Handelsbanken Fonder AB Raises Holdings in Reliance, Inc. (NYSE:RS)

Handelsbanken Fonder AB raised its position in shares of Reliance, Inc. (NYSE:RS) by 26.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 14,781 shares of the industrial products company’s stock after acquiring an additional 3,100 shares during the period. Handelsbanken Fonder AB’s holdings in Reliance were worth $4,275,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RS. Sanctuary Advisors LLC purchased a new position in shares of Reliance in the 2nd quarter valued at $3,073,000. Northwestern Mutual Wealth Management Co. boosted its position in Reliance by 4.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,240 shares of the industrial products company’s stock worth $926,000 after purchasing an additional 134 shares during the period. Creative Planning raised its position in Reliance by 0.4% in the second quarter. Creative Planning now owns 65,956 shares of the industrial products company’s stock valued at $18,837,000 after purchasing an additional 289 shares during the period. Scientech Research LLC acquired a new position in shares of Reliance during the second quarter worth about $413,000. Finally, MBB Public Markets I LLC purchased a new stake in shares of Reliance in the second quarter worth about $1,205,000. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Reliance Price Performance

Shares of NYSE RS opened at $283.49 on Wednesday. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15. Reliance, Inc. has a fifty-two week low of $237.14 and a fifty-two week high of $342.20. The business has a 50 day moving average price of $282.39 and a two-hundred day moving average price of $294.63. The firm has a market cap of $16.28 billion, a PE ratio of 13.24 and a beta of 0.85.

Reliance (NYSE:RS) last released its quarterly earnings results on Thursday, July 25th. The industrial products company reported $4.65 earnings per share for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.08). The company 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 firm’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period in the previous year, the business posted $6.49 EPS. Sell-side analysts expect that Reliance, Inc. will post 17.16 earnings per share for the current fiscal year.

Reliance Dividend Announcement

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

Analysts Set New Price Targets

RS has been the topic of several analyst reports. Wolfe Research downgraded Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price on the stock. in a report on Friday, July 26th. KeyCorp reduced their target price on shares of Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 3rd. Finally, Bank of America decreased their target price on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Reliance has a consensus rating of “Hold” and an average target price of $329.40.

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.