Occidental Asset Management LLC Acquires 1,168 Shares of Reliance Steel & Aluminum Co (NYSE:RS)

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Occidental Asset Management LLC boosted its position in shares of Reliance Steel & Aluminum Co (NYSE:RS) by 18.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,459 shares of the industrial products company’s stock after acquiring an additional 1,168 shares during the period. Occidental Asset Management LLC’s holdings in Reliance Steel & Aluminum were worth $706,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. FinTrust Capital Advisors LLC bought a new position in Reliance Steel & Aluminum during the second quarter valued at about $32,000. Quadrant Capital Group LLC grew its stake in shares of Reliance Steel & Aluminum by 279.1% in the 1st quarter. Quadrant Capital Group LLC now owns 436 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 321 shares during the period. Parallel Advisors LLC grew its stake in shares of Reliance Steel & Aluminum by 166.0% in the 1st quarter. Parallel Advisors LLC now owns 532 shares of the industrial products company’s stock valued at $48,000 after purchasing an additional 332 shares during the period. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Reliance Steel & Aluminum in the 2nd quarter valued at approximately $53,000. Finally, Advisory Services Network LLC grew its stake in shares of Reliance Steel & Aluminum by 39.4% in the 2nd quarter. Advisory Services Network LLC now owns 619 shares of the industrial products company’s stock valued at $59,000 after purchasing an additional 175 shares during the period. Hedge funds and other institutional investors own 83.27% of the company’s stock.

In other news, VP Arthur Ajemyan sold 3,200 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $101.61, for a total value of $325,152.00. Following the transaction, the vice president now directly owns 7,544 shares of the company’s stock, valued at approximately $766,545.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.43% of the stock is owned by insiders.

Shares of RS traded down $0.62 on Thursday, hitting $95.61. The company’s stock had a trading volume of 16,361 shares, compared to its average volume of 560,979. The firm has a market capitalization of $6.50 billion, a P/E ratio of 10.66, a PEG ratio of 1.17 and a beta of 1.29. The company has a quick ratio of 2.08, a current ratio of 4.42 and a debt-to-equity ratio of 0.39. Reliance Steel & Aluminum Co has a fifty-two week low of $68.62 and a fifty-two week high of $105.25. The business has a 50 day moving average price of $95.72.

Reliance Steel & Aluminum (NYSE:RS) last announced its earnings results on Thursday, July 25th. The industrial products company reported $2.71 EPS for the quarter, topping the consensus estimate of $2.60 by $0.11. The business had revenue of $2.88 billion for the quarter, compared to the consensus estimate of $2.93 billion. Reliance Steel & Aluminum had a return on equity of 12.85% and a net margin of 5.22%. Reliance Steel & Aluminum’s revenue was down 3.5% compared to the same quarter last year. During the same period in the previous year, the business earned $3.10 EPS. On average, research analysts predict that Reliance Steel & Aluminum Co will post 9.26 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be issued a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 2.30%. The ex-dividend date is Thursday, August 15th. Reliance Steel & Aluminum’s payout ratio is currently 24.61%.

RS has been the topic of several analyst reports. KeyCorp upped their price objective on Reliance Steel & Aluminum from $100.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Longbow Research lowered Reliance Steel & Aluminum from a “neutral” rating to an “underperform” rating and set a $76.00 price objective on the stock. in a research note on Thursday, April 18th. Zacks Investment Research upgraded Reliance Steel & Aluminum from a “sell” rating to a “hold” rating and set a $108.00 price objective on the stock in a research note on Monday, July 29th. Bank of America reiterated a “neutral” rating and issued a $98.00 price objective on shares of Reliance Steel & Aluminum in a research note on Friday, May 31st. Finally, Citigroup set a $104.00 price objective on Reliance Steel & Aluminum and gave the company a “hold” rating in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $100.00.

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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