Reliance Steel & Aluminum Co. (RS:NYE) has been the subject of recent institutional investment activity, with Cookson Peirce & Co. purchasing a new stake in the industrial products company in the fourth quarter of 2022, according to the company’s recent filing with the Securities and Exchange Commission. Cookson Peirce & Co. purchased 1,080 shares of Reliance Steel stock valued at approximately $219,000.
Other institutional investors, including State Street Corp, Dimensional Fund Advisors LP, Royal London Asset Management Ltd, First Trust Advisors LP, and Charles Schwab Investment Management Inc, have also recently modified their holdings of the company.
Analysts have set new price targets for Reliance Steel & Aluminum Co. Several research firms have weighed in on RS, and according to Stock Target Advisor, Reliance Steel stock currently has an average rating of “Strong Buy” and a consensus target price of $246.10.
Reliance Steel & Aluminum Co. last issued its earnings results in February 2022, posting $5.87 EPS for the quarter, beating the consensus estimate of $4.47 by $1.40. The company had revenue of $3.61 billion during the quarter.
Company Profile:
Reliance Steel & Aluminum Co. operates as a diversified metal solutions provider and a metals service center company in the United States, Canada, and internationally.
The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.
It sells its products directly to original equipment manufacturers, which primarily include small machine shops and fabricators. The company was founded in 1939 and is based in Scottsdale, Arizona.
