 0.17.

Reliance Steel & Aluminum (NYSE:RS – Get Rating) last announced its earnings results on Thursday, July 28th. The industrial products company reported $9.15 EPS for the quarter, beating analysts' consensus estimates of $9.06 by $0.09. The business had revenue of $4.68 billion for the quarter, compared to analysts' expectations of $4.61 billion. Reliance Steel & Aluminum had a net margin of 11.25% and a return on equity of 30.46%. The company's quarterly revenue was up 36.9% on a year-over-year basis. During the same period in the previous year, the company posted $5.06 EPS. On average, equities analysts predict that Reliance Steel & Aluminum Co. will post 28.28 EPS for the current fiscal year.

Reliance Steel & Aluminum Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 2nd. Stockholders of record on Friday, August 19th were issued a $0.875 dividend. The ex-dividend date was Thursday, August 18th. This represents a $3.50 dividend on an annualized basis and a dividend yield of 1.91%. Reliance Steel & Aluminum's payout ratio is 11.56%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. The Goldman Sachs Group downgraded shares of Reliance Steel & Aluminum from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $218.00 to $201.00 in a research note on Thursday, October 6th. KeyCorp reduced their price objective on shares of Reliance Steel & Aluminum from $215.00 to $207.00 and set an "overweight" rating for the company in a research report on Tuesday, July 19th. StockNews.com downgraded shares of Reliance Steel & Aluminum from a "strong-buy" rating to a "buy" rating in a research report on Thursday, October 6th. Finally, BMO Capital Markets assumed coverage on shares of Reliance Steel & Aluminum in a research report on Monday, August 15th. They set an "outperform" rating and a $230.00 price objective for the company. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $218.80.

Insider Activity

In other news, CEO James Donald Hoffman sold 10,000 shares of Reliance Steel & Aluminum stock in a transaction on Thursday, October 6th. The shares were sold at an average price of $183.31, for a total value of $1,833,100.00. Following the transaction, the chief executive officer now directly owns 132,738 shares of the company's stock, valued at approximately $24,332,202.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Reliance Steel & Aluminum news, CEO James Donald Hoffman sold 10,000 shares of the business's stock in a transaction on Thursday, October 6th. The shares were sold at an average price of $183.31, for a total value of $1,833,100.00. Following the transaction, the chief executive officer now directly owns 132,738 shares of the company's stock, valued at approximately $24,332,202.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Arthur Ajemyan sold 1,000 shares of the business's stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $198.39, for a total transaction of $198,390.00. Following the completion of the transaction, the chief financial officer now directly owns 12,870 shares in the company, valued at $2,553,279.30. The disclosure for this sale can be found here. Corporate insiders own 0.62% 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.