Third Avenue Management LLC Raises Position in Reliance Steel & Aluminum Co. (NYSE:RS)

Third Avenue Management LLC boosted its stake in shares of Reliance Steel & Aluminum Co. (NYSE:RS) by 14.4% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 359,950 shares of the industrial products company’s stock after purchasing an additional 45,252 shares during the period. Reliance Steel & Aluminum Co. comprises about 1.2% of Third Avenue Management LLC’s investment portfolio, making the stock its 24th biggest position. Third Avenue Management LLC owned approximately 0.49% of Reliance Steel & Aluminum Co. worth $27,418,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of RS. Victory Capital Management Inc. increased its stake in Reliance Steel & Aluminum Co. by 27.8% during the second quarter. Victory Capital Management Inc. now owns 2,718,818 shares of the industrial products company’s stock worth $197,957,000 after acquiring an additional 591,272 shares during the last quarter. Koch Industries Inc. purchased a new position in shares of Reliance Steel & Aluminum Co. during the second quarter valued at approximately $393,000. FMR LLC boosted its position in shares of Reliance Steel & Aluminum Co. by 820.5% during the second quarter. FMR LLC now owns 433,536 shares of the industrial products company’s stock valued at $31,566,000 after buying an additional 386,436 shares during the period. Pioneer Investment Management Inc. purchased a new position in shares of Reliance Steel & Aluminum Co. during the second quarter valued at approximately $22,470,000. Finally, BlackRock Inc. boosted its position in shares of Reliance Steel & Aluminum Co. by 4.2% during the second quarter. BlackRock Inc. now owns 6,959,142 shares of the industrial products company’s stock valued at $506,694,000 after buying an additional 277,846 shares during the period. 82.40% of the stock is currently owned by institutional investors and hedge funds.

Reliance Steel & Aluminum Co. (NYSE:RS) opened at $74.20 on Wednesday. Reliance Steel & Aluminum Co. has a 12-month low of $68.46 and a 12-month high of $88.58. The company has a debt-to-equity ratio of 0.43, a current ratio of 4.06 and a quick ratio of 1.79. The stock has a market capitalization of $5,509.48, a price-to-earnings ratio of 14.93, a P/E/G ratio of 1.63 and a beta of 1.28.

Reliance Steel & Aluminum Co. (NYSE:RS) last posted its quarterly earnings results on Thursday, October 26th. The industrial products company reported $1.30 EPS for the quarter, beating the consensus estimate of $1.19 by $0.11. Reliance Steel & Aluminum Co. had a net margin of 3.97% and a return on equity of 8.61%. The company had revenue of $2.45 billion for the quarter. During the same period in the previous year, the company posted $1.25 earnings per share. Reliance Steel & Aluminum Co.’s revenue for the quarter was up 12.1% compared to the same quarter last year. research analysts predict that Reliance Steel & Aluminum Co. will post 5.16 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Friday, November 17th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.43%. The ex-dividend date is Thursday, November 16th. Reliance Steel & Aluminum Co.’s payout ratio is currently 35.43%.

RS has been the subject of a number of research reports. Cowen and Company reiterated a “buy” rating and issued a $92.00 price target on shares of Reliance Steel & Aluminum Co. in a report on Friday, September 1st. ValuEngine lowered Reliance Steel & Aluminum Co. from a “buy” rating to a “hold” rating in a report on Thursday, November 9th. Zacks Investment Research upgraded Reliance Steel & Aluminum Co. from a “hold” rating to a “buy” rating and set a $86.00 target price for the company in a report on Monday, October 16th. Jefferies Group LLC restated a “hold” rating and set a $72.00 target price on shares of Reliance Steel & Aluminum Co. in a report on Wednesday, July 19th. Finally, Bank of America Corporation restated a “buy” rating and set a $89.00 target price (up previously from $88.00) on shares of Reliance Steel & Aluminum Co. in a report on Tuesday, September 5th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. Reliance Steel & Aluminum Co. presently has an average rating of “Hold” and an average target price of $82.00.

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Reliance Steel & Aluminum Co. Profile

Reliance Steel & Aluminum Co is a metals service center company in North America (the United States and Canada). As of December 31, 2016, the Company’s network of metals service centers operated over 300 locations in 39 states in the United States and in 12 other countries (Australia, Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom).

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

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