Menta Capital buys $4.3 Million stake in Reliance Steel & Aluminum Co (RS)

Reliance Steel & Aluminum Co (RS) : Menta Capital scooped up 8,400 additional shares in Reliance Steel & Aluminum Co during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 11, 2016. The investment management firm now holds a total of 59,200 shares of Reliance Steel & Aluminum Co which is valued at $4.3 Million.Reliance Steel & Aluminum Co makes up approximately 0.60% of Menta Capital’s portfolio.

Other Hedge Funds, Including , Royce Associates Lp reduced its stake in RS by selling 757,690 shares or 28.73% in the most recent quarter. The Hedge Fund company now holds 1,879,650 shares of RS which is valued at $137.1 Million. Reliance Steel & Aluminum Co makes up approx 0.89% of Royce Associates Lp’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. Smith Asset Management Group Lp added RS to its portfolio by purchasing 830 company shares during the most recent quarter which is valued at $60,864. Quantitative Investment Management added RS to its portfolio by purchasing 32,500 company shares during the most recent quarter which is valued at $2.4 Million. Reliance Steel & Aluminum Co makes up approx 0.11% of Quantitative Investment Management’s portfolio.Dowling Yahnke reduced its stake in RS by selling 48,370 shares or 7.05% in the most recent quarter. The Hedge Fund company now holds 638,008 shares of RS which is valued at $47.2 Million. Reliance Steel & Aluminum Co makes up approx 5.76% of Dowling Yahnke’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.

Leave a Reply

Reliance Steel & Aluminum Co - Is it time to Sell?

Top Brokerage Firms are advising their investors on Reliance Steel & Aluminum Co. Subscribe to MoneyFlowIndex.Org Pre-Market Alerts, You will be the first to know the street buzz.