Reliance, Inc. (NYSE:RS) Shares Sold by Dana Investment Advisors Inc.

Dana Investment Advisors Inc. cut its position in Reliance, Inc. (NYSE:RS) by 2.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,586 shares of the industrial products company’s stock after selling 374 shares during the quarter. Dana Investment Advisors Inc.’s holdings in Reliance were worth $4,166,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Riverview Trust Co acquired a new stake in shares of Reliance in the first quarter valued at $25,000. Innealta Capital LLC purchased a new position in shares of Reliance in the 2nd quarter valued at about $28,000. Contravisory Investment Management Inc. purchased a new stake in shares of Reliance during the first quarter worth approximately $30,000. Rise Advisors LLC purchased a new stake in shares of Reliance during the first quarter worth approximately $49,000. Finally, National Bank of Canada FI raised its holdings in Reliance by 17.9% in the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after acquiring an additional 41 shares in the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on RS shares. Bank of America dropped their price objective on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Wolfe Research downgraded shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price for the company. in a research note on Friday, July 26th. Finally, KeyCorp lowered their price target on 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 assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Reliance presently has an average rating of “Hold” and a consensus price target of $329.40.

Reliance Stock Up 0.3 %

Shares of NYSE RS opened at $289.96 on Wednesday. The business has a 50-day moving average price of $284.54 and a 200 day moving average price of $296.39. Reliance, Inc. has a 52-week low of $237.14 and a 52-week high of $342.20. 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 stock has a market cap of $15.95 billion, a PE ratio of 13.54 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). The firm had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.64 billion. Reliance had a return on equity of 14.73% and a net margin of 7.99%. The company’s revenue was down 6.1% compared to the same quarter last year. During the same quarter last year, the firm earned $6.49 earnings per share. Equities research analysts forecast 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 1.52%. 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.