Ensign Peak Advisors Inc Sells 3,560 Shares of Reliance, Inc. (NYSE:RS)

Ensign Peak Advisors Inc trimmed its holdings in shares of Reliance, Inc. (NYSE:RS) by 8.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 40,689 shares of the industrial products company’s stock after selling 3,560 shares during the quarter. Ensign Peak Advisors Inc owned 0.07% of Reliance worth $11,621,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in RS. UBS Group AG grew its holdings in Reliance by 262.0% during the 4th quarter. UBS Group AG now owns 45,016 shares of the industrial products company’s stock worth $12,590,000 after acquiring an additional 32,580 shares in the last quarter. Franklin Resources Inc. increased its holdings in Reliance by 38.0% during the fourth quarter. Franklin Resources Inc. now owns 81,405 shares of the industrial products company’s stock valued at $22,767,000 after buying an additional 22,396 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in Reliance by 3.2% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 6,159 shares of the industrial products company’s stock worth $1,722,000 after buying an additional 193 shares in the last quarter. Treasurer of the State of North Carolina lifted its holdings in Reliance by 4.2% during the fourth quarter. Treasurer of the State of North Carolina now owns 37,595 shares of the industrial products company’s stock worth $10,515,000 after buying an additional 1,515 shares during the period. Finally, TFO Wealth Partners LLC boosted its position in Reliance by 48,075.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,927 shares of the industrial products company’s stock valued at $539,000 after acquiring an additional 1,923 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

RS has been the subject of several recent analyst reports. KeyCorp dropped their price target on Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 3rd. Bank of America decreased 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 lowered shares of 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 investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $329.40.

Reliance Stock Up 0.9 %

RS stock opened at $283.73 on Tuesday. The firm’s fifty day moving average is $286.24 and its 200 day moving average is $297.49. The firm has a market cap of $16.29 billion, a PE ratio of 13.25 and a beta of 0.85. Reliance, Inc. has a one year low of $237.14 and a one year high of $342.20. 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 posted 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 company had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.64 billion. Reliance had a net margin of 7.99% and a return on equity of 14.73%. The business’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period in the previous year, the business earned $6.49 earnings per share. On average, research analysts forecast that Reliance, Inc. will post 17.21 EPS for the current year.

Reliance Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were paid a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 1.55%. The ex-dividend date of this dividend was Friday, August 16th. Reliance’s dividend payout ratio is currently 20.55%.

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.