Millennium Management LLC Sells 145,356 Shares of Reliance Steel & Aluminum Co. (NYSE:RS)

Millennium Management LLC lessened its holdings in shares of Reliance Steel & Aluminum Co. (NYSE:RS) by 82.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 29,939 shares of the industrial products company’s stock after selling 145,356 shares during the quarter. Millennium Management LLC’s holdings in Reliance Steel & Aluminum were worth $4,518,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Schroder Investment Management Group boosted its position in shares of Reliance Steel & Aluminum by 14.8% during the 1st quarter. Schroder Investment Management Group now owns 35,046 shares of the industrial products company’s stock valued at $5,337,000 after acquiring an additional 4,515 shares during the last quarter. Baird Financial Group Inc. lifted its position in Reliance Steel & Aluminum by 16.0% in the 2nd quarter. Baird Financial Group Inc. now owns 13,107 shares of the industrial products company’s stock worth $1,978,000 after buying an additional 1,810 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in Reliance Steel & Aluminum by 8.7% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 44,757 shares of the industrial products company’s stock worth $6,754,000 after buying an additional 3,579 shares during the last quarter. Renaissance Technologies LLC bought a new stake in Reliance Steel & Aluminum in the 2nd quarter worth approximately $5,223,000. Finally, Geode Capital Management LLC lifted its position in Reliance Steel & Aluminum by 4.5% in the 2nd quarter. Geode Capital Management LLC now owns 1,109,117 shares of the industrial products company’s stock worth $167,365,000 after buying an additional 47,746 shares during the last quarter. Hedge funds and other institutional investors own 81.57% of the company’s stock.

RS opened at $161.78 on Thursday. The stock’s fifty day moving average is $150.84 and its two-hundred day moving average is $154.82. The company has a market capitalization of $10.14 billion, a P/E ratio of 9.32 and a beta of 1.01. Reliance Steel & Aluminum Co. has a 52 week low of $114.26 and a 52 week high of $181.21. The company has a quick ratio of 2.39, a current ratio of 4.25 and a debt-to-equity ratio of 0.28.

Reliance Steel & Aluminum (NYSE:RS) last released its quarterly earnings data on Wednesday, October 27th. The industrial products company reported $6.15 EPS for the quarter, topping the consensus estimate of $5.95 by $0.20. The company had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $3.75 billion. Reliance Steel & Aluminum had a return on equity of 20.36% and a net margin of 9.16%. Reliance Steel & Aluminum’s quarterly revenue was up 84.5% on a year-over-year basis. During the same period last year, the business posted $1.87 EPS. Equities analysts anticipate that Reliance Steel & Aluminum Co. will post 19.79 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 3rd. Shareholders of record on Friday, November 19th will be issued a dividend of $0.688 per share. The ex-dividend date is Thursday, November 18th. This represents a $2.75 annualized dividend and a yield of 1.70%. Reliance Steel & Aluminum’s payout ratio is currently 15.84%.

RS has been the subject of a number of recent research reports. Wolfe Research initiated coverage on Reliance Steel & Aluminum in a research report on Tuesday, November 16th. They issued an “underperform” rating and a $158.00 target price for the company. Seaport Global Securities initiated coverage on Reliance Steel & Aluminum in a research report on Monday, August 23rd. They issued a “buy” rating and a $165.00 target price for the company. The Goldman Sachs Group upgraded Reliance Steel & Aluminum from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $162.00 to $190.00 in a research report on Wednesday, November 3rd. Zacks Investment Research cut Reliance Steel & Aluminum from a “strong-buy” rating to a “hold” rating and set a $152.00 price target on the stock. in a research note on Friday, September 24th. Finally, Seaport Res Ptn reissued a “buy” rating on shares of Reliance Steel & Aluminum in a research note on Monday, August 23rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Reliance Steel & Aluminum currently has an average rating of “Buy” and an average price target of $172.89.

In other news, CEO James Donald Hoffman sold 5,000 shares of Reliance Steel & Aluminum stock in a transaction on Wednesday, October 6th. The stock was sold at an average price of $141.43, for a total value of $707,150.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP William A. Smith II sold 5,598 shares of the firm’s stock in a transaction on Tuesday, November 9th. The stock was sold at an average price of $164.93, for a total value of $923,278.14. The disclosure for this sale can be found here. Company insiders own 3.43% of the company’s stock.

Reliance Steel & Aluminum Company Profile

Reliance Steel & Aluminum Co engages in the provision of metals processing services and distribution of metal products. It offers alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and specialty steel products. The company was founded by Thomas J. Neilan on February 3, 1939 and is headquartered in Los Angeles, CA.

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Institutional Ownership by Quarter for Reliance Steel & Aluminum (NYSE:RS)

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