Ensign Peak Advisors Inc Trims Holdings in Reliance, Inc. (NYSE:RS)

Ensign Peak Advisors Inc cut its position in shares of Reliance, Inc. (NYSE:RS) by 8.0% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 40,689 shares of the industrial products company’s stock after selling 3,560 shares during the quarter. Ensign Peak Advisors Inc’s holdings in Reliance were worth $11,621,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Acadian Asset Management LLC grew its stake in Reliance by 20.8% in the 1st quarter. Acadian Asset Management LLC now owns 1,072,200 shares of the industrial products company’s stock worth $358,270,000 after acquiring an additional 184,509 shares during the period. Hsbc Holdings PLC grew its position in shares of Reliance by 78.5% in the second quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock valued at $82,816,000 after purchasing an additional 127,422 shares during the period. First Trust Advisors LP increased its stake in Reliance by 7.9% in the fourth quarter. First Trust Advisors LP now owns 885,818 shares of the industrial products company’s stock valued at $247,746,000 after purchasing an additional 64,895 shares during the last quarter. Principal Financial Group Inc. lifted its position in Reliance by 21.5% during the first quarter. Principal Financial Group Inc. now owns 348,534 shares of the industrial products company’s stock worth $116,473,000 after buying an additional 61,687 shares during the period. Finally, Schroder Investment Management Group boosted its stake in Reliance by 51.2% in the 4th quarter. Schroder Investment Management Group now owns 177,771 shares of the industrial products company’s stock worth $49,719,000 after buying an additional 60,229 shares during the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Stock Up 0.9 %

Shares of NYSE:RS opened at $283.73 on Tuesday. Reliance, Inc. has a 1 year low of $237.14 and a 1 year high of $342.20. The stock has a 50-day simple moving average of $286.24 and a 200-day simple moving average of $297.49. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.43 and a current ratio of 5.02. The stock has a market capitalization of $16.29 billion, a P/E ratio of 13.25 and a beta of 0.85.

Reliance (NYSE:RS) last released its quarterly earnings data on Thursday, July 25th. The industrial products company reported $4.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.73 by ($0.08). The business had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.64 billion. Reliance had a return on equity of 14.73% and a net margin of 7.99%. Reliance’s revenue was down 6.1% on a year-over-year basis. During the same period in the previous year, the company earned $6.49 EPS. Equities analysts forecast that Reliance, Inc. will post 17.21 earnings per share for the current year.

Reliance Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were paid a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend was Friday, August 16th. Reliance’s dividend payout ratio is presently 20.55%.

Analyst Ratings Changes

RS has been the subject of a number of research analyst reports. Wolfe Research downgraded shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a research note on Friday, July 26th. KeyCorp dropped their price target on shares of Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a research report on Wednesday, July 3rd. Finally, Bank of America decreased their price target on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $329.40.

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.