Bridgewater Associates LP purchased a new stake in shares of Reliance Steel & Aluminum Co. (NYSE:RS) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 6,556 shares of the industrial products company’s stock, valued at approximately $477,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in RS. HighTower Advisors LLC raised its stake in Reliance Steel & Aluminum Co. by 3.3% during the 1st quarter. HighTower Advisors LLC now owns 35,869 shares of the industrial products company’s stock worth $2,875,000 after acquiring an additional 1,159 shares during the period. Canada Pension Plan Investment Board raised its stake in Reliance Steel & Aluminum Co. by 172.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 402,112 shares of the industrial products company’s stock worth $29,278,000 after acquiring an additional 254,300 shares during the period. JPMorgan Chase & Co. raised its stake in Reliance Steel & Aluminum Co. by 1.0% during the 1st quarter. JPMorgan Chase & Co. now owns 371,030 shares of the industrial products company’s stock worth $29,690,000 after acquiring an additional 3,704 shares during the period. BlackRock Inc. raised its stake in Reliance Steel & Aluminum Co. by 11,996.1% during the 1st quarter. BlackRock Inc. now owns 6,681,296 shares of the industrial products company’s stock worth $534,635,000 after acquiring an additional 6,626,061 shares during the period. Finally, Morgan Stanley raised its stake in Reliance Steel & Aluminum Co. by 7.8% during the 1st quarter. Morgan Stanley now owns 185,574 shares of the industrial products company’s stock worth $14,850,000 after acquiring an additional 13,366 shares during the period. 82.50% of the stock is currently owned by hedge funds and other institutional investors.

RS has been the topic of a number of recent analyst reports. Bank of America Corporation upgraded shares of Reliance Steel & Aluminum Co. from a “neutral” rating to a “buy” rating and set a $88.00 target price on the stock in a research note on Tuesday, May 23rd. They noted that the move was a valuation call. BidaskClub upgraded shares of Reliance Steel & Aluminum Co. from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 13th. Deutsche Bank AG reiterated a “buy” rating on shares of Reliance Steel & Aluminum Co. in a research report on Saturday, June 24th. KeyCorp reiterated an “overweight” rating and set a $81.00 price objective (down previously from $85.00) on shares of Reliance Steel & Aluminum Co. in a research report on Monday, June 26th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $72.00 price objective on shares of Reliance Steel & Aluminum Co. in a research report on Wednesday, July 19th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $83.00.

ILLEGAL ACTIVITY NOTICE: “6,556 Shares in Reliance Steel & Aluminum Co. (RS) Purchased by Bridgewater Associates LP” was originally reported by The Cerbat Gem and is owned by of The Cerbat Gem. If you are accessing this report on another publication, it was copied illegally and republished in violation of United States and international copyright and trademark legislation. The original version of this report can be read at https://www.thecerbatgem.com/2017/09/18/6556-shares-in-reliance-steel-aluminum-co-rs-purchased-by-bridgewater-associates-lp.html.

Reliance Steel & Aluminum Co. (NYSE RS) opened at 72.45 on Monday. Reliance Steel & Aluminum Co. has a 1-year low of $65.10 and a 1-year high of $88.58. The stock has a market capitalization of $5.28 billion, a price-to-earnings ratio of 16.34 and a beta of 1.23. The firm’s 50-day moving average is $72.06 and its 200 day moving average is $75.18.

Reliance Steel & Aluminum Co. (NYSE:RS) last issued its earnings results on Thursday, October 26th. The industrial products company reported $0.84 earnings per share 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%. Equities analysts anticipate that Reliance Steel & Aluminum Co. will post $5.16 EPS for the current fiscal year.

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

About Reliance Steel & Aluminum Co.

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).

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

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