American Century Companies Inc. Trims Position in Reliance, Inc. (NYSE:RS)

American Century Companies Inc. cut its holdings in shares of Reliance, Inc. (NYSE:RS) by 3.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 64,175 shares of the industrial products company’s stock after selling 2,014 shares during the quarter. American Century Companies Inc. owned 0.11% of Reliance worth $18,328,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of RS. Riverview Trust Co purchased a new position in Reliance during the 1st quarter worth approximately $25,000. Innealta Capital LLC purchased a new position in shares of Reliance during the 2nd quarter valued at approximately $28,000. Contravisory Investment Management Inc. purchased a new position in shares of Reliance during the 1st quarter valued at approximately $30,000. Rise Advisors LLC purchased a new position in shares of Reliance during the 1st quarter valued at approximately $49,000. Finally, National Bank of Canada FI increased its holdings 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 valued at $76,000 after purchasing an additional 41 shares in the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

Reliance Price Performance

Reliance stock opened at $281.03 on Friday. The company’s fifty day moving average price is $286.89 and its 200 day moving average price is $298.37. Reliance, Inc. has a 1 year low of $237.14 and a 1 year high of $342.20. The stock has a market capitalization of $15.46 billion, a P/E ratio of 13.12 and a beta of 0.85. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.43 and a current ratio of 5.02.

Reliance (NYSE:RS) last released 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 net margin of 7.99% and a return on equity of 14.73%. The company had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same period in the prior year, the business posted $6.49 EPS. Reliance’s revenue was down 6.1% compared to the same quarter last year. As a group, equities research analysts anticipate 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. Shareholders of record on Friday, August 16th were paid a dividend of $1.10 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $4.40 annualized dividend and a yield of 1.57%. Reliance’s dividend payout ratio (DPR) is presently 20.55%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on RS shares. Bank of America cut their target price on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Wolfe Research lowered shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price for the company. in a report on Friday, July 26th. Finally, KeyCorp cut their target price on shares of Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a report on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Reliance currently has a consensus rating of “Hold” and a consensus price target 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.