Ryerson (NYSE:RYI) Shares Gap Up on Earnings Beat

Shares of Ryerson Holding Co. (NYSE:RYI - Get Free Report) gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $22.95, but opened at $25.36. Ryerson shares last traded at $25.57, with a volume of 68,631 shares trading hands.

The basic materials company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.48) by $0.34. Ryerson had a negative return on equity of 0.70% and a negative net margin of 0.19%. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion.

Ryerson Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Thursday, March 6th will be paid a $0.1875 dividend. This represents a $0.75 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date of this dividend is Thursday, March 6th. Ryerson's dividend payout ratio is currently -288.46%.

Analyst Ratings Changes

Separately, BMO Capital Markets increased their price target on shares of Ryerson from $23.00 to $25.00 and gave the stock a "market perform" rating in a report on Monday.

Hedge Funds Weigh In On Ryerson

Several institutional investors have recently modified their holdings of the company. Franklin Resources Inc. boosted its stake in Ryerson by 85.8% in the fourth quarter. Franklin Resources Inc. now owns 2,329,803 shares of the basic materials company's stock worth $43,125,000 after buying an additional 1,075,963 shares in the last quarter. JB Capital Partners LP grew its holdings in shares of Ryerson by 4.0% during the 3rd quarter. JB Capital Partners LP now owns 2,131,069 shares of the basic materials company's stock valued at $42,430,000 after purchasing an additional 82,313 shares during the last quarter. State Street Corp raised its position in Ryerson by 3.2% in the 3rd quarter. State Street Corp now owns 1,411,397 shares of the basic materials company's stock worth $28,101,000 after purchasing an additional 43,780 shares during the period. Victory Capital Management Inc. lifted its stake in Ryerson by 5.7% in the fourth quarter. Victory Capital Management Inc. now owns 1,215,679 shares of the basic materials company's stock worth $22,502,000 after purchasing an additional 65,181 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Ryerson by 19.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,014,110 shares of the basic materials company's stock valued at $18,771,000 after acquiring an additional 166,596 shares during the last quarter. 94.81% of the stock is currently owned by institutional investors.

Ryerson Stock Performance

The stock has a market cap of $796.31 million, a PE ratio of -96.16 and a beta of 1.59. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.22 and a quick ratio of 1.06. The business has a 50 day moving average price of $20.77 and a two-hundred day moving average price of $21.23.

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.