Fifth Third Bancorp Acquires 114 Shares of Reliance, Inc. (NYSE:RS)

Fifth Third Bancorp boosted its holdings in Reliance, Inc. (NYSE:RS) by 19.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 701 shares of the industrial products company’s stock after acquiring an additional 114 shares during the quarter. Fifth Third Bancorp’s holdings in Reliance were worth $200,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Riverview Trust Co bought a new position in shares of Reliance during the first quarter valued at $25,000. Contravisory Investment Management Inc. acquired a new stake in shares of Reliance during the 1st quarter worth about $30,000. Partnership Wealth Management LLC bought a new position in Reliance during the 4th quarter valued at about $43,000. Rise Advisors LLC acquired a new position in Reliance in the first quarter valued at about $49,000. Finally, Rational Advisors LLC grew its stake in Reliance by 33.6% during the first quarter. Rational Advisors LLC now owns 159 shares of the industrial products company’s stock worth $53,000 after buying an additional 40 shares during the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Stock Performance

RS stock opened at $282.14 on Friday. The company has a 50 day moving average price of $288.59 and a 200 day moving average price of $303.02. Reliance, Inc. has a fifty-two week low of $237.14 and a fifty-two week high of $342.20. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.02 and a quick ratio of 2.43. The stock has a market capitalization of $16.20 billion, a PE ratio of 13.18 and a beta of 0.86.

Reliance (NYSE:RS) last released its 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 firm had revenue of $3.64 billion for the quarter, compared to the consensus estimate 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 in the previous year, the firm earned $6.49 EPS. Analysts forecast that Reliance, Inc. will post 17.21 EPS for the current year.

Reliance Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be paid a $1.10 dividend. The ex-dividend date is Friday, August 16th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.56%. Reliance’s dividend payout ratio (DPR) is presently 20.55%.

Analysts Set New Price Targets

Several research firms have recently weighed in on RS. KeyCorp cut their target price on shares of Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a research note on Wednesday, July 3rd. StockNews.com cut Reliance from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. Bank of America reduced their price objective on Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. Finally, Wolfe Research lowered 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. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $329.40.

Insider Activity at Reliance

In other news, COO Stephen Paul Koch sold 20,421 shares of the business’s stock in a transaction on Friday, May 31st. The shares were sold at an average price of $295.38, for a total value of $6,031,954.98. Following the completion of the transaction, the chief operating officer now owns 7,552 shares of the company’s stock, valued at approximately $2,230,709.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.69% of the stock is currently owned by corporate insiders.

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.