Massachusetts Financial Services Co. MA Has $1.91 Million Stock Holdings in Reliance, Inc. (NYSE:RS)

Massachusetts Financial Services Co. MA decreased its position in Reliance, Inc. (NYSE:RS) by 52.0% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 6,696 shares of the industrial products company’s stock after selling 7,253 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Reliance were worth $1,912,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in RS. Riverview Trust Co acquired a new stake in Reliance during the 1st quarter worth approximately $25,000. Innealta Capital LLC bought a new stake in Reliance in the 2nd quarter valued at $28,000. Contravisory Investment Management Inc. acquired a new position in Reliance in the 1st quarter worth $30,000. Rise Advisors LLC bought a new position in Reliance during the 1st quarter worth about $49,000. Finally, National Bank of Canada FI raised its stake in shares of Reliance by 17.9% in the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after purchasing an additional 41 shares during the period. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Trading Down 1.8 %

NYSE RS opened at $281.08 on Monday. Reliance, Inc. has a 12 month low of $237.14 and a 12 month high of $342.20. The company has a current ratio of 5.02, a quick ratio of 2.43 and a debt-to-equity ratio of 0.15. The stock has a 50 day moving average of $286.57 and a 200-day moving average of $297.76. The company has a market cap of $16.14 billion, a PE ratio of 13.13 and a beta of 0.85.

Reliance (NYSE:RS) last announced 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 firm had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.64 billion. Reliance had a net margin of 7.99% and a return on equity of 14.73%. The business’s revenue was down 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $6.49 EPS. On average, equities research analysts anticipate that Reliance, Inc. will post 17.21 EPS for the current fiscal year.

Reliance Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date was Friday, August 16th. Reliance’s dividend payout ratio (DPR) is presently 20.55%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on RS shares. KeyCorp decreased their price objective on Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a report on Wednesday, July 3rd. Wolfe Research downgraded shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective on the stock. in a report on Friday, July 26th. 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 report on Wednesday, June 26th. One equities research 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target 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.