Bank of New York Mellon Corp decreased its stake in Ryerson Holding Corp (NYSE:RYI) by 7.7% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 86,200 shares of the basic materials company’s stock after selling 7,147 shares during the quarter. Bank of New York Mellon Corp’s holdings in Ryerson were worth $962,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its position in shares of Ryerson by 7.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,038,814 shares of the basic materials company’s stock valued at $8,466,000 after purchasing an additional 68,473 shares during the period. Wells Fargo & Company MN grew its position in shares of Ryerson by 5.6% in the first quarter. Wells Fargo & Company MN now owns 390,144 shares of the basic materials company’s stock valued at $3,180,000 after purchasing an additional 20,644 shares during the period. Brookfield Asset Management Inc. grew its position in shares of Ryerson by 42.7% in the first quarter. Brookfield Asset Management Inc. now owns 349,623 shares of the basic materials company’s stock valued at $2,849,000 after purchasing an additional 104,623 shares during the period. Northern Trust Corp grew its position in shares of Ryerson by 4.0% in the first quarter. Northern Trust Corp now owns 171,654 shares of the basic materials company’s stock valued at $1,399,000 after purchasing an additional 6,529 shares during the period. Finally, Acadian Asset Management LLC acquired a new stake in shares of Ryerson in the second quarter valued at about $903,000. Institutional investors and hedge funds own 37.48% of the company’s stock.
RYI has been the topic of several research analyst reports. ValuEngine lowered shares of Ryerson from a “sell” rating to a “strong sell” rating in a research report on Tuesday, October 2nd. Zacks Investment Research upgraded shares of Ryerson from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Thursday, August 16th. Finally, Deutsche Bank lowered shares of Ryerson from a “buy” rating to a “hold” rating and set a $12.00 target price on the stock. in a research report on Monday, July 9th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. Ryerson presently has a consensus rating of “Hold” and an average price target of $11.06.
Ryerson (NYSE:RYI) last posted its quarterly earnings results on Wednesday, August 1st. The basic materials company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.05 billion. Ryerson had a net margin of 0.81% and a return on equity of 2,278.26%. Ryerson’s quarterly revenue was up 20.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.02 earnings per share. Equities analysts predict that Ryerson Holding Corp will post 1.58 EPS for the current year.
Ryerson Company Profile
Ryerson Holding Corporation, together with its subsidiaries, processes and distributes industrial metals in the United States, Canada, Mexico, and China. The company offers a line of products in stainless steel, aluminum, carbon steel, and alloy steels, as well as nickel and red metals in various shapes and forms, including coils, sheets, rounds, hexagons, square and flat bars, plates, structural products, and tubing.
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