Ryerson (NYSE:RYI) Stock Price Up 13.7% – Here’s What Happened

Ryerson Holding Co. (NYSE:RYI)’s stock price rose 13.7% during mid-day trading on Wednesday . The company traded as high as $25.45 and last traded at $25.44. Approximately 54,030 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 311,819 shares. The stock had previously closed at $22.38.

Ryerson Stock Up 16.7 %

The company has a market capitalization of $831.92 million, a P/E ratio of 42.82 and a beta of 1.54. The company has a quick ratio of 1.06, a current ratio of 2.22 and a debt-to-equity ratio of 0.62. The firm has a fifty day simple moving average of $20.35 and a 200-day simple moving average of $21.56.

Ryerson (NYSE:RYI) last announced its earnings results on Tuesday, October 29th. The basic materials company reported ($0.20) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.26). Ryerson had a return on equity of 2.66% and a net margin of 0.46%. The company had revenue of $1.13 billion for the quarter. During the same quarter in the prior year, the business earned $1.00 EPS.

Ryerson Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th will be given a dividend of $0.1875 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.75 annualized dividend and a dividend yield of 2.87%. Ryerson’s dividend payout ratio is currently 122.95%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Newbridge Financial Services Group Inc. bought a new position in shares of Ryerson in the 2nd quarter valued at about $39,000. Copeland Capital Management LLC bought a new stake in Ryerson in the third quarter valued at approximately $56,000. SG Americas Securities LLC acquired a new stake in shares of Ryerson in the first quarter valued at approximately $139,000. Point72 DIFC Ltd boosted its stake in shares of Ryerson by 16.7% during the 2nd quarter. Point72 DIFC Ltd now owns 5,835 shares of the basic materials company’s stock worth $114,000 after acquiring an additional 837 shares during the period. Finally, Comerica Bank increased its holdings in shares of Ryerson by 2,177.4% during the 1st quarter. Comerica Bank now owns 6,855 shares of the basic materials company’s stock worth $230,000 after acquiring an additional 6,554 shares during the last quarter. 94.81% of the stock is currently owned by institutional investors.

About Ryerson

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