Tredje AP fonden Sells 141 Shares of Reliance, Inc. (NYSE:RS)

Tredje AP fonden cut its stake in Reliance, Inc. (NYSE:RS) by 1.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,036 shares of the industrial products company’s stock after selling 141 shares during the quarter. Tredje AP fonden’s holdings in Reliance were worth $2,581,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Riverview Trust Co bought a new position in Reliance in the first quarter valued at about $25,000. Innealta Capital LLC purchased a new position in shares of Reliance in the second quarter worth approximately $28,000. Contravisory Investment Management Inc. bought a new stake in Reliance during the first quarter valued at approximately $30,000. Rise Advisors LLC purchased a new stake in Reliance during the first quarter valued at approximately $49,000. Finally, National Bank of Canada FI raised its position in Reliance by 17.9% in the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock worth $76,000 after acquiring an additional 41 shares during the period. 79.26% of the stock is owned by hedge funds and other institutional investors.

Reliance Stock Performance

Shares of NYSE RS opened at $286.01 on Friday. The stock has a market cap of $15.74 billion, a PE ratio of 13.36 and a beta of 0.85. Reliance, Inc. has a 1 year low of $237.14 and a 1 year high of $342.20. The firm has a fifty day moving average price of $287.02 and a 200-day moving average price of $298.46. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.02 and a quick ratio of 2.43.

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

Reliance Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were issued a $1.10 dividend. The ex-dividend date was Friday, August 16th. This represents a $4.40 dividend on an annualized basis and a yield of 1.54%. Reliance’s dividend payout ratio is presently 20.55%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RS. Bank of America cut their price objective 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. KeyCorp cut 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. Finally, Wolfe Research cut 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 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 company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $329.40.

Reliance Company Profile

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.