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Seven Eight Capital LP Grows Holdings in Reliance Steel & Aluminum Co. (RS)

Seven Eight Capital LP grew its holdings in shares of Reliance Steel & Aluminum Co. (NYSE:RS) by 137.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,264 shares of the industrial products company’s stock after buying an additional 4,200 shares during the quarter. Seven Eight Capital LP’s holdings in Reliance Steel & Aluminum Co. were worth $529,000 at the end of the most recent quarter.

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A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Global X Management Co. LLC lifted its position in shares of Reliance Steel & Aluminum Co. by 220.0% during the second quarter. Global X Management Co. LLC now owns 2,304 shares of the industrial products company’s stock worth $168,000 after purchasing an additional 1,584 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Reliance Steel & Aluminum Co. by 15.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,788 shares of the industrial products company’s stock worth $203,000 after purchasing an additional 382 shares in the last quarter. Two Sigma Securities LLC acquired a new position in shares of Reliance Steel & Aluminum Co. during the first quarter worth $248,000. BB&T Securities LLC lifted its position in shares of Reliance Steel & Aluminum Co. by 25.5% during the second quarter. BB&T Securities LLC now owns 3,266 shares of the industrial products company’s stock worth $237,000 after purchasing an additional 664 shares in the last quarter. Finally, Laurion Capital Management LP acquired a new position in shares of Reliance Steel & Aluminum Co. during the first quarter worth $280,000. Institutional investors own 82.50% of the company’s stock.

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RS has been the topic of a number of recent research reports. BidaskClub cut shares of Reliance Steel & Aluminum Co. from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Jefferies Group LLC reissued a “hold” rating on shares of Reliance Steel & Aluminum Co. in a research report on Thursday, August 31st. Macquarie started coverage on shares of Reliance Steel & Aluminum Co. in a research report on Wednesday, September 6th. They set an “outperform” rating on the stock. Bank of America Corporation raised shares of Reliance Steel & Aluminum Co. from a “neutral” rating to a “buy” rating and set a $88.00 price target on the stock in a report on Tuesday, May 23rd. They noted that the move was a valuation call. Finally, KeyCorp reaffirmed an “overweight” rating and issued a $81.00 price target (down from $85.00) on shares of Reliance Steel & Aluminum Co. in a report on Monday, June 26th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the stock. Reliance Steel & Aluminum Co. has an average rating of “Buy” and an average target price of $83.00.

Shares of Reliance Steel & Aluminum Co. (NYSE:RS) opened at 72.45 on Monday. The firm has a market capitalization of $5.28 billion, a PE ratio of 16.34 and a beta of 1.23. The company has a 50-day moving average of $72.06 and a 200 day moving average of $75.18. Reliance Steel & Aluminum Co. has a 12-month low of $65.10 and a 12-month high of $88.58.

Reliance Steel & Aluminum Co. (NYSE:RS) last issued its earnings results on Thursday, October 26th. The industrial products company reported $0.84 EPS for the quarter, missing the consensus estimate of $1.29 by ($0.45). Reliance Steel & Aluminum Co. had a return on equity of 8.67% and a net margin of 3.57%. On average, analysts predict that Reliance Steel & Aluminum Co. will post $5.16 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, September 8th. Investors of record on Friday, August 18th were given a $0.45 dividend. The ex-dividend date of this dividend was Wednesday, August 16th. This represents a $1.80 annualized dividend and a yield of 2.48%. Reliance Steel & Aluminum Co.’s dividend payout ratio (DPR) is currently 40.54%.

Reliance Steel & Aluminum Co. Company Profile

Reliance Steel & Aluminum Co is a metals service center company in North America (the United States and Canada). As of December 31, 2016, the Company’s network of metals service centers operated over 300 locations in 39 states in the United States and in 12 other countries (Australia, Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom).

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