Empowered Funds LLC Buys Shares of 36,810 Reliance Steel & Aluminum Co (RS)

Empowered Funds LLC bought a new stake in shares of Reliance Steel & Aluminum Co (NYSE:RS) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 36,810 shares of the industrial products company’s stock, valued at approximately $3,133,000. Reliance Steel & Aluminum makes up approximately 0.9% of Empowered Funds LLC’s holdings, making the stock its 22nd biggest holding. Empowered Funds LLC owned 0.05% of Reliance Steel & Aluminum at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Moneta Group Investment Advisors LLC grew its holdings in Reliance Steel & Aluminum by 107.9% during the 2nd quarter. Moneta Group Investment Advisors LLC now owns 1,445 shares of the industrial products company’s stock valued at $126,000 after purchasing an additional 750 shares during the last quarter. Itau Unibanco Holding S.A. grew its holdings in Reliance Steel & Aluminum by 130.1% during the 2nd quarter. Itau Unibanco Holding S.A. now owns 2,391 shares of the industrial products company’s stock valued at $209,000 after purchasing an additional 1,352 shares during the last quarter. Raymond James Financial Services Advisors Inc. bought a new position in Reliance Steel & Aluminum during the 2nd quarter valued at about $237,000. First Hawaiian Bank bought a new position in Reliance Steel & Aluminum during the 3rd quarter valued at about $241,000. Finally, GAM Holding AG bought a new position in Reliance Steel & Aluminum during the 2nd quarter valued at about $245,000. Hedge funds and other institutional investors own 80.98% of the company’s stock.

In other news, Director David H. Hannah sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $90.04, for a total value of $2,251,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.24% of the stock is owned by corporate insiders.

Several brokerages recently commented on RS. KeyCorp cut their price target on shares of Reliance Steel & Aluminum from $100.00 to $97.00 and set a “buy” rating on the stock in a report on Monday, September 10th. Citigroup downgraded shares of Reliance Steel & Aluminum from a “buy” rating to a “hold” rating in a report on Tuesday, October 2nd. Deutsche Bank downgraded shares of Reliance Steel & Aluminum from a “buy” rating to a “hold” rating and cut their price target for the company from $100.00 to $90.00 in a report on Tuesday, October 2nd. Zacks Investment Research upgraded shares of Reliance Steel & Aluminum from a “hold” rating to a “buy” rating and set a $98.00 price target on the stock in a report on Wednesday, September 5th. Finally, JPMorgan Chase & Co. upped their price target on shares of Reliance Steel & Aluminum from $100.00 to $105.00 and gave the company a “neutral” rating in a report on Friday, July 27th. One analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. Reliance Steel & Aluminum currently has an average rating of “Hold” and a consensus target price of $95.22.

RS stock traded down $1.64 during mid-day trading on Thursday, reaching $81.54. The company had a trading volume of 24,335 shares, compared to its average volume of 506,535. The company has a debt-to-equity ratio of 0.39, a current ratio of 4.06 and a quick ratio of 1.76. The company has a market capitalization of $6.17 billion, a P/E ratio of 15.15, a P/E/G ratio of 0.96 and a beta of 1.13. Reliance Steel & Aluminum Co has a 12 month low of $72.69 and a 12 month high of $97.41.

Reliance Steel & Aluminum (NYSE:RS) last issued its earnings results on Thursday, July 26th. The industrial products company reported $3.10 EPS for the quarter, topping the Zacks’ consensus estimate of $2.75 by $0.35. The business had revenue of $2.99 billion for the quarter. Reliance Steel & Aluminum had a net margin of 7.55% and a return on equity of 12.29%. Reliance Steel & Aluminum’s revenue was up 20.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.40 earnings per share. On average, research analysts expect that Reliance Steel & Aluminum Co will post 9.82 EPS for the current fiscal year.

Reliance Steel & Aluminum Profile

Reliance Steel & Aluminum Co operates as a metals service center company in the United States and internationally. The company provides steel, aluminum, stainless, and specialty metals and related processing services to customers in various industries, such as infrastructure and energy; fabricates steel and aluminum products; and provides various precision fabrication services, including laser cutting, shearing, computer numerated control (CNC) punching, and CNC forming and rolling, as well as welding, assembly, painting, inventory management, and engineering expertise.

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Institutional Ownership by Quarter for Reliance Steel & Aluminum (NYSE:RS)

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