Principal Financial Group Inc. cut its holdings in Reliance Steel & Aluminum Co. (NYSE:RS) by 2.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 561,032 shares of the industrial products company’s stock after selling 15,483 shares during the period. Principal Financial Group Inc. owned about 0.77% of Reliance Steel & Aluminum Co. worth $42,734,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Canada Pension Plan Investment Board boosted 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 valued at $29,278,000 after purchasing an additional 254,300 shares during the period. Wells Fargo & Company MN boosted its stake in Reliance Steel & Aluminum Co. by 20.4% during the 2nd quarter. Wells Fargo & Company MN now owns 509,311 shares of the industrial products company’s stock valued at $37,083,000 after purchasing an additional 86,238 shares during the period. Engineers Gate Manager LP acquired a new position in Reliance Steel & Aluminum Co. during the 2nd quarter valued at about $5,043,000. Caxton Associates LP acquired a new position in Reliance Steel & Aluminum Co. during the 2nd quarter valued at about $13,834,000. Finally, Profit Investment Management LLC boosted its stake in Reliance Steel & Aluminum Co. by 6.1% during the 3rd quarter. Profit Investment Management LLC now owns 42,996 shares of the industrial products company’s stock valued at $3,275,000 after purchasing an additional 2,488 shares during the period. 82.40% of the stock is owned by institutional investors and hedge funds.

Shares of Reliance Steel & Aluminum Co. (NYSE RS) opened at $74.39 on Thursday. The firm has a market cap of $5,410.31, a P/E ratio of 14.66, a PEG ratio of 1.60 and a beta of 1.28. Reliance Steel & Aluminum Co. has a one year low of $68.46 and a one year high of $88.58. The company has a quick ratio of 1.79, a current ratio of 4.06 and a debt-to-equity ratio of 0.43.

Reliance Steel & Aluminum Co. (NYSE:RS) last issued its quarterly earnings results on Thursday, October 26th. The industrial products company reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.11. The company had revenue of $2.45 billion during the quarter. Reliance Steel & Aluminum Co. had a net margin of 3.97% and a return on equity of 8.61%. The company’s revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.25 earnings per share. research analysts anticipate that Reliance Steel & Aluminum Co. will post 5.16 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Friday, November 17th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date is Thursday, November 16th. Reliance Steel & Aluminum Co.’s dividend payout ratio is currently 35.43%.

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A number of research analysts have issued reports on RS shares. Zacks Investment Research lowered shares of Reliance Steel & Aluminum Co. from a “buy” rating to a “hold” rating in a research note on Wednesday, October 18th. BidaskClub lowered shares of Reliance Steel & Aluminum Co. from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Cowen and Company reissued a “buy” rating and set a $92.00 target price on shares of Reliance Steel & Aluminum Co. in a research note on Wednesday, October 4th. Jefferies Group LLC reissued a “hold” rating on shares of Reliance Steel & Aluminum Co. in a research note on Thursday, August 31st. Finally, Macquarie started coverage on shares of Reliance Steel & Aluminum Co. in a research note on Wednesday, September 6th. They set an “outperform” rating for the company. One analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $82.00.

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).

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

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