Maverick Capital Ltd. Makes New $1.21 Million Investment in Reliance Steel & Aluminum Co (NYSE:RS)

Maverick Capital Ltd. bought a new position in shares of Reliance Steel & Aluminum Co (NYSE:RS) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 12,144 shares of the industrial products company’s stock, valued at approximately $1,210,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wells Fargo & Company MN raised its position in shares of Reliance Steel & Aluminum by 137.8% in the second quarter. Wells Fargo & Company MN now owns 865,529 shares of the industrial products company’s stock valued at $81,896,000 after buying an additional 501,503 shares during the last quarter. Nuveen Asset Management LLC raised its position in shares of Reliance Steel & Aluminum by 839.4% in the second quarter. Nuveen Asset Management LLC now owns 490,475 shares of the industrial products company’s stock valued at $46,409,000 after buying an additional 438,264 shares during the last quarter. Invesco Ltd. raised its position in shares of Reliance Steel & Aluminum by 371.3% in the second quarter. Invesco Ltd. now owns 506,315 shares of the industrial products company’s stock valued at $47,908,000 after buying an additional 398,891 shares during the last quarter. Allianz Asset Management GmbH raised its position in shares of Reliance Steel & Aluminum by 41.5% in the second quarter. Allianz Asset Management GmbH now owns 906,963 shares of the industrial products company’s stock valued at $85,816,000 after buying an additional 266,169 shares during the last quarter. Finally, APG Asset Management N.V. raised its position in shares of Reliance Steel & Aluminum by 105.5% in the second quarter. APG Asset Management N.V. now owns 465,100 shares of the industrial products company’s stock valued at $38,644,000 after buying an additional 238,800 shares during the last quarter. Institutional investors own 83.17% of the company’s stock.

RS has been the subject of several research analyst reports. Exane BNP Paribas initiated coverage on shares of Reliance Steel & Aluminum in a research report on Thursday, November 14th. They set a “neutral” rating and a $117.00 price target for the company. Longbow Research raised shares of Reliance Steel & Aluminum from an “underperform” rating to a “neutral” rating in a research report on Friday, September 6th. Bank of America set a $115.00 price target on shares of Reliance Steel & Aluminum and gave the stock a “hold” rating in a research report on Friday, October 25th. Cowen reaffirmed an “outperform” rating and set a $123.00 price target (up previously from $107.00) on shares of Reliance Steel & Aluminum in a research report on Tuesday, October 29th. Finally, ValuEngine raised shares of Reliance Steel & Aluminum from a “sell” rating to a “hold” rating in a research report on Friday, October 25th. Nine investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Reliance Steel & Aluminum has an average rating of “Hold” and an average target price of $107.40.

RS opened at $117.98 on Monday. The company has a quick ratio of 1.90, a current ratio of 4.01 and a debt-to-equity ratio of 0.31. Reliance Steel & Aluminum Co has a 52-week low of $68.62 and a 52-week high of $120.85. The company has a 50 day moving average of $112.09 and a two-hundred day moving average of $98.86. The company has a market cap of $7.86 billion, a P/E ratio of 13.20, a P/E/G ratio of 1.37 and a beta of 1.35.

Reliance Steel & Aluminum (NYSE:RS) last released its quarterly earnings data on Thursday, October 24th. The industrial products company reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $0.44. The company had revenue of $2.69 billion during the quarter, compared to the consensus estimate of $2.67 billion. Reliance Steel & Aluminum had a net margin of 5.48% and a return on equity of 12.52%. Reliance Steel & Aluminum’s revenue for the quarter was down 9.7% on a year-over-year basis. During the same period in the previous year, the firm earned $2.42 earnings per share. Research analysts anticipate that Reliance Steel & Aluminum Co will post 9.6 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be issued a $0.55 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $2.20 annualized dividend and a yield of 1.86%. Reliance Steel & Aluminum’s dividend payout ratio is presently 24.61%.

Reliance Steel & Aluminum Company Profile

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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