Trinity Legacy Partners LLC Purchases 97 Shares of Reliance, Inc. (NYSE:RS)

Trinity Legacy Partners LLC boosted its position in shares of Reliance, Inc. (NYSE:RS) by 1.2% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,936 shares of the industrial products company’s stock after purchasing an additional 97 shares during the quarter. Trinity Legacy Partners LLC’s holdings in Reliance were worth $2,267,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of RS. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in shares of Reliance by 60.3% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 10,998 shares of the industrial products company’s stock valued at $3,141,000 after purchasing an additional 4,136 shares in the last quarter. Sagefield Capital LP bought a new position in Reliance in the second quarter worth approximately $3,898,000. Evergreen Capital Management LLC purchased a new stake in Reliance during the second quarter worth $417,000. 1832 Asset Management L.P. boosted its position in Reliance by 1.9% during the 2nd quarter. 1832 Asset Management L.P. now owns 6,644 shares of the industrial products company’s stock valued at $1,898,000 after acquiring an additional 127 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ increased its holdings in shares of Reliance by 6.0% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 97,997 shares of the industrial products company’s stock valued at $27,988,000 after acquiring an additional 5,570 shares during the period. 79.26% of the stock is owned by institutional investors.

Reliance Stock Up 2.0 %

RS stock opened at $289.49 on Wednesday. The stock has a market capitalization of $15.93 billion, a PE ratio of 13.52 and a beta of 0.85. Reliance, Inc. has a 52 week low of $237.14 and a 52 week high of $342.20. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15. The firm has a 50 day moving average of $285.88 and a 200 day moving average of $297.28.

Reliance (NYSE:RS) last announced its quarterly earnings data 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). Reliance had a net margin of 7.99% and a return on equity of 14.73%. The company had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.64 billion. During the same period last year, the firm earned $6.49 earnings per share. Reliance’s quarterly revenue was down 6.1% compared to the same quarter last year. Sell-side analysts forecast that Reliance, Inc. will post 17.21 earnings per share for the current year.

Reliance Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were issued a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date was Friday, August 16th. Reliance’s dividend payout ratio is presently 20.55%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on RS shares. Wolfe Research cut shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target on the stock. in a report on Friday, July 26th. Bank of America cut 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. Finally, 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. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price 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.