Reliance, Inc. (NYSE:RS) Shares Sold by Parallel Advisors LLC

Parallel Advisors LLC cut its position in Reliance, Inc. (NYSE:RS) by 3.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,131 shares of the industrial products company’s stock after selling 73 shares during the quarter. Parallel Advisors LLC’s holdings in Reliance were worth $609,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Riverview Trust Co purchased a new stake in Reliance during the 1st quarter worth about $25,000. Innealta Capital LLC purchased a new position in Reliance in the second quarter worth approximately $28,000. Contravisory Investment Management Inc. acquired a new position in Reliance during the 1st quarter worth approximately $30,000. Rise Advisors LLC acquired a new stake in shares of Reliance in the 1st quarter valued at $49,000. Finally, National Bank of Canada FI lifted its position in shares of 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 purchasing an additional 41 shares during the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance Stock Up 0.6 %

Shares of NYSE:RS opened at $279.55 on Tuesday. The company has a market cap of $16.05 billion, a price-to-earnings ratio of 13.06 and a beta of 0.85. Reliance, Inc. has a fifty-two week low of $237.14 and a fifty-two week high of $342.20. The firm’s 50-day simple moving average is $287.13 and its 200-day simple moving average is $299.17. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15.

Reliance (NYSE:RS) last posted its quarterly earnings results on Thursday, July 25th. The industrial products company reported $4.65 EPS 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 during the quarter, compared to analyst estimates of $3.64 billion. During the same period in the prior year, the business earned $6.49 earnings per share. The firm’s quarterly revenue was down 6.1% compared to the same quarter last year. As a group, equities research analysts predict that Reliance, Inc. will post 17.21 earnings per share for the current year.

Reliance Announces Dividend

The business 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 1.57%. Reliance’s dividend payout ratio (DPR) is presently 20.55%.

Analyst Ratings Changes

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

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.