Miracle Mile Advisors LLC Purchases Shares of 20,526 Reliance Steel & Aluminum Co (RS)

Miracle Mile Advisors LLC purchased a new stake in Reliance Steel & Aluminum Co (NYSE:RS) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 20,526 shares of the industrial products company’s stock, valued at approximately $1,853,000.

A number of other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc raised its position in shares of Reliance Steel & Aluminum by 0.6% during the 3rd quarter. Vanguard Group Inc now owns 6,340,594 shares of the industrial products company’s stock worth $540,790,000 after buying an additional 39,418 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Reliance Steel & Aluminum by 5.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,899 shares of the industrial products company’s stock worth $349,000 after purchasing an additional 255 shares in the last quarter. Bell Rock Capital LLC raised its holdings in shares of Reliance Steel & Aluminum by 70.5% in the 4th quarter. Bell Rock Capital LLC now owns 856 shares of the industrial products company’s stock worth $61,000 after purchasing an additional 354 shares in the last quarter. Huntington National Bank raised its holdings in shares of Reliance Steel & Aluminum by 354.2% in the 4th quarter. Huntington National Bank now owns 1,199 shares of the industrial products company’s stock worth $85,000 after purchasing an additional 935 shares in the last quarter. Finally, Quantamental Technologies LLC bought a new stake in shares of Reliance Steel & Aluminum in the 4th quarter worth approximately $236,000. 82.94% of the stock is owned by institutional investors and hedge funds.

In related news, VP Jeffrey Wayne Durham sold 2,675 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $92.29, for a total transaction of $246,875.75. Following the transaction, the vice president now directly owns 8,255 shares of the company’s stock, valued at $761,853.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andrew G. Sharkey III sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, February 28th. The shares were sold at an average price of $89.05, for a total transaction of $178,100.00. Following the transaction, the director now directly owns 6,893 shares in the company, valued at $613,821.65. The disclosure for this sale can be found here. Over the last three months, insiders sold 142,570 shares of company stock worth $12,757,514. 3.43% of the stock is currently owned by insiders.

RS has been the topic of a number of research reports. Jefferies Financial Group downgraded shares of Reliance Steel & Aluminum from a “buy” rating to a “hold” rating and dropped their target price for the stock from $105.00 to $100.00 in a report on Friday, April 26th. Cowen reissued an “outperform” rating and issued a $95.00 target price (up from $80.00) on shares of Reliance Steel & Aluminum in a research report on Tuesday, February 26th. Finally, Longbow Research downgraded shares of Reliance Steel & Aluminum from a “neutral” rating to an “underperform” rating and set a $76.00 target price on the stock. in a research report on Thursday, April 18th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $92.40.

Reliance Steel & Aluminum stock opened at $87.72 on Friday. The company has a market capitalization of $6.02 billion, a PE ratio of 9.81, a PEG ratio of 1.09 and a beta of 1.26. The company has a current ratio of 4.06, a quick ratio of 1.85 and a debt-to-equity ratio of 0.47. Reliance Steel & Aluminum Co has a fifty-two week low of $68.62 and a fifty-two week high of $97.41.

Reliance Steel & Aluminum (NYSE:RS) last released its earnings results on Thursday, April 25th. The industrial products company reported $2.80 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.42. The business had revenue of $2.96 billion for the quarter, compared to the consensus estimate of $2.97 billion. Reliance Steel & Aluminum had a net margin of 5.58% and a return on equity of 13.70%. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period last year, the firm posted $2.30 earnings per share. On average, equities research analysts predict that Reliance Steel & Aluminum Co will post 9.15 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 24th will be given a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 2.51%. The ex-dividend date is Thursday, May 23rd. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is currently 24.61%.

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About Reliance Steel & Aluminum

Reliance Steel & Aluminum Co operates as a metals service center company. The company provides alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products and related processing services to general manufacturing, non-residential construction, transportation, aerospace and defense, energy, electronics and semiconductor fabrication, auto, and heavy industries.

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

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