Mercer Global Advisors Inc. ADV Boosts Stock Holdings in Reliance, Inc. (NYSE:RS)

Mercer Global Advisors Inc. ADV grew its position in Reliance, Inc. (NYSE:RS) by 2.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,950 shares of the industrial products company’s stock after purchasing an additional 637 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in Reliance were worth $7,982,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Riverview Trust Co purchased a new position in Reliance in the first quarter worth $25,000. Innealta Capital LLC bought a new stake in shares of Reliance during the 2nd quarter worth $28,000. Contravisory Investment Management Inc. purchased a new position in shares of Reliance in the 1st quarter worth about $30,000. Rise Advisors LLC bought a new position in Reliance during the first quarter valued at about $49,000. Finally, National Bank of Canada FI increased its holdings in Reliance by 17.9% during the second 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 last quarter. 79.26% of the stock is owned by institutional investors.

Reliance Stock Down 1.8 %

Reliance stock opened at $281.03 on Friday. The firm has a 50 day simple moving average of $286.57 and a 200 day simple moving average of $298.09. The company has a current ratio of 5.02, a quick ratio of 2.43 and a debt-to-equity ratio of 0.15. Reliance, Inc. has a 1-year low of $237.14 and a 1-year high of $342.20. The firm has a market capitalization of $15.46 billion, a price-to-earnings ratio of 13.13 and a beta of 0.85.

Reliance (NYSE:RS) last announced its quarterly 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). The company had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.64 billion. Reliance had a net margin of 7.99% and a return on equity of 14.73%. Reliance’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same quarter last year, the firm posted $6.49 earnings per share. On average, analysts predict that Reliance, Inc. will post 17.21 earnings per share for the current year.

Reliance Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were given a $1.10 dividend. The ex-dividend date was Friday, August 16th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.57%. Reliance’s dividend payout ratio (DPR) is currently 20.55%.

Analysts Set New Price Targets

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

Reliance 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.