Reliance Steel & Aluminum Co. (NYSE:RS) was down 7.5% during mid-day trading on Thursday . The company traded as low as $76.04 and last traded at $76.11, with a volume of 772,966 shares changing hands. The stock had previously closed at $82.28.

A number of equities research analysts recently issued reports on RS shares. Zacks Investment Research upgraded Reliance Steel & Aluminum Co. from a “hold” rating to a “buy” rating and set a $83.00 price objective on the stock in a research note on Thursday, April 28th. Cowen and Company restated a “buy” rating on shares of Reliance Steel & Aluminum Co. in a research note on Tuesday, May 17th. Jefferies Group restated a “hold” rating and issued a $72.00 price objective (up from $68.00) on shares of Reliance Steel & Aluminum Co. in a research note on Friday, June 10th. Vetr upgraded Reliance Steel & Aluminum Co. from a “sell” rating to a “hold” rating and set a $70.00 price objective on the stock in a research note on Monday, April 25th. Finally, Deutsche Bank AG cut Reliance Steel & Aluminum Co. from a “buy” rating to a “hold” rating and set a $70.00 price objective on the stock. in a research note on Wednesday, March 23rd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $76.33.

The company has a 50-day moving average of $77.67 and a 200 day moving average of $68.42. The firm has a market capitalization of $5.52 billion and a P/E ratio of 18.57.

Reliance Steel & Aluminum Co. (NYSE:RS) last released its quarterly earnings data on Thursday, July 21st. The company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.30 by $0.06. The business had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.31 billion. During the same period last year, the business earned $1.21 earnings per share. The company’s quarterly revenue was down 9.1% on a year-over-year basis. On average, equities research analysts forecast that Reliance Steel & Aluminum Co. will post $4.66 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 9th. Investors of record on Friday, August 12th will be given a dividend of $0.425 per share. The ex-dividend date of this dividend is Wednesday, August 10th. This is a positive change from Reliance Steel & Aluminum Co.’s previous quarterly dividend of $0.40. This represents a $1.70 annualized dividend and a dividend yield of 2.23%.

In related news, VP Stephen Paul Koch sold 23,355 shares of the stock in a transaction on Monday, April 25th. The stock was sold at an average price of $71.20, for a total transaction of $1,662,876.00. Following the sale, the vice president now directly owns 37,955 shares of the company’s stock, valued at $2,702,396. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman David H. Hannah sold 35,917 shares of the stock in a transaction on Monday, April 25th. The shares were sold at an average price of $71.38, for a total value of $2,563,755.46. The disclosure for this sale can be found here.

A number of hedge funds and institutional investors have recently made changes to their positions in the company. TrimTabs Asset Management LLC boosted its position in shares of Reliance Steel & Aluminum Co. by 1.9% in the fourth quarter. TrimTabs Asset Management LLC now owns 38,317 shares of the company’s stock valued at $2,219,000 after buying an additional 714 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Reliance Steel & Aluminum Co. by 4.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,038,218 shares of the company’s stock valued at $118,038,000 after buying an additional 90,272 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in shares of Reliance Steel & Aluminum Co. by 27.8% in the fourth quarter. BNP Paribas Arbitrage SA now owns 37,226 shares of the company’s stock valued at $2,156,000 after buying an additional 8,099 shares during the last quarter. Systematic Financial Management LP boosted its position in shares of Reliance Steel & Aluminum Co. by 109.0% in the fourth quarter. Systematic Financial Management LP now owns 77,075 shares of the company’s stock valued at $4,463,000 after buying an additional 40,200 shares during the last quarter. Finally, Suntrust Banks Inc. boosted its position in shares of Reliance Steel & Aluminum Co. by 7.2% in the fourth quarter. Suntrust Banks Inc. now owns 32,109 shares of the company’s stock valued at $1,858,000 after buying an additional 2,148 shares during the last quarter.

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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