Intech Investment Management LLC Boosts Stock Position in Reliance, Inc. (NYSE:RS)

Intech Investment Management LLC boosted its holdings in shares of Reliance, Inc. (NYSE:RS) by 10.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,349 shares of the industrial products company’s stock after purchasing an additional 1,396 shares during the quarter. Intech Investment Management LLC’s holdings in Reliance were worth $4,098,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Riverview Trust Co purchased a new position in shares of Reliance in the 1st quarter worth approximately $25,000. Innealta Capital LLC bought a new stake in Reliance in the second quarter worth $28,000. Contravisory Investment Management Inc. purchased a new position in Reliance during the first quarter worth $30,000. Rise Advisors LLC bought a new position in Reliance during the first quarter valued at $49,000. Finally, National Bank of Canada FI raised its stake in shares of Reliance by 17.9% in the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after acquiring an additional 41 shares during the period. Institutional investors own 79.26% of the company’s stock.

Reliance Stock Performance

Reliance stock opened at $281.08 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.43 and a current ratio of 5.02. The company has a market capitalization of $16.14 billion, a PE ratio of 13.13 and a beta of 0.85. The company has a 50 day moving average price of $286.57 and a 200-day moving average price of $297.93. Reliance, Inc. has a fifty-two week low of $237.14 and a fifty-two week high of $342.20.

Reliance (NYSE:RS) last issued 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 return on equity of 14.73% and a net margin of 7.99%. The firm had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.64 billion. During the same quarter in the prior year, the company posted $6.49 earnings per share. Reliance’s quarterly revenue was down 6.1% compared to the same quarter last year. As a group, equities analysts forecast that Reliance, Inc. will post 17.21 earnings per share 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 dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 1.57%. The ex-dividend date of this dividend was Friday, August 16th. Reliance’s payout ratio is 20.55%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on RS shares. KeyCorp cut their price target on shares of Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a 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 note on Wednesday, June 26th. Finally, 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 report on Friday, July 26th. One 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. According to MarketBeat, the company has a consensus rating of “Hold” and an average 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.