Ryerson (NYSE:RYI) Shares Down 8.1% - Here's What Happened

Ryerson Holding Corporation (NYSE:RYI - Get Free Report)'s share price was down 8.1% during mid-day trading on Thursday . The company traded as low as $22.72 and last traded at $22.57. Approximately 55,626 shares changed hands during trading, a decline of 76% from the average daily volume of 230,787 shares. The stock had previously closed at $24.55.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered Ryerson from a "buy" rating to a "hold" rating in a research report on Friday, May 9th.

Ryerson Trading Down 0.2%

The stock has a market capitalization of $727.72 million, a price-to-earnings ratio of -102.73 and a beta of 1.54. The business has a 50 day simple moving average of $21.93 and a 200-day simple moving average of $22.26. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.00 and a quick ratio of 0.99.

Ryerson (NYSE:RYI - Get Free Report) last posted its earnings results on Wednesday, April 30th. The basic materials company reported ($0.18) EPS for the quarter, beating the consensus estimate of ($0.23) by $0.05. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.16 billion. Ryerson had a negative return on equity of 0.65% and a negative net margin of 0.15%. As a group, equities analysts expect that Ryerson Holding Corporation will post 1.2 earnings per share for the current year.

Ryerson Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Thursday, June 5th were paid a dividend of $0.1875 per share. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $0.75 dividend on an annualized basis and a yield of 3.32%. Ryerson's dividend payout ratio (DPR) is currently -340.91%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RYI. Teacher Retirement System of Texas purchased a new position in Ryerson in the fourth quarter worth $329,000. American Century Companies Inc. grew its holdings in Ryerson by 7.9% in the fourth quarter. American Century Companies Inc. now owns 930,439 shares of the basic materials company's stock worth $17,222,000 after purchasing an additional 68,022 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in Ryerson in the fourth quarter worth about $583,000. JPMorgan Chase & Co. grew its holdings in shares of Ryerson by 11.0% during the fourth quarter. JPMorgan Chase & Co. now owns 179,422 shares of the basic materials company's stock valued at $3,321,000 after buying an additional 17,771 shares during the last quarter. Finally, Franklin Resources Inc. boosted its holdings 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 purchasing an additional 1,075,963 shares during the last quarter. 94.81% of the stock is currently owned by hedge funds and other 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.