Poplar Forest Capital Lowers stake in Reliance Steel & Aluminum Co (RS)

Reliance Steel & Aluminum Co (RS) : Poplar Forest Capital reduced its stake in Reliance Steel & Aluminum Co by 1.52% during the most recent quarter end. The investment management company now holds a total of 788,168 shares of Reliance Steel & Aluminum Co which is valued at $57.5 Million after selling 12,136 shares in Reliance Steel & Aluminum Co , the firm said in a disclosure report filed with the SEC on May 13, 2016.Reliance Steel & Aluminum Co makes up approximately 4.99% of Poplar Forest Capital’s portfolio.

Other Hedge Funds, Including , O’shaughnessy Asset Management boosted its stake in RS in the latest quarter, The investment management firm added 24,997 additional shares and now holds a total of 28,304 shares of Reliance Steel & Aluminum Co which is valued at $2.1 Million. Reliance Steel & Aluminum Co makes up approx 0.05% of O’shaughnessy Asset Management’s portfolio.Victory Capital Management Inc reduced its stake in RS by selling 109,761 shares or 13.6% in the most recent quarter. The Hedge Fund company now holds 697,011 shares of RS which is valued at $50.8 Million. Reliance Steel & Aluminum Co makes up approx 0.22% of Victory Capital Management Inc’s portfolio.Blackrock Investment Management boosted its stake in RS in the latest quarter, The investment management firm added 117,032 additional shares and now holds a total of 441,338 shares of Reliance Steel & Aluminum Co which is valued at $32.2 Million. Reliance Steel & Aluminum Co makes up approx 0.04% of Blackrock Investment Management’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.Pitcairn Co reduced its stake in RS by selling 183 shares or 3.75% in the most recent quarter. The Hedge Fund company now holds 4,694 shares of RS which is valued at $347,215. Reliance Steel & Aluminum Co makes up approx 0.04% of Pitcairn Co’s portfolio.

Reliance Steel & Aluminum Co opened for trading at $73.25 and hit $74.12 on the upside on Wednesday, eventually ending the session at $73.85, with a gain of 1.15% or 0.84 points. The heightened volatility saw the trading volume jump to 6,35,465 shares. Company has a market cap of $5,342 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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