Reliance Steel & Aluminum Co (RS) : Royce Associates Lp reduced its stake in Reliance Steel & Aluminum Co by 29.87% during the most recent quarter end. The investment management company now holds a total of 1,318,212 shares of Reliance Steel & Aluminum Co which is valued at $99,485,460 after selling 561,438 shares in Reliance Steel & Aluminum Co , the firm said in a disclosure report filed with the SEC on Aug 8, 2016.Reliance Steel & Aluminum Co makes up approximately 0.62% of Royce Associates Lp’s portfolio.
Other Hedge Funds, Including , Bnp Paribas Investment Partners S.a. boosted its stake in RS in the latest quarter, The investment management firm added 6,330 additional shares and now holds a total of 22,102 shares of Reliance Steel & Aluminum Co which is valued at $1,668,038. Reliance Steel & Aluminum Co makes up approx 0.01% of Bnp Paribas Investment Partners S.a.’s portfolio.California Public Employees Retirement System reduced its stake in RS by selling 1,700 shares or 0.83% in the most recent quarter. The Hedge Fund company now holds 204,320 shares of RS which is valued at $15,761,245. Reliance Steel & Aluminum Co makes up approx 0.02% of California Public Employees Retirement System’s portfolio.Jennison Associates reduced its stake in RS by selling 742,889 shares or 50.79% in the most recent quarter. The Hedge Fund company now holds 719,775 shares of RS which is valued at $55,523,444. Reliance Steel & Aluminum Co makes up approx 0.06% of Jennison Associates’s portfolio. Cadence Capital Management sold out all of its stake in RS during the most recent quarter. The investment firm sold 13,112 shares of RS which is valued $1,011,460. Green Square Capital sold out all of its stake in RS during the most recent quarter. The investment firm sold 61,082 shares of RS which is valued $4,710,033.
Reliance Steel & Aluminum Co opened for trading at $73.55 and hit $74.62 on the upside on Monday, eventually ending the session at $74.22, with a gain of 1.12% or 0.82 points. The heightened volatility saw the trading volume jump to 4,55,795 shares. Company has a market cap of $5,383 M.
On the company’s financial health, Reliance Steel & Aluminum Co reported $1.36 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on Jul 21, 2016. Analyst had a consensus of $1.31. The company had revenue of $2204.00 million for the quarter, compared to analysts expectations of $2337.44 million. The company’s revenue was down -9.1 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.21 EPS.
Many Wall Street Analysts have commented on Reliance Steel & Aluminum Co. Reliance Steel & Aluminum Co was Upgraded by BofA/Merrill to ” Neutral” on Jul 28, 2016. Company shares were Reiterated by Cowen on Jul 22, 2016 to “Outperform”, Firm has raised the Price Target to $ 86 from a previous price target of $78 .Company shares were Reiterated by Rosenblatt on Jul 5, 2016 to “Neutral”, Firm has raised the Price Target to $ 76 from a previous price target of $69 .
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.