Sagefield Capital LP Acquires New Stake in Reliance, Inc. (NYSE:RS)

Sagefield Capital LP bought a new position in Reliance, Inc. (NYSE:RS) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 13,647 shares of the industrial products company’s stock, valued at approximately $3,898,000.

Several other hedge funds have also recently made changes to their positions in the company. UBS Group AG increased its holdings in Reliance by 262.0% in 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 during the last quarter. Franklin Resources Inc. raised its position in shares of Reliance by 38.0% in the fourth quarter. Franklin Resources Inc. now owns 81,405 shares of the industrial products company’s stock valued at $22,767,000 after purchasing an additional 22,396 shares during the period. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Reliance by 3.2% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 6,159 shares of the industrial products company’s stock valued at $1,722,000 after buying an additional 193 shares in the last quarter. Treasurer of the State of North Carolina boosted its holdings in Reliance by 4.2% in the 4th 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 grew its stake in Reliance by 48,075.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,927 shares of the industrial products company’s stock valued at $539,000 after buying an additional 1,923 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors.

Reliance Trading Up 0.9 %

Shares of RS stock opened at $283.73 on Tuesday. Reliance, Inc. has a 52-week low of $237.14 and a 52-week high of $342.20. The business’s fifty day moving average is $286.24 and its 200 day moving average is $297.49. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.43 and a current ratio of 5.02. The company has a market capitalization of $16.29 billion, a PE ratio of 13.25 and a beta of 0.85.

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 net margin of 7.99% and a return on equity of 14.73%. The business had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter last year, the business posted $6.49 EPS. The business’s revenue was down 6.1% compared to the same quarter last year. On average, equities research analysts anticipate that Reliance, Inc. will post 17.21 EPS for the current fiscal year.

Reliance Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on RS shares. KeyCorp dropped their target price on Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 3rd. Wolfe Research cut 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. Finally, Bank of America reduced their target price on Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Reliance has an average rating of “Hold” and an average price target of $329.40.

Reliance 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.