1,325 Shares in Reliance, Inc. (NYSE:RS) Acquired by Bridges Investment Management Inc.

Bridges Investment Management Inc. acquired a new stake in shares of Reliance, Inc. (NYSE:RS) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 1,325 shares of the industrial products company’s stock, valued at approximately $378,000.

Several other institutional investors and hedge funds have also recently modified their holdings of RS. Riverview Trust Co purchased a new position in Reliance during the first quarter valued at $25,000. Innealta Capital LLC purchased a new position in shares of Reliance during the second quarter valued at about $28,000. Contravisory Investment Management Inc. bought a new stake in shares of Reliance in the first quarter worth about $30,000. Rise Advisors LLC purchased a new stake in shares of Reliance in the first quarter worth about $49,000. Finally, National Bank of Canada FI boosted its stake in Reliance by 17.9% during the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after buying an additional 41 shares during the last quarter. Institutional investors own 79.26% of the company’s stock.

Analysts Set New Price Targets

RS has been the topic of several recent research reports. Bank of America decreased their price objective on Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. KeyCorp decreased their price target on shares of Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 3rd. Finally, Wolfe Research cut shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a research note 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. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $329.40.

Reliance Stock Down 1.8 %

NYSE RS opened at $281.08 on Friday. Reliance, Inc. has a 52 week low of $237.14 and a 52 week high of $342.20. The firm has a market capitalization of $16.14 billion, a price-to-earnings ratio of 13.13 and a beta of 0.85. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15. The company has a fifty day moving average of $286.57 and a two-hundred day moving average of $297.93.

Reliance (NYSE:RS) last released its quarterly earnings results on Thursday, July 25th. The industrial products company reported $4.65 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 for the quarter, compared to analysts’ expectations of $3.64 billion. During the same period in the prior year, the firm posted $6.49 earnings per share. Reliance’s revenue for the quarter was down 6.1% on a year-over-year basis. On average, analysts predict that Reliance, Inc. will post 17.21 earnings per share for the current year.

Reliance Announces Dividend

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