Ameritas Investment Partners Inc. Has $5.35 Million Stake in Reliance, Inc. (NYSE:RS)

Ameritas Investment Partners Inc. reduced its position in Reliance, Inc. (NYSE:RS) by 2.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 18,715 shares of the industrial products company’s stock after selling 475 shares during the quarter. Ameritas Investment Partners Inc.’s holdings in Reliance were worth $5,345,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Riverview Trust Co acquired a new position in Reliance during the first quarter valued at approximately $25,000. Contravisory Investment Management Inc. bought a new position in Reliance in the first quarter valued at about $30,000. Innealta Capital LLC acquired a new position in Reliance during the second quarter worth about $28,000. Rise Advisors LLC bought a new position in shares of Reliance in the first quarter worth about $49,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Reliance in the 1st quarter valued at approximately $86,000. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Reliance Price Performance

RS stock opened at $281.03 on Friday. The company has a market capitalization of $15.46 billion, a P/E ratio of 13.13 and a beta of 0.85. The company has a fifty day moving average price of $286.57 and a 200-day moving average price of $298.09. 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, Inc. has a 52-week low of $237.14 and a 52-week high of $342.20.

Reliance (NYSE:RS) last issued 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 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 analyst estimates of $3.64 billion. During the same quarter last year, the firm posted $6.49 EPS. The firm’s revenue for the quarter was down 6.1% on a year-over-year basis. As a group, equities analysts expect that Reliance, Inc. will post 17.21 EPS for the current year.

Reliance Announces Dividend

The firm also recently declared 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. The ex-dividend date was Friday, August 16th. This represents a $4.40 dividend on an annualized basis and a yield of 1.57%. Reliance’s payout ratio is currently 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.