BNP PARIBAS ASSET MANAGEMENT Holding S.A. Has $10.90 Million Stock Holdings in Reliance, Inc. (NYSE:RS)

BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in shares of Reliance, Inc. (NYSE:RS) by 48.0% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 38,168 shares of the industrial products company’s stock after purchasing an additional 12,375 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. owned approximately 0.07% of Reliance worth $10,901,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Principal Financial Group Inc. raised its holdings in Reliance by 13.3% in the 2nd quarter. Principal Financial Group Inc. now owns 394,793 shares of the industrial products company’s stock valued at $112,753,000 after acquiring an additional 46,259 shares in the last quarter. Innealta Capital LLC acquired a new position in Reliance in the 2nd quarter valued at approximately $28,000. Deroy & Devereaux Private Investment Counsel Inc. raised its holdings in Reliance by 0.3% in the 2nd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 144,723 shares of the industrial products company’s stock valued at $41,333,000 after acquiring an additional 397 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Reliance by 20.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,858 shares of the industrial products company’s stock valued at $3,672,000 after acquiring an additional 2,174 shares in the last quarter. Finally, Burney Co. raised its holdings in Reliance by 5.6% in the 2nd quarter. Burney Co. now owns 68,811 shares of the industrial products company’s stock valued at $19,652,000 after acquiring an additional 3,679 shares in the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on RS shares. StockNews.com cut Reliance from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. Wolfe Research cut Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price for the company. in a report on Friday, July 26th. Bank of America dropped 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. Finally, KeyCorp dropped their target price on Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a report on Wednesday, July 3rd. 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. Based on data from MarketBeat.com, Reliance currently has an average rating of “Hold” and a consensus target price of $329.40.

Reliance Stock Up 2.2 %

NYSE RS opened at $286.64 on Friday. The firm has a market cap of $16.46 billion, a PE ratio of 13.39 and a beta of 0.86. Reliance, Inc. has a one year low of $237.14 and a one year high of $342.20. The stock’s 50 day simple moving average is $288.60 and its 200 day simple moving average is $302.45. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.02 and a quick ratio of 2.43.

Reliance (NYSE:RS) last released its quarterly earnings results on Thursday, July 25th. The industrial products company reported $4.65 EPS for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.08). The business 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 firm’s revenue was down 6.1% on a year-over-year basis. During the same quarter last year, the company earned $6.49 earnings per share. As a group, sell-side analysts forecast that Reliance, Inc. will post 17.21 earnings per share for the current fiscal year.

Reliance Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were given a dividend of $1.10 per share. 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 1.54%. Reliance’s dividend payout ratio (DPR) is presently 20.55%.

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.