Reliance Steel & Aluminum Co. (NYSE:RS) shares traded down 7.5% 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 research analysts have weighed in on the stock. Cowen and Company lifted their price objective on shares of Reliance Steel & Aluminum Co. from $78.00 to $86.00 and gave the company an “outperform” rating in a report on Friday. Rosenblatt Securities upgraded shares of Reliance Steel & Aluminum Co. from a “sell” rating to a “neutral” rating and set a $69.00 target price on the stock in a research report on Thursday, April 28th. Zacks Investment Research upgraded shares of Reliance Steel & Aluminum Co. from a “hold” rating to a “buy” rating and set a $94.00 target price on the stock in a research report on Friday, July 15th. Jefferies Group reiterated a “hold” rating and issued a $72.00 target price (up previously from $68.00) on shares of Reliance Steel & Aluminum Co. in a research report on Friday, June 10th. Finally, Vetr upgraded shares of Reliance Steel & Aluminum Co. from a “sell” rating to a “hold” rating and set a $70.00 target price on the stock in a research report on Monday, April 25th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $77.22.

The firm has a 50-day moving average price of $77.76 and a 200-day moving average price of $68.61. The firm has a market cap of $5.52 billion and a PE ratio of 18.56.

Reliance Steel & Aluminum Co. (NYSE:RS) last issued its quarterly earnings results on Thursday, July 21st. The company reported $1.36 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.30 by $0.06. The business had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.31 billion. During the same quarter in the prior year, the company earned $1.21 EPS. The firm’s revenue for the quarter was down 9.1% on a year-over-year basis. Equities research analysts anticipate that Reliance Steel & Aluminum Co. will post $4.69 EPS for the current fiscal year.

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

In other Reliance Steel & Aluminum Co. news, CEO Gregg J. Mollins sold 12,500 shares of the company’s stock in a transaction on Wednesday, April 27th. The shares were sold at an average price of $73.40, for a total transaction of $917,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP William A. Smith II sold 1,183 shares of the company’s stock in a transaction on Wednesday, June 8th. The stock was sold at an average price of $77.92, for a total transaction of $92,179.36. Following the transaction, the senior vice president now owns 10,000 shares of the company’s stock, valued at approximately $779,200. The disclosure for this sale can be found here.

Other institutional investors recently made changes to their positions in the company. New York State Common Retirement Fund increased its position in shares of Reliance Steel & Aluminum Co. by 13.2% in the fourth quarter. New York State Common Retirement Fund now owns 345,978 shares of the company’s stock worth $20,036,000 after buying an additional 40,335 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its position in shares of Reliance Steel & Aluminum Co. by 380.7% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 52,295 shares of the company’s stock worth $3,029,000 after buying an additional 41,415 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Reliance Steel & Aluminum Co. by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 4,846,689 shares of the company’s stock worth $280,672,000 after buying an additional 51,528 shares in the last quarter. Twin Capital Management Inc. increased its position in shares of Reliance Steel & Aluminum Co. by 27.9% in the fourth quarter. Twin Capital Management Inc. now owns 22,940 shares of the company’s stock worth $1,328,000 after buying an additional 5,000 shares in the last quarter. Finally, Ameritas Investment Partners Inc. increased its position in shares of Reliance Steel & Aluminum Co. by 228.7% in the fourth quarter. Ameritas Investment Partners Inc. now owns 36,613 shares of the company’s stock worth $2,120,000 after buying an additional 25,474 shares in 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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