Choreo LLC Buys New Stake in Reliance, Inc. (NYSE:RS)

Choreo LLC purchased a new stake in Reliance, Inc. (NYSE:RS) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,381 shares of the industrial products company’s stock, valued at approximately $388,000.

A number of other institutional investors also recently bought and sold shares of the business. Wellington Management Group LLP lifted its position in shares of Reliance by 2.3% during the 4th quarter. Wellington Management Group LLP now owns 1,224,274 shares of the industrial products company’s stock worth $342,405,000 after buying an additional 27,074 shares during the last quarter. Acadian Asset Management LLC lifted its position in Reliance by 20.8% in the first quarter. Acadian Asset Management LLC now owns 1,072,200 shares of the industrial products company’s stock valued at $358,270,000 after acquiring an additional 184,509 shares during the last quarter. First Trust Advisors LP boosted its stake in Reliance by 7.9% in the fourth quarter. First Trust Advisors LP now owns 885,818 shares of the industrial products company’s stock valued at $247,746,000 after acquiring an additional 64,895 shares in the last quarter. Norges Bank acquired a new position in Reliance in the fourth quarter valued at $186,693,000. Finally, Principal Financial Group Inc. grew its holdings in shares of Reliance by 13.3% during the second quarter. Principal Financial Group Inc. now owns 394,793 shares of the industrial products company’s stock worth $112,753,000 after purchasing an additional 46,259 shares during the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on RS shares. Bank of America decreased their target price on Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. KeyCorp lowered their target price on shares of Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 3rd. 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 equities research 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.com, the company currently has a consensus rating of “Hold” and an average target price of $329.40.

Reliance Trading Up 0.6 %

Shares of RS stock opened at $279.55 on Tuesday. 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 business’s 50 day moving average is $287.13 and its two-hundred day moving average is $299.17. Reliance, Inc. has a twelve month low of $237.14 and a twelve month high of $342.20. The company has a market capitalization of $16.05 billion, a P/E ratio of 13.06 and a beta of 0.85.

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

Reliance Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were issued a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date of this dividend was Friday, August 16th. Reliance’s dividend payout ratio is presently 20.55%.

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.