Short Interest in Reliance Steel & Aluminum Co. (RS) Increases By 48.1%

Reliance Steel & Aluminum Co. (NYSE:RS) saw a large increase in short interest in April. As of April 30th, there was short interest totalling 1,297,744 shares, an increase of 48.1% from the April 13th total of 876,450 shares. Approximately 1.9% of the shares of the stock are short sold. Based on an average trading volume of 568,500 shares, the short-interest ratio is presently 2.3 days.

In other Reliance Steel & Aluminum news, Director Andrew G. Sharkey III sold 2,000 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $92.70, for a total value of $185,400.00. Following the transaction, the director now directly owns 5,505 shares in the company, valued at approximately $510,313.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gregg J. Mollins sold 8,990 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $94.89, for a total transaction of $853,061.10. Following the completion of the transaction, the chief executive officer now owns 201,895 shares in the company, valued at $19,157,816.55. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 58,322 shares of company stock valued at $5,431,021. 3.24% of the stock is owned by corporate insiders.

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A number of institutional investors have recently added to or reduced their stakes in RS. Franklin Resources Inc. lifted its holdings in Reliance Steel & Aluminum by 151.5% during the 4th quarter. Franklin Resources Inc. now owns 1,115,100 shares of the industrial products company’s stock worth $95,664,000 after buying an additional 671,700 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in Reliance Steel & Aluminum by 14.6% during the 4th quarter. Victory Capital Management Inc. now owns 3,932,819 shares of the industrial products company’s stock worth $337,396,000 after buying an additional 502,007 shares in the last quarter. Luminus Management LLC lifted its holdings in Reliance Steel & Aluminum by 14,721.2% during the 4th quarter. Luminus Management LLC now owns 472,205 shares of the industrial products company’s stock worth $40,511,000 after buying an additional 469,019 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in Reliance Steel & Aluminum by 1,860.3% during the 1st quarter. Thrivent Financial for Lutherans now owns 312,260 shares of the industrial products company’s stock worth $26,774,000 after buying an additional 296,331 shares in the last quarter. Finally, Teachers Advisors LLC lifted its holdings in Reliance Steel & Aluminum by 158.1% during the 4th quarter. Teachers Advisors LLC now owns 290,257 shares of the industrial products company’s stock worth $24,901,000 after buying an additional 177,779 shares in the last quarter. Institutional investors own 83.50% of the company’s stock.

RS has been the topic of several recent analyst reports. Cowen boosted their target price on shares of Reliance Steel & Aluminum from $107.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, April 30th. KeyCorp boosted their target price on shares of Reliance Steel & Aluminum from $95.00 to $97.00 and gave the company an “overweight” rating in a report on Thursday, February 15th. ValuEngine upgraded shares of Reliance Steel & Aluminum from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Deutsche Bank decreased their price objective on shares of Reliance Steel & Aluminum from $100.00 to $98.00 and set a “buy” rating on the stock in a report on Thursday, March 29th. Finally, Goldman Sachs assumed coverage on shares of Reliance Steel & Aluminum in a report on Tuesday, March 20th. They issued a “neutral” rating and a $103.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $96.71.

Shares of Reliance Steel & Aluminum opened at $95.40 on Friday, MarketBeat reports. The company has a current ratio of 3.93, a quick ratio of 1.76 and a debt-to-equity ratio of 0.41. Reliance Steel & Aluminum has a one year low of $93.00 and a one year high of $94.04. The company has a market capitalization of $6.70 billion, a PE ratio of 17.54, a P/E/G ratio of 1.22 and a beta of 1.18.

Reliance Steel & Aluminum (NYSE:RS) last issued its quarterly earnings data on Thursday, February 15th. The industrial products company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.00 by $0.22. The firm had revenue of $2.38 billion for the quarter. Reliance Steel & Aluminum had a net margin of 6.67% and a return on equity of 10.01%. The business’s revenue was up 15.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.84 earnings per share. equities analysts expect that Reliance Steel & Aluminum will post 8.45 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 15th. Shareholders of record on Friday, May 25th will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, May 24th. This represents a $2.00 dividend on an annualized basis and a yield of 2.10%. Reliance Steel & Aluminum’s dividend payout ratio (DPR) is presently 36.76%.

About Reliance Steel & Aluminum

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.