Burney Co. Trims Stock Holdings in Reliance Steel & Aluminum Co. (NYSE:RS)

Sep 01, 2023

Burney Co. reduced its stake in shares of Reliance Steel & Aluminum Co. (NYSE:RS - Free Report) by 3.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,869 shares of the industrial products company's stock after selling 1,389 shares during the period. Burney Co. owned 0.07% of Reliance Steel & Aluminum worth $9,979,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Worth Asset Management LLC bought a new stake in shares of Reliance Steel & Aluminum during the 1st quarter valued at $28,000. Belpointe Asset Management LLC bought a new stake in shares of Reliance Steel & Aluminum during the fourth quarter valued at approximately $39,000. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Reliance Steel & Aluminum by 124.3% in the first quarter. Massmutual Trust Co. FSB ADV now owns 166 shares of the industrial products company's stock worth $43,000 after buying an additional 92 shares in the last quarter. Penserra Capital Management LLC purchased a new position in shares of Reliance Steel & Aluminum during the first quarter valued at about $46,000. Finally, Bessemer Group Inc. increased its holdings in shares of Reliance Steel & Aluminum by 106.6% in the first quarter. Bessemer Group Inc. now owns 250 shares of the industrial products company's stock worth $64,000 after purchasing an additional 129 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

RS stock traded down $1.61 during mid-day trading on Friday, reaching $276.80. 35,033 shares of the stock traded hands, compared to its average volume of 418,540. Reliance Steel & Aluminum Co. has a one year low of $168.24 and a one year high of $295.98. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.83 and a current ratio of 5.18. The business has a 50-day moving average price of $275.18 and a two-hundred day moving average price of $255.06. The stock has a market capitalization of $16.21 billion, a PE ratio of 11.03 and a beta of 0.91.

Reliance Steel & Aluminum (NYSE:RS - Get Free Report) last issued its quarterly earnings results on Thursday, July 27th. The industrial products company reported $6.49 earnings per share for the quarter, missing the consensus estimate of $6.52 by ($0.03). The business had revenue of $3.88 billion during the quarter, compared to analysts' expectations of $3.98 billion. Reliance Steel & Aluminum had a return on equity of 20.88% and a net margin of 9.63%. The company's quarterly revenue was down 17.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $9.15 earnings per share. Equities research analysts expect that Reliance Steel & Aluminum Co. will post 22.18 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date of this dividend is Thursday, August 17th. Reliance Steel & Aluminum's payout ratio is presently 15.84%.

Several equities analysts have weighed in on RS shares. Wolfe Research cut Reliance Steel & Aluminum from an "outperform" rating to a "peer perform" rating in a report on Friday, April 28th. StockNews.com raised shares of Reliance Steel & Aluminum from a "hold" rating to a "buy" rating in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, Reliance Steel & Aluminum currently has a consensus rating of "Moderate Buy" and a consensus target price of $270.00.

Get Our Latest Stock Analysis on Reliance Steel & Aluminum

In other Reliance Steel & Aluminum news, SVP William A. Smith II sold 6,000 shares of the business's stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $292.71, for a total value of $1,756,260.00. Following the completion of the sale, the senior vice president now directly owns 18,366 shares of the company's stock, valued at approximately $5,375,911.86. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, SVP William A. Smith II sold 6,000 shares of the stock in a transaction on Monday, July 31st. The stock was sold at an average price of $292.71, for a total transaction of $1,756,260.00. Following the transaction, the senior vice president now owns 18,366 shares of the company's stock, valued at approximately $5,375,911.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director James Donald Hoffman sold 10,000 shares of the firm's stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $235.16, for a total value of $2,351,600.00. Following the transaction, the director now owns 124,042 shares in the company, valued at approximately $29,169,716.72. The disclosure for this sale can be found here. 0.62% of the stock is currently owned by insiders.

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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