Ryerson (NYSE:RYI) Shares Gap Down – What’s Next?

Ryerson Holding Co. (NYSE:RYI) gapped down prior to trading on Wednesday . The stock had previously closed at $22.42, but opened at $20.87. Ryerson shares last traded at $22.17, with a volume of 17,527 shares trading hands.

Ryerson Stock Down 1.5 %

The firm has a market cap of $733.06 million, a P/E ratio of 12.25 and a beta of 1.56. The stock’s 50 day simple moving average is $20.03 and its 200 day simple moving average is $21.89. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.11 and a current ratio of 2.38.

Ryerson (NYSE:RYI) last posted its earnings results on Tuesday, July 30th. The basic materials company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.13. The company had revenue of $1.23 billion for the quarter. Ryerson had a net margin of 1.31% and a return on equity of 7.27%. During the same quarter in the prior year, the company earned $1.06 EPS.

Ryerson Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be given a dividend of $0.1875 per share. This represents a $0.75 annualized dividend and a dividend yield of 3.40%. Ryerson’s payout ratio is 41.44%.

Hedge Funds Weigh In On Ryerson

Several large investors have recently bought and sold shares of the stock. Newbridge Financial Services Group Inc. purchased a new position in Ryerson during the second quarter worth about $39,000. Copeland Capital Management LLC purchased a new position in shares of Ryerson in the 3rd quarter worth approximately $56,000. SG Americas Securities LLC bought a new stake in Ryerson during the first quarter worth $139,000. Point72 DIFC Ltd grew its stake in Ryerson by 16.7% in the 2nd quarter. Point72 DIFC Ltd now owns 5,835 shares of the basic materials company’s stock valued at $114,000 after purchasing an additional 837 shares during the period. Finally, Comerica Bank boosted its stake in Ryerson by 2,177.4% in the first quarter. Comerica Bank now owns 6,855 shares of the basic materials company’s stock valued at $230,000 after acquiring an additional 6,554 shares during the last quarter. 94.81% of the stock is currently owned by institutional investors.

Ryerson Company Profile

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.