Reliance Steel & Aluminum Co (NYSE:RS) Short Interest Update

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Reliance Steel & Aluminum Co (NYSE:RS) was the recipient of a significant increase in short interest in the month of May. As of May 31st, there was short interest totalling 2,028,700 shares, an increase of 42.5% from the April 30th total of 1,423,700 shares. Based on an average daily volume of 449,800 shares, the days-to-cover ratio is currently 4.5 days. Approximately 3.1% of the shares of the company are short sold.

In related news, VP Jeffrey Wayne Durham sold 2,675 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $92.29, for a total transaction of $246,875.75. Following the completion of the sale, the vice president now directly owns 8,255 shares of the company’s stock, valued at $761,853.95. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Gregg J. Mollins sold 25,000 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $91.81, for a total value of $2,295,250.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 39,008 shares of company stock valued at $3,580,455. Corporate insiders own 3.43% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. ETF Managers Group LLC increased its position in Reliance Steel & Aluminum by 8.7% during the 1st quarter. ETF Managers Group LLC now owns 1,689 shares of the industrial products company’s stock worth $152,000 after purchasing an additional 135 shares in the last quarter. Quadrant Capital Group LLC grew its stake in Reliance Steel & Aluminum by 279.1% during the 1st quarter. Quadrant Capital Group LLC now owns 436 shares of the industrial products company’s stock worth $36,000 after buying an additional 321 shares during the last quarter. Quantamental Technologies LLC grew its stake in Reliance Steel & Aluminum by 9.9% during the 1st quarter. Quantamental Technologies LLC now owns 3,643 shares of the industrial products company’s stock worth $329,000 after buying an additional 328 shares during the last quarter. Quantinno Capital Management LP grew its stake in Reliance Steel & Aluminum by 5.3% during the 1st quarter. Quantinno Capital Management LP now owns 6,619 shares of the industrial products company’s stock worth $597,000 after buying an additional 331 shares during the last quarter. Finally, Parallel Advisors LLC grew its stake in Reliance Steel & Aluminum by 166.0% during the 1st quarter. Parallel Advisors LLC now owns 532 shares of the industrial products company’s stock worth $48,000 after buying an additional 332 shares during the last quarter. 81.41% of the stock is owned by institutional investors and hedge funds.

Reliance Steel & Aluminum stock traded down $1.24 during midday trading on Monday, reaching $87.70. The company’s stock had a trading volume of 12,554 shares, compared to its average volume of 395,131. Reliance Steel & Aluminum has a fifty-two week low of $68.62 and a fifty-two week high of $95.86. The company has a quick ratio of 1.85, a current ratio of 4.06 and a debt-to-equity ratio of 0.47. The company’s 50 day simple moving average is $88.05. The company has a market capitalization of $5.98 billion, a price-to-earnings ratio of 9.81, a PEG ratio of 1.07 and a beta of 1.26.

Reliance Steel & Aluminum (NYSE:RS) last released its quarterly earnings results on Thursday, April 25th. The industrial products company reported $2.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.42. The business had revenue of $2.96 billion during the quarter, compared to the consensus estimate of $2.97 billion. Reliance Steel & Aluminum had a return on equity of 13.70% and a net margin of 5.58%. The business’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.30 EPS. As a group, equities analysts predict that Reliance Steel & Aluminum will post 9.2 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 24th were paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 2.51%. The ex-dividend date of this dividend was Thursday, May 23rd. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is presently 24.61%.

A number of equities research analysts have commented on the company. Deutsche Bank raised Reliance Steel & Aluminum from a “hold” rating to a “buy” rating and set a $84.82 target price for the company in a report on Thursday, May 30th. Bank of America reissued a “neutral” rating and issued a $98.00 target price on shares of Reliance Steel & Aluminum in a report on Friday, May 31st. Longbow Research downgraded Reliance Steel & Aluminum from a “neutral” rating to an “underperform” rating and set a $76.00 target price for the company. in a report on Thursday, April 18th. Jefferies Financial Group downgraded Reliance Steel & Aluminum from a “buy” rating to a “hold” rating and reduced their target price for the company from $105.00 to $100.00 in a report on Friday, April 26th. Finally, Citigroup set a $98.00 target price on Reliance Steel & Aluminum and gave the company a “hold” rating in a report on Monday, May 20th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $94.08.

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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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