Reliance Steel & Aluminum Co (NYSE:RS) was the target of a large decline in short interest in the month of June. As of June 30th, there was short interest totalling 1,613,500 shares, a decline of 18.9% from the May 30th total of 1,990,300 shares. Based on an average daily volume of 424,800 shares, the days-to-cover ratio is presently 3.8 days. Approximately 2.5% of the company’s stock are sold short.

RS has been the subject of a number of recent research reports. Citigroup set a $98.00 price target on Reliance Steel & Aluminum and gave the stock a “hold” rating in a research report on Monday, May 20th. Jefferies Financial Group downgraded Reliance Steel & Aluminum from a “buy” rating to a “hold” rating and cut their price objective for the company from $105.00 to $100.00 in a report on Friday, April 26th. Bank of America set a $77.00 price objective on Zscaler and gave the company a “neutral” rating in a report on Friday, May 31st. Deutsche Bank set a $81.00 price objective on Franco Nevada and gave the company a “hold” rating in a report on Thursday. Finally, Cowen set a $100.00 price objective on Reliance Steel & Aluminum and gave the company a “buy” rating in a report on Wednesday, June 26th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $96.10.

Shares of NYSE RS traded up $0.69 during trading hours on Friday, hitting $91.50. The company had a trading volume of 29,980 shares, compared to its average volume of 362,582. The stock has a market capitalization of $6.15 billion, a PE ratio of 10.23, a P/E/G ratio of 1.11 and a beta of 1.31. The company has a debt-to-equity ratio of 0.47, a current ratio of 4.06 and a quick ratio of 1.85. Reliance Steel & Aluminum has a 1-year low of $68.62 and a 1-year high of $95.66. The firm’s 50 day moving average price is $89.05.

Reliance Steel & Aluminum (NYSE:RS) last released its quarterly earnings data on Thursday, April 25th. The industrial products company reported $2.80 EPS for the quarter, beating the consensus estimate of $2.38 by $0.42. The company had revenue of $2.96 billion during the quarter, compared to the consensus estimate of $2.97 billion. Reliance Steel & Aluminum had a return on equity of 13.70% and a net margin of 5.58%. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.30 EPS. Equities research analysts expect that Reliance Steel & Aluminum will post 9.17 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 24th were paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date was Thursday, May 23rd. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is presently 24.61%.

In other Reliance Steel & Aluminum news, Director Gregg J. Mollins sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $91.81, for a total transaction of $2,295,250.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jeffrey Wayne Durham sold 2,675 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $92.29, for a total value of $246,875.75. Following the transaction, the vice president now directly owns 8,255 shares of the company’s stock, valued at approximately $761,853.95. The disclosure for this sale can be found here. Insiders sold a total of 39,008 shares of company stock valued at $3,580,455 over the last quarter. 3.43% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Zions Bancorporation N.A. raised its stake in Reliance Steel & Aluminum by 5.6% in the 2nd quarter. Zions Bancorporation N.A. now owns 2,450 shares of the industrial products company’s stock valued at $232,000 after acquiring an additional 130 shares during the period. ETF Managers Group LLC raised its stake in Reliance Steel & Aluminum by 8.7% in the 1st quarter. ETF Managers Group LLC now owns 1,689 shares of the industrial products company’s stock valued at $152,000 after acquiring an additional 135 shares during the period. Quadrant Capital Group LLC raised its stake in Reliance Steel & Aluminum by 279.1% in the 1st quarter. Quadrant Capital Group LLC now owns 436 shares of the industrial products company’s stock valued at $36,000 after acquiring an additional 321 shares during the period. Quantamental Technologies LLC raised its stake in Reliance Steel & Aluminum by 9.9% in the 1st quarter. Quantamental Technologies LLC now owns 3,643 shares of the industrial products company’s stock valued at $329,000 after acquiring an additional 328 shares during the period. Finally, Quantinno Capital Management LP raised its stake in Reliance Steel & Aluminum by 5.3% in the 1st quarter. Quantinno Capital Management LP now owns 6,619 shares of the industrial products company’s stock valued at $597,000 after acquiring an additional 331 shares during the period. Institutional investors and hedge funds own 81.41% of the company’s stock.

About Reliance Steel & Aluminum

Reliance Steel & Aluminum Co operates as a metals service center company. The company provides alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products and related processing services to general manufacturing, non-residential construction, transportation, aerospace and defense, energy, electronics and semiconductor fabrication, auto, and heavy industries.

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