Ryerson Holding Corp. shares were down 9% at $34.28 after the company said it priced a secondary public offering of 2.5 million common shares by its principal shareholder, an affiliate of Platinum Equity LLC.
The selling stockholder will receive all of the proceeds from the offering.
The company isn’t offering any shares and will not receive any of the proceeds from this sale of the shares offered by the selling stockholder. The offering is expected to settle and close on or about Tuesday.
Ryerson shares closed Thursday’s session down 6%, and are up 52% in the past 12 months.
Also on Friday, BMO Capital raised its price target for Ryerson shares to $45 from $36 a share, while maintaining its Outperform rating.