Renaissance Technologies LLC Acquires 229,900 Shares of Reliance Steel & Aluminum Co. (NYSE:RS)

Renaissance Technologies LLC boosted its stake in shares of Reliance Steel & Aluminum Co. (NYSE:RS) by 161.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 372,112 shares of the industrial products company’s stock after acquiring an additional 229,900 shares during the quarter. Renaissance Technologies LLC owned about 0.51% of Reliance Steel & Aluminum Co. worth $27,093,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the business. HighTower Advisors LLC grew its stake in shares of Reliance Steel & Aluminum Co. by 3.3% during the first quarter. HighTower Advisors LLC now owns 35,869 shares of the industrial products company’s stock valued at $2,875,000 after buying an additional 1,159 shares during the last quarter. Canada Pension Plan Investment Board grew its stake in shares of Reliance Steel & Aluminum Co. by 172.0% during the second quarter. Canada Pension Plan Investment Board now owns 402,112 shares of the industrial products company’s stock valued at $29,278,000 after buying an additional 254,300 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Reliance Steel & Aluminum Co. by 1.0% during the first quarter. JPMorgan Chase & Co. now owns 371,030 shares of the industrial products company’s stock valued at $29,690,000 after buying an additional 3,704 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Reliance Steel & Aluminum Co. by 11,996.1% in the first quarter. BlackRock Inc. now owns 6,681,296 shares of the industrial products company’s stock valued at $534,635,000 after purchasing an additional 6,626,061 shares during the period. Finally, Engineers Gate Manager LP purchased a new stake in shares of Reliance Steel & Aluminum Co. in the second quarter valued at approximately $5,043,000. 82.49% of the stock is currently owned by institutional investors.

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Shares of Reliance Steel & Aluminum Co. (NYSE RS) traded up 0.51% during trading on Tuesday, hitting $75.53. The stock had a trading volume of 40,542 shares. The stock has a market cap of $5.51 billion, a P/E ratio of 17.03 and a beta of 1.24. Reliance Steel & Aluminum Co. has a one year low of $65.10 and a one year high of $88.58. The stock’s 50 day moving average price is $74.66 and its 200-day moving average price is $74.22.

Reliance Steel & Aluminum Co. (NYSE:RS) last released its earnings results on Thursday, October 26th. The industrial products company reported $0.84 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.29 by ($0.45). Reliance Steel & Aluminum Co. had a net margin of 3.57% and a return on equity of 8.67%. Analysts expect that Reliance Steel & Aluminum Co. will post $5.16 earnings per share for the current fiscal year.

A number of analysts recently issued reports on the company. Deutsche Bank AG reiterated a “buy” rating on shares of Reliance Steel & Aluminum Co. in a report on Saturday, June 24th. Zacks Investment Research upgraded Reliance Steel & Aluminum Co. from a “hold” rating to a “buy” rating and set a $86.00 price target for the company in a report on Monday. Jefferies Group LLC reiterated a “hold” rating and issued a $72.00 price target on shares of Reliance Steel & Aluminum Co. in a report on Friday, October 6th. Cowen and Company reiterated a “buy” rating and issued a $92.00 price target on shares of Reliance Steel & Aluminum Co. in a report on Wednesday, October 4th. Finally, KeyCorp restated an “overweight” rating and set a $81.00 target price (down previously from $85.00) on shares of Reliance Steel & Aluminum Co. in a report on Monday, June 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Reliance Steel & Aluminum Co. has an average rating of “Buy” and an average target price of $82.00.

Reliance Steel & Aluminum Co. 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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