Ryerson Holding Corp (NYSE:RYI) Sees Large Decline in Short Interest

Ryerson Holding Corp (NYSE:RYI) saw a large decline in short interest during the month of June. As of June 15th, there was short interest totalling 135,400 shares, a decline of 48.2% from the May 15th total of 261,600 shares. Based on an average daily volume of 169,300 shares, the days-to-cover ratio is currently 0.8 days. Approximately 0.9% of the company’s shares are sold short.

In related news, insider Michael Burbach acquired 4,000 shares of the firm’s stock in a transaction dated Thursday, May 30th. The shares were purchased at an average cost of $8.49 per share, for a total transaction of $33,960.00. Following the acquisition, the insider now owns 110,090 shares in the company, valued at approximately $934,664.10. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.36% of the company’s stock.

Several large investors have recently modified their holdings of RYI. D. E. Shaw & Co. Inc. increased its stake in Ryerson by 9.4% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 313,924 shares of the basic materials company’s stock valued at $1,990,000 after purchasing an additional 26,966 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Ryerson by 8.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 54,248 shares of the basic materials company’s stock worth $343,000 after purchasing an additional 4,224 shares during the period. Bank of America Corp DE lifted its holdings in Ryerson by 10.5% in the fourth quarter. Bank of America Corp DE now owns 50,832 shares of the basic materials company’s stock worth $323,000 after purchasing an additional 4,846 shares during the period. Penn Capital Management Co. Inc. lifted its holdings in Ryerson by 5.8% in the fourth quarter. Penn Capital Management Co. Inc. now owns 361,851 shares of the basic materials company’s stock worth $2,294,000 after purchasing an additional 19,984 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Ryerson by 18.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 35,672 shares of the basic materials company’s stock worth $226,000 after purchasing an additional 5,538 shares during the period. Institutional investors and hedge funds own 35.89% of the company’s stock.

A number of brokerages recently weighed in on RYI. ValuEngine cut shares of Zumiez from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Zacks Investment Research cut shares of H&E Equipment Services from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, Deutsche Bank set a $81.00 price target on shares of Franco Nevada and gave the stock a “hold” rating in a research note on Thursday, July 11th.

NYSE:RYI traded up $0.23 during mid-day trading on Friday, hitting $8.01. 119,605 shares of the company’s stock traded hands, compared to its average volume of 142,886. The stock has a market capitalization of $302.62 million, a P/E ratio of 7.49 and a beta of 1.88. Ryerson has a 1 year low of $5.99 and a 1 year high of $12.85. The company has a current ratio of 2.34, a quick ratio of 1.01 and a debt-to-equity ratio of 10.69. The business has a 50 day simple moving average of $7.77.

Ryerson (NYSE:RYI) last announced its quarterly earnings results on Wednesday, May 1st. The basic materials company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.22. The firm had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Ryerson had a net margin of 2.66% and a return on equity of 76.79%. Ryerson’s revenue was up 30.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.28 earnings per share. Research analysts anticipate that Ryerson will post 2.16 earnings per share for the current year.

Ryerson Company Profile

Ryerson Holding Corporation, together with its subsidiaries, processes and distributes industrial metals in the United States, Canada, Mexico, and China. The company offers a line of products in stainless steel, aluminum, carbon steel, and alloy steels, as well as nickel and red metals in various shapes and forms, including coils, sheets, rounds, hexagons, square and flat bars, plates, structurals, and tubing.

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