The stock of Reliance Steel & Aluminum Co (NYSE:RS) is a huge mover today! About 827,811 shares traded hands or 11.41% up from the average. Reliance Steel & Aluminum Co (NYSE:RS) has risen 6.92% since April 20, 2016 and is uptrending. It has outperformed by 2.36% the S&P500.
The move comes after 8 months positive chart setup for the $6.10B company. It was reported on Nov, 22 by Barchart.com. We have $86.03 PT which if reached, will make NYSE:RS worth $244.00M more.
Reliance Steel & Aluminum Co (NYSE:RS) Ratings Coverage
Out of 6 analysts covering Reliance Steel (NYSE:RS), 2 rate it a “Buy”, 1 “Sell”, while 3 “Hold”. This means 33% are positive. Reliance Steel has been the topic of 11 analyst reports since September 8, 2015 according to StockzIntelligence Inc. Rosenblatt upgraded Reliance Steel & Aluminum Co (NYSE:RS) on Thursday, April 28 to “Neutral” rating. The rating was downgraded by Bank of America on Friday, February 19 to “Neutral”. Clarksons Platou upgraded Reliance Steel & Aluminum Co (NYSE:RS) on Tuesday, October 18 to “Buy” rating. Deutsche Bank downgraded Reliance Steel & Aluminum Co (NYSE:RS) rating on Wednesday, March 23. Deutsche Bank has “Hold” rating and $70 price target. The company was upgraded on Tuesday, September 8 by Bank of America. The rating was initiated by Deutsche Bank with “Buy” on Tuesday, October 20. The stock of Reliance Steel & Aluminum Co (NYSE:RS) has “Underperform” rating given on Tuesday, April 19 by Bank of America. On Wednesday, September 16 the stock rating was maintained by Jefferies with “Buy”. The firm earned “Hold” rating on Monday, March 21 by Jefferies. Cowen & Co maintained the stock with “Outperform” rating in Friday, July 22 report.
According to Zacks Investment Research, “Reliance Steel & Aluminum Co. is one of the largest metals service center companies in the United States. Through a network of metals service centers, the company provides value-added materials management and metals processing services and distributes a full line of metal products, including carbon, alloy, stainless and specialty steel, aluminum, brass and copper products to customers in a broad range of industries. Some of these metals service centers provide processing services for specialty metals only.”
Insitutional Activity: The institutional sentiment increased to 1.1 in 2016 Q2. Its up 0.20, from 0.9 in 2016Q1. The ratio is positive, as 32 funds sold all Reliance Steel & Aluminum Co shares owned while 125 reduced positions. 39 funds bought stakes while 102 increased positions. They now own 58.65 million shares or 7.14% less from 63.16 million shares in 2016Q1.
Moreover, Cantab Capital Ptnrs Ltd Liability Partnership has 0% invested in Reliance Steel & Aluminum Co (NYSE:RS) for 10,211 shares. Pitcairn reported 4,497 shares or 0.04% of all its holdings. Hennessy Advsr Inc accumulated 0.17% or 73,600 shares. Wells Fargo Mn accumulated 0.01% or 317,918 shares. Advisory Svcs, a Georgia-based fund reported 41 shares. The New York-based Tower Cap Ltd (Trc) has invested 0.05% in Reliance Steel & Aluminum Co (NYSE:RS). Lord Abbett Limited Liability has invested 0.36% of its portfolio in Reliance Steel & Aluminum Co (NYSE:RS). Bluemountain Mngmt Lc holds 0.02% of its portfolio in Reliance Steel & Aluminum Co (NYSE:RS) for 12,999 shares. Burney Communication accumulated 0.02% or 4,013 shares. Principal Gru owns 277,163 shares or 0.03% of their US portfolio. Moreover, Firstmerit Bankshares N A Trustee has 0.05% invested in Reliance Steel & Aluminum Co (NYSE:RS) for 7,360 shares. Advantus Mngmt holds 0.02% of its portfolio in Reliance Steel & Aluminum Co (NYSE:RS) for 8,760 shares. Fort Washington Advsrs Oh last reported 153,514 shares in the company. Finemark Bancorporation & Tru last reported 480 shares in the company. Centurylink Invest Mgmt last reported 20,719 shares in the company.
Insider Transactions: Since May 25, 2016, the stock had 0 insider buys, and 12 insider sales for $7.74 million net activity. HANNAH DAVID H also sold $604,640 worth of Reliance Steel & Aluminum Co (NYSE:RS) shares. HAYES DOUGLAS M sold $368,900 worth of Reliance Steel & Aluminum Co (NYSE:RS) on Wednesday, May 25. Koch Stephen Paul sold $24,192 worth of stock or 320 shares. $911,085 worth of Reliance Steel & Aluminum Co (NYSE:RS) shares were sold by McEvoy Robert Ambrose. HOFFMAN JAMES DONALD sold $24,925 worth of stock or 330 shares. The insider Shanley Michael Patrick sold $406,230. The insider Sharkey Andrew G III sold 3,000 shares worth $233,250.
More notable recent Reliance Steel & Aluminum Co (NYSE:RS) news were published by: Prnewswire.com which released: “Reliance Steel & Aluminum Co. Reports Second Quarter 2016 Financial Results” on July 21, 2016, also Prnewswire.com with their article: “Reliance Steel & Aluminum Co. Completes Acquisition Of Tubular Steel, Inc.” published on January 05, 2016, Prnewswire.com published: “Reliance Steel & Aluminum Co. Announces Appointment Of James D. Hoffman As …” on February 29, 2016. More interesting news about Reliance Steel & Aluminum Co (NYSE:RS) were released by: Prnewswire.com and their article: “Reliance Steel & Aluminum Co. Agrees to Acquire Tubular Steel, Inc.” published on December 01, 2015 as well as Nasdaq.com‘s news article titled: “Ex-Dividend Reminder: Innophos Holdings, Reliance Steel & Aluminum and Sherwin …” with publication date: November 14, 2016.
RS Company Profile
Reliance Steel & Aluminum Co., incorporated on April 07, 2015, is a metals service center company. The Firm operates through metals service centers segment. The Company’s network of metals service centers operates over 300 locations in approximately 40 states in the United States and in other countries, including Australia, Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom. The Firm provides metals processing services and distributes a line of over 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and specialty steel products, to over 125,000 clients in a range of industries. The Company’s various metals service centers process and distribute only specialty metals. It delivers a range of products from facilities located across the United States and Canada.
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