What Did This CEO Just Do with Personal Shares of Reliance Steel (NYSE: RS)?

By George MacDonald

On April 29, the President & CEO of Reliance Steel (NYSE: RS), Gregg Mollins, sold shares of RS for $917.5k.

Following Gregg Mollins’ last RS Sell transaction on March 24, 2016, the stock climbed by 5.6%. In addition to Gregg Mollins, 3 other RS executives reported Sell trades in the last month.

The company has a one year high of $74.67 and a one year low of $49.77. RS’s market cap is $5.34B and the company has a P/E ratio of 18.04%. Currently, Reliance Steel has an average volume of 925.7k.

Three different firms, including Cleveland and Merrill Lynch, currently also have a Sell rating on the stock. Based on 5 analyst ratings, the analyst consensus is Hold with an average price target of $72.75, reflecting a 1.7% upside.

Looking at blogger coverage of RS, there is a 87% Bullish tendency on the stock, in relation to a 69% average bullish tendency within the Materials sector.

In the last 30 days, insiders have sold $5.14M worth of RS shares and purchased $2.37M worth of RS shares. Over the last 3 months, the insider sentiment on Reliance Steel has been negative based on 67 corporate insider transactions. This sentiment is lower than the average sector sentiment of insiders.

Reliance Steel & Aluminum Co. is a metals service center company, which engages in processing and distribution of metals. Its products include alloy steel, aluminum, brass and copper, carbon steel, stainless steel, and titanium. Its services include bean bar and tube cutting, bending, forming and shaping, coil and flat roll processing, machining and manufacturing, plate and sheet cutting and burning, and special services. The company was founded by Thomas J. Neilan on February 3, 1939 and is headquartered in Los Angeles, CA.