Reliance Steel & Aluminum Co. (NYSE:RS) was the recipient of unusually large options trading activity on Wednesday. Stock traders acquired 2,558 put options on the stock. This represents an increase of approximately 1,124% compared to the typical volume of 209 put options.
In related news, SVP William A. Smith II sold 5,598 shares of the company’s stock in a transaction dated Tuesday, November 9th. The shares were sold at an average price of $164.93, for a total transaction of $923,278.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.78% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of RS. Northwestern Mutual Wealth Management Co. raised its position in Reliance Steel & Aluminum by 126.7% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 95 shares in the last quarter. Koshinski Asset Management Inc. bought a new position in Reliance Steel & Aluminum during the third quarter valued at approximately $26,000. Fifth Third Bancorp raised its position in Reliance Steel & Aluminum by 29.4% during the third quarter. Fifth Third Bancorp now owns 321 shares of the industrial products company’s stock valued at $46,000 after acquiring an additional 73 shares in the last quarter. IndexIQ Advisors LLC raised its position in Reliance Steel & Aluminum by 62.4% during the third quarter. IndexIQ Advisors LLC now owns 328 shares of the industrial products company’s stock valued at $47,000 after acquiring an additional 126 shares in the last quarter. Finally, MUFG Americas Holdings Corp raised its position in Reliance Steel & Aluminum by 67.0% during the third quarter. MUFG Americas Holdings Corp now owns 334 shares of the industrial products company’s stock valued at $48,000 after acquiring an additional 134 shares in the last quarter. 81.57% of the stock is owned by institutional investors and hedge funds.
NYSE:RS opened at $166.75 on Thursday. Reliance Steel & Aluminum has a twelve month low of $114.26 and a twelve month high of $181.21. The company has a current ratio of 4.25, a quick ratio of 2.39 and a debt-to-equity ratio of 0.28. The company has a 50-day moving average of $158.65 and a 200-day moving average of $152.71. The firm has a market cap of $10.45 billion, a price-to-earnings ratio of 9.61 and a beta of 0.99.
Reliance Steel & Aluminum (NYSE:RS) last posted its quarterly earnings data on Wednesday, October 27th. The industrial products company reported $6.15 EPS for the quarter, beating analysts’ consensus estimates of $5.95 by $0.20. Reliance Steel & Aluminum had a net margin of 9.16% and a return on equity of 20.36%. The company had revenue of $3.85 billion during the quarter, compared to analyst estimates of $3.75 billion. During the same period in the prior year, the firm earned $1.87 earnings per share. The business’s quarterly revenue was up 84.5% on a year-over-year basis. On average, research analysts forecast that Reliance Steel & Aluminum will post 20.48 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, December 3rd. Stockholders of record on Friday, November 19th were given a $0.688 dividend. This represents a $2.75 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend was Thursday, November 18th. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is 15.84%.
Several brokerages have issued reports on RS. KeyCorp raised their price objective on shares of Reliance Steel & Aluminum from $165.00 to $175.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 23rd. Wolfe Research initiated coverage on shares of Reliance Steel & Aluminum in a research note on Tuesday, November 16th. They issued an “underperform” rating and a $158.00 price objective for the company. Zacks Investment Research lowered shares of Reliance Steel & Aluminum from a “strong-buy” rating to a “hold” rating and set a $152.00 price objective for the company. in a research report on Friday, September 24th. Deutsche Bank Aktiengesellschaft raised shares of Reliance Steel & Aluminum to a “hold” rating and boosted their price objective for the company from $165.00 to $175.00 in a research report on Wednesday, September 15th. They noted that the move was a valuation call. Finally, The Goldman Sachs Group upgraded shares of Reliance Steel & Aluminum from a “neutral” rating to a “buy” rating and boosted their target price for the company from $162.00 to $190.00 in a report on Wednesday, November 3rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Reliance Steel & Aluminum presently has a consensus rating of “Buy” and an average target price of $172.89.
About Reliance Steel & Aluminum
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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