CBOE Vest Financial LLC Purchases Shares of 5,611 Reliance Steel & Aluminum Co. (NYSE:RS)

Jul 17, 2023

CBOE Vest Financial LLC purchased a new stake in shares of Reliance Steel & Aluminum Co. (NYSE:RS - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 5,611 shares of the industrial products company's stock, valued at approximately $1,441,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp lifted its stake in Reliance Steel & Aluminum by 16.4% in the first quarter. State Street Corp now owns 2,549,898 shares of the industrial products company's stock worth $467,524,000 after acquiring an additional 359,364 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Reliance Steel & Aluminum by 814.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 1,436,988 shares of the industrial products company's stock worth $47,995,000 after acquiring an additional 1,279,892 shares during the period. Royal London Asset Management Ltd. increased its position in Reliance Steel & Aluminum by 15.6% during the 4th quarter. Royal London Asset Management Ltd. now owns 1,423,772 shares of the industrial products company's stock worth $288,058,000 after purchasing an additional 191,603 shares in the last quarter. Acadian Asset Management LLC grew its position in Reliance Steel & Aluminum by 19.8% in the first quarter. Acadian Asset Management LLC now owns 1,226,377 shares of the industrial products company's stock valued at $314,818,000 after acquiring an additional 202,853 shares in the last quarter. Finally, FMR LLC grew its position in shares of Reliance Steel & Aluminum by 23.9% during the first quarter. FMR LLC now owns 1,106,693 shares of the industrial products company's stock worth $284,132,000 after buying an additional 213,196 shares in the last quarter. Institutional investors and hedge funds own 80.87% of the company's stock.

In other Reliance Steel & Aluminum news, Director Mark V. Kaminski sold 5,000 shares of the stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $277.65, for a total transaction of $1,388,250.00. Following the completion of the transaction, the director now owns 10,482 shares of the company's stock, valued at approximately $2,910,327.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Mark V. Kaminski sold 5,000 shares of the business's stock in a transaction on Friday, August 18th. The shares were sold at an average price of $277.65, for a total transaction of $1,388,250.00. Following the completion of the transaction, the director now directly owns 10,482 shares in the company, valued at $2,910,327.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jeffrey Wayne Durham sold 6,503 shares of the company's stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $275.42, for a total transaction of $1,791,056.26. Following the completion of the transaction, the vice president now owns 23,651 shares in the company, valued at $6,513,958.42. The disclosure for this sale can be found here. Insiders sold a total of 17,503 shares of company stock worth $4,935,566 in the last three months. Insiders own 0.71% of the company's stock.

Shares of Reliance Steel & Aluminum stock traded down $1.12 during trading on Thursday, reaching $283.36. 148,002 shares of the company's stock were exchanged, compared to its average volume of 407,134. Reliance Steel & Aluminum Co. has a 1-year low of $168.24 and a 1-year high of $295.98. The firm's 50-day moving average price is $279.53 and its 200 day moving average price is $258.25. 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 company has a market cap of $16.59 billion, a P/E ratio of 11.27 and a beta of 0.91.

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

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be given a dividend of $1.00 per share. The ex-dividend date of this dividend is Thursday, August 17th. This represents a $4.00 annualized dividend and a yield of 1.41%. Reliance Steel & Aluminum's payout ratio is 15.84%.

Separately, StockNews.com raised Reliance Steel & Aluminum from a "hold" rating to a "buy" rating in a research note on Wednesday, August 16th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, Reliance Steel & Aluminum presently has a consensus rating of "Moderate Buy" and a consensus target price of $270.00.

Check Out Our Latest Stock Report on RS

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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