Reliance, Inc. (NYSE:RS) Shares Sold by Forsta AP Fonden

Forsta AP Fonden lowered its stake in Reliance, Inc. (NYSE:RS) by 24.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,600 shares of the industrial products company’s stock after selling 3,500 shares during the quarter. Forsta AP Fonden’s holdings in Reliance were worth $3,027,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of RS. Astoria Portfolio Advisors LLC. grew its position in Reliance by 4.9% in the first quarter. Astoria Portfolio Advisors LLC. now owns 778 shares of the industrial products company’s stock valued at $253,000 after acquiring an additional 36 shares in the last quarter. Avantax Advisory Services Inc. grew its holdings in Reliance by 4.2% during the 4th quarter. Avantax Advisory Services Inc. now owns 1,023 shares of the industrial products company’s stock valued at $286,000 after purchasing an additional 41 shares in the last quarter. National Bank of Canada FI increased its stake in Reliance by 17.9% during the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock worth $76,000 after buying an additional 41 shares during the period. Consolidated Planning Corp lifted its holdings in Reliance by 7.1% in the 2nd quarter. Consolidated Planning Corp now owns 752 shares of the industrial products company’s stock worth $215,000 after buying an additional 50 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its position in Reliance by 6.3% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 907 shares of the industrial products company’s stock valued at $254,000 after buying an additional 54 shares during the last quarter. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on RS shares. KeyCorp dropped their target price on Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 3rd. Bank of America cut their target price on Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Finally, Wolfe Research downgraded shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target for the company. in a research report on Friday, July 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Reliance has an average rating of “Hold” and an average price target of $329.40.

Reliance Price Performance

Shares of RS opened at $277.90 on Monday. The company has a current ratio of 5.02, a quick ratio of 2.43 and a debt-to-equity ratio of 0.15. The firm has a market cap of $15.29 billion, a price-to-earnings ratio of 12.98 and a beta of 0.85. Reliance, Inc. has a 52 week low of $237.14 and a 52 week high of $342.20. The stock has a 50 day moving average of $287.13 and a 200-day moving average of $299.17.

Reliance (NYSE:RS) last released its earnings results on Thursday, July 25th. The industrial products company reported $4.65 earnings per share for the quarter, missing the consensus estimate of $4.73 by ($0.08). Reliance had a net margin of 7.99% and a return on equity of 14.73%. The business had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter in the previous year, the firm earned $6.49 EPS. The firm’s revenue for the quarter was down 6.1% on a year-over-year basis. As a group, analysts forecast that Reliance, Inc. will post 17.21 EPS for the current year.

Reliance Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were issued a $1.10 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $4.40 dividend on an annualized basis and a yield of 1.58%. Reliance’s dividend payout ratio is currently 20.55%.

About Reliance

Reliance, Inc operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.