Ryerson (NYSE:RYI) Shares Gap Down - Here's What Happened

Ryerson Holding Co. (NYSE:RYI - Get Free Report)'s share price 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 changing hands.

Ryerson Price Performance

The company'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 current ratio of 2.38 and a quick ratio of 1.11. The stock has a market capitalization of $730.73 million, a price-to-earnings ratio of 12.20 and a beta of 1.56.

Ryerson (NYSE:RYI - Get Free Report) last released its quarterly earnings results on Tuesday, July 30th. The basic materials company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.13. The business had revenue of $1.23 billion during the quarter. Ryerson had a return on equity of 7.27% and a net margin of 1.31%. During the same quarter last year, the firm earned $1.06 earnings per share.

Ryerson Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be paid a $0.1875 dividend. This represents a $0.75 annualized dividend and a dividend yield of 3.41%. Ryerson's dividend payout ratio (DPR) is presently 41.44%.

Institutional Trading of Ryerson

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of Ryerson by 3.5% in the first quarter. Vanguard Group Inc. now owns 2,380,803 shares of the basic materials company's stock valued at $79,757,000 after buying an additional 81,515 shares in the last quarter. William Blair Investment Management LLC raised its holdings in Ryerson by 0.8% in the 1st quarter. William Blair Investment Management LLC now owns 865,464 shares of the basic materials company's stock valued at $28,993,000 after acquiring an additional 6,883 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Ryerson by 14.2% during the 2nd quarter. American Century Companies Inc. now owns 783,631 shares of the basic materials company's stock worth $15,281,000 after purchasing an additional 97,556 shares in the last quarter. Acadian Asset Management LLC raised its stake in Ryerson by 3.4% in the first quarter. Acadian Asset Management LLC now owns 675,102 shares of the basic materials company's stock valued at $22,610,000 after purchasing an additional 22,069 shares in the last quarter. Finally, Bridgeway Capital Management LLC grew its stake in Ryerson by 2.6% during the first quarter. Bridgeway Capital Management LLC now owns 509,845 shares of the basic materials company's stock worth $17,080,000 after buying an additional 12,775 shares in the last quarter. Institutional investors and hedge funds own 94.81% of the company's stock.

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.