SkyOak Wealth LLC Takes $225,000 Position in Reliance, Inc. (NYSE:RS)

SkyOak Wealth LLC bought a new position in shares of Reliance, Inc. (NYSE:RS) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 788 shares of the industrial products company’s stock, valued at approximately $225,000.

Other hedge funds have also recently bought and sold shares of the company. Riverview Trust Co acquired a new stake in shares of Reliance in the 1st quarter valued at about $25,000. Innealta Capital LLC acquired a new stake in Reliance in the 2nd quarter valued at approximately $28,000. Contravisory Investment Management Inc. bought a new stake in Reliance in the 1st quarter valued at approximately $30,000. Rise Advisors LLC acquired a new position in Reliance during the 1st quarter worth approximately $49,000. Finally, National Bank of Canada FI grew its stake 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 acquiring an additional 41 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Reliance Price Performance

Shares of RS opened at $277.11 on Thursday. The company has a market cap of $15.91 billion, a price-to-earnings ratio of 12.94 and a beta of 0.85. 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 company’s fifty day simple moving average is $287.16 and its 200 day simple moving average is $298.61. Reliance, Inc. has a 1-year low of $237.14 and a 1-year 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 (EPS) for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.08). Reliance had a net margin of 7.99% and a return on equity of 14.73%. The firm had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same period in the previous year, the company posted $6.49 earnings per share. The firm’s revenue for the quarter was down 6.1% compared to the same quarter last year. On average, research analysts forecast that Reliance, Inc. will post 17.21 earnings per share for the current fiscal year.

Reliance Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were issued a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date was Friday, August 16th. Reliance’s payout ratio is presently 20.55%.

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.