AQR Capital Management LLC Reduces Position in Reliance, Inc. (NYSE:RS)

AQR Capital Management LLC decreased its holdings in Reliance, Inc. (NYSE:RS) by 1.2% in the 2nd quarter, Holdings Channel.com reports. The firm owned 225,598 shares of the industrial products company’s stock after selling 2,825 shares during the period. AQR Capital Management LLC’s holdings in Reliance were worth $64,081,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Astoria Portfolio Advisors LLC. lifted its holdings in Reliance by 4.9% during the 1st quarter. Astoria Portfolio Advisors LLC. now owns 778 shares of the industrial products company’s stock worth $253,000 after purchasing an additional 36 shares in the last quarter. National Bank of Canada FI lifted its holdings in shares of Reliance by 17.9% in 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. Consolidated Planning Corp boosted its position in shares of Reliance by 7.1% in the second quarter. Consolidated Planning Corp now owns 752 shares of the industrial products company’s stock valued at $215,000 after acquiring an additional 50 shares during the period. Orser Capital Management LLC grew its stake in Reliance by 1.0% during the first quarter. Orser Capital Management LLC now owns 6,361 shares of the industrial products company’s stock valued at $2,126,000 after acquiring an additional 62 shares in the last quarter. Finally, Evexia Wealth LLC increased its holdings in Reliance by 0.5% during the 2nd quarter. Evexia Wealth LLC now owns 12,234 shares of the industrial products company’s stock worth $3,703,000 after acquiring an additional 65 shares during the period. Institutional investors own 79.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on RS shares. Bank of America reduced their price target 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. 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 research report on Friday, July 26th. Finally, KeyCorp lowered their price target on Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a report on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $329.40.

Reliance Stock Performance

Reliance stock opened at $289.72 on Friday. Reliance, Inc. has a fifty-two week low of $237.14 and a fifty-two week high of $342.20. 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 cap of $15.94 billion, a P/E ratio of 13.53 and a beta of 0.85. The firm’s fifty day moving average price is $284.81 and its 200-day moving average price is $296.97.

Reliance (NYSE:RS) last issued its quarterly earnings results 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 firm 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 company’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period last year, the firm earned $6.49 EPS. On average, equities research analysts expect 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. 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 1.52%. The ex-dividend date was Friday, August 16th. Reliance’s payout ratio is currently 20.55%.

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.