DekaBank Deutsche Girozentrale Boosts Position in Reliance, Inc. (NYSE:RS)

DekaBank Deutsche Girozentrale lifted its position in Reliance, Inc. (NYSE:RS) by 2.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 78,867 shares of the industrial products company’s stock after buying an additional 1,712 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Reliance were worth $22,113,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of RS. Riverview Trust Co bought a new stake in Reliance during the 1st quarter worth approximately $25,000. Innealta Capital LLC bought a new position in shares of Reliance in the second quarter worth $28,000. Contravisory Investment Management Inc. purchased a new stake in shares of Reliance in the first quarter worth $30,000. Rise Advisors LLC bought a new stake in Reliance during the first quarter valued at $49,000. Finally, National Bank of Canada FI grew its position in Reliance by 17.9% during the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock worth $76,000 after buying an additional 41 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors.

Reliance Trading Up 1.4 %

RS stock opened at $277.90 on Friday. The company has a market capitalization of $15.29 billion, a PE ratio of 12.98 and a beta of 0.85. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.43 and a current ratio of 5.02. Reliance, Inc. has a one year low of $237.14 and a one year high of $342.20. The company’s 50 day moving average price is $287.13 and its two-hundred day moving average price is $299.33.

Reliance (NYSE:RS) last issued its 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). Reliance had a return on equity of 14.73% and a net margin of 7.99%. The business had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.64 billion. During the same quarter in the previous year, the business earned $6.49 EPS. Reliance’s revenue for the quarter was down 6.1% compared to the same quarter last year. As a group, analysts predict that Reliance, Inc. will post 17.21 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were issued a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 1.58%. The ex-dividend date was Friday, August 16th. Reliance’s dividend payout ratio is presently 20.55%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RS. KeyCorp dropped their price target on Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a research report on Wednesday, July 3rd. Bank of America cut their price target 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. Finally, Wolfe Research cut shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective on the stock. in a research report on Friday, July 26th. 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 a consensus rating of “Hold” and an average price target of $329.40.

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.