Royce Associates Lp Lowers stake in Reliance Steel & Aluminum Co (RS)

Reliance Steel & Aluminum Co (RS) : Royce Associates Lp reduced its stake in Reliance Steel & Aluminum Co by 28.73% during the most recent quarter end. The investment management company now holds a total of 1,879,650 shares of Reliance Steel & Aluminum Co which is valued at $137.1 Million after selling 757,690 shares in Reliance Steel & Aluminum Co , the firm said in a disclosure report filed with the SEC on May 11, 2016.Reliance Steel & Aluminum Co makes up approximately 0.89% of Royce Associates Lp’s portfolio.

Other Hedge Funds, Including , Comerica Bank reduced its stake in RS by selling 2,801 shares or 4.95% in the most recent quarter. The Hedge Fund company now holds 53,763 shares of RS which is valued at $3.9 Million. Reliance Steel & Aluminum Co makes up approx 0.04% of Comerica Bank’s portfolio. Janney Montgomery Scott sold out all of its stake in RS during the most recent quarter. The investment firm sold 11,071 shares of RS which is valued $807,408.California Public Employees Retirement System reduced its stake in RS by selling 900 shares or 0.47% in the most recent quarter. The Hedge Fund company now holds 191,420 shares of RS which is valued at $14 Million. Reliance Steel & Aluminum Co makes up approx 0.02% of California Public Employees Retirement System’s portfolio.Calvert Investment Management boosted its stake in RS in the latest quarter, The investment management firm added 94,912 additional shares and now holds a total of 133,189 shares of Reliance Steel & Aluminum Co which is valued at $9.8 Million. Reliance Steel & Aluminum Co makes up approx 0.43% of Calvert Investment Management’s portfolio.Capital Fund Management S.a. boosted its stake in RS in the latest quarter, The investment management firm added 21,033 additional shares and now holds a total of 36,533 shares of Reliance Steel & Aluminum Co which is valued at $2.7 Million. Reliance Steel & Aluminum Co makes up approx 0.05% of Capital Fund Management S.a.’s portfolio.

Reliance Steel & Aluminum Co opened for trading at $73.35 and hit $74.59 on the upside on Monday, eventually ending the session at $73.91, with a gain of 1.34% or 0.98 points. The heightened volatility saw the trading volume jump to 7,68,732 shares. Company has a market cap of $5,346 M.

On the company’s financial health, Reliance Steel & Aluminum Co reported $1.03 EPS for the quarter, beating the analyst consensus estimate by $ 0.15 according to the earnings call on Apr 21, 2016. Analyst had a consensus of $0.88. The company had revenue of $2162.70 million for the quarter, compared to analysts expectations of $2196.88 million. The company’s revenue was down -17.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.30 EPS.

Many Wall Street Analysts have commented on Reliance Steel & Aluminum Co. Rosenblatt Upgraded Reliance Steel & Aluminum Co on Apr 28, 2016 to ” Neutral”, Price Target of the shares are set at $69.Company shares were Reiterated by Cowen on Apr 25, 2016 to “Outperform”, Firm has raised the Price Target to $ 78 from a previous price target of $70 .Reliance Steel & Aluminum Co was Downgraded by Credit Agricole to ” Underperform” on Apr 22, 2016.

Reliance Steel & Aluminum Co. is a metals service center company in North America. The Company provides a variety of processing services and delivers products to fabricators manufacturers and other end users. It has a network of more than 300 locations in 39 states in the United States and in 12 other countries including Australia Belgium Canada China France Malaysia Mexico Singapore South Korea Turkey the United Arab Emirates and the United Kingdom. It provides metals processing services and distributes a line of more than 100000 metal products including alloy aluminum brass copper carbon steel stainless steel titanium and specialty steel products. It also provides toll processing of aluminum carbon steel and stainless steel miscellaneous including brass copper and titanium and offers processing services which range from cutting leveling or sawing to complete processes such as machining or electropolishing.

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