Raymond James & Associates Has $9.75 Million Stock Position in Reliance, Inc. (NYSE:RS)

Raymond James & Associates boosted its position in Reliance, Inc. (NYSE:RS) by 26.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,713 shares of the industrial products company’s stock after purchasing an additional 6,985 shares during the quarter. Raymond James & Associates owned about 0.06% of Reliance worth $9,750,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Innealta Capital LLC bought a new position in Reliance during the 2nd quarter worth $28,000. UMB Bank n.a. grew its holdings in shares of Reliance by 27.0% during the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock worth $72,000 after purchasing an additional 53 shares in the last quarter. National Bank of Canada FI increased its position in shares of Reliance by 17.9% in the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock worth $76,000 after purchasing an additional 41 shares during the period. Headlands Technologies LLC bought a new position in shares of Reliance in the first quarter worth $86,000. Finally, International Assets Investment Management LLC acquired a new position in Reliance in the second quarter valued at about $117,000. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Reliance Price Performance

Shares of RS opened at $294.35 on Wednesday. The business has a 50-day moving average of $284.30 and a 200-day moving average of $290.13. Reliance, Inc. has a 1 year low of $249.29 and a 1 year high of $342.20. The company has a market capitalization of $16.20 billion, a price-to-earnings ratio of 16.16 and a beta of 0.85. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58.

Reliance (NYSE:RS) last posted its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing the consensus estimate of $3.66 by ($0.02). The firm had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. The company’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same quarter last year, the company earned $5.00 earnings per share. As a group, equities research analysts anticipate that Reliance, Inc. will post 16.96 earnings per share for the current year.

Reliance Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a dividend of $1.10 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.49%. Reliance’s payout ratio is presently 24.16%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on RS shares. KeyCorp decreased their price objective on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research note on Monday, October 14th. BMO Capital Markets lowered their price target on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Finally, Wolfe Research lowered Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective on the stock. in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Reliance has an average rating of “Hold” and a consensus price target of $326.40.

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.