Dowling Yahnke Lowers stake in Reliance Steel & Aluminum Co (RS)

Reliance Steel & Aluminum Co (RS) : Dowling Yahnke reduced its stake in Reliance Steel & Aluminum Co by 9.81% during the most recent quarter end. The investment management company now holds a total of 575,406 shares of Reliance Steel & Aluminum Co which is valued at $43,920,740 after selling 62,602 shares in Reliance Steel & Aluminum Co , the firm said in a disclosure report filed with the SEC on Jul 21, 2016.Reliance Steel & Aluminum Co makes up approximately 5.08% of Dowling Yahnke’s portfolio.

Other Hedge Funds, Including , Ls Investment Advisors boosted its stake in RS in the latest quarter, The investment management firm added 1,879 additional shares and now holds a total of 4,390 shares of Reliance Steel & Aluminum Co which is valued at $335,089. Reliance Steel & Aluminum Co makes up approx 0.02% of Ls Investment Advisors’s portfolio.Wealthtrust-arizona reduced its stake in RS by selling 34 shares or 16.67% in the most recent quarter. The Hedge Fund company now holds 170 shares of RS which is valued at $12,976. Reliance Steel & Aluminum Co makes up approx 0.01% of Wealthtrust-arizona’s portfolio.Fox Run Management L.l.c. boosted its stake in RS in the latest quarter, The investment management firm added 2,600 additional shares and now holds a total of 5,800 shares of Reliance Steel & Aluminum Co which is valued at $477,224. Reliance Steel & Aluminum Co makes up approx 0.22% of Fox Run Management L.l.c.’s portfolio.Weaver C. Barksdale Associates reduced its stake in RS by selling 40 shares or 7.05% in the most recent quarter. The Hedge Fund company now holds 527 shares of RS which is valued at $43,736. Reliance Steel & Aluminum Co makes up approx 0.07% of Weaver C. Barksdale Associates’s portfolio.Bnp Paribas Arbitrage Sa reduced its stake in RS by selling 22,765 shares or 30.48% in the most recent quarter. The Hedge Fund company now holds 51,916 shares of RS which is valued at $4,162,625. Reliance Steel & Aluminum Co makes up approx 0.02% of Bnp Paribas Arbitrage Sa’s portfolio.

Reliance Steel & Aluminum Co opened for trading at $77.41 and hit $78.75 on the upside on Thursday, eventually ending the session at $78.6, with a gain of 1.93% or 1.49 points. The heightened volatility saw the trading volume jump to 9,50,917 shares. Company has a market cap of $5,685 M.

On the company’s financial health, Reliance Steel & Aluminum Co reported $1.36 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on Jul 21, 2016. Analyst had a consensus of $1.31. The company had revenue of $2204.00 million for the quarter, compared to analysts expectations of $2337.44 million. The company’s revenue was down -9.1 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.21 EPS.

Investors should note that on Jul 21, 2016, Reliance Steel & Aluminum Co announced a cash dividend of $0.4250. The company’s management has announced Aug 10, 2016 as the ex-dividend date and fixed the record date on Aug 12, 2016. The payable date has been fixed on Sep 8, 2016.

Many Wall Street Analysts have commented on Reliance Steel & Aluminum Co. Company shares were Reiterated by Cowen on Jul 22, 2016 to “Outperform”, Firm has raised the Price Target to $ 86 from a previous price target of $78 .Company shares were Reiterated by Rosenblatt on Jul 5, 2016 to “Neutral”, Firm has raised the Price Target to $ 76 from a previous price target of $69 .Rosenblatt Upgraded Reliance Steel & Aluminum Co on Apr 28, 2016 to ” Neutral”, Price Target of the shares are set at $69.

Reliance Steel & Aluminum Co. is a metals service center company in North America. The Company provides a variety of processing services and delivers products to fabricators manufacturers and other end users. It has a network of more than 300 locations in 39 states in the United States and in 12 other countries including Australia Belgium Canada China France Malaysia Mexico Singapore South Korea Turkey the United Arab Emirates and the United Kingdom. It provides metals processing services and distributes a line of more than 100000 metal products including alloy aluminum brass copper carbon steel stainless steel titanium and specialty steel products. It also provides toll processing of aluminum carbon steel and stainless steel miscellaneous including brass copper and titanium and offers processing services which range from cutting leveling or sawing to complete processes such as machining or electropolishing.

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