GAMMA Investing LLC Buys 112 Shares of Reliance, Inc. (NYSE:RS)

GAMMA Investing LLC grew its stake in shares of Reliance, Inc. (NYSE:RS) by 19.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 697 shares of the industrial products company’s stock after acquiring an additional 112 shares during the period. GAMMA Investing LLC’s holdings in Reliance were worth $202,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Riverview Trust Co bought a new stake in Reliance during the 1st quarter valued at $25,000. Innealta Capital LLC purchased a new position in shares of Reliance during the second quarter valued at $28,000. Contravisory Investment Management Inc. bought a new stake in shares of Reliance in the first quarter valued at about $30,000. Rise Advisors LLC purchased a new stake in Reliance in the first quarter worth about $49,000. Finally, National Bank of Canada FI grew its holdings in Reliance by 17.9% during the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock worth $76,000 after acquiring an additional 41 shares in the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance Trading Up 1.6 %

NYSE RS opened at $290.92 on Friday. Reliance, Inc. has a 52 week low of $237.14 and a 52 week high of $342.20. The company has a 50 day moving average price of $281.94 and a 200 day moving average price of $294.24. 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 market cap of $16.01 billion, a PE ratio of 14.85 and a beta of 0.85.

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 analysts’ consensus estimates of $4.73 by ($0.08). The business had revenue of $3.64 billion for 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%. The business’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period in the previous year, the company posted $6.49 earnings per share. As a group, sell-side analysts forecast that Reliance, Inc. will post 17.16 EPS for the current fiscal year.

Reliance Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were issued a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 1.51%. The ex-dividend date was Friday, August 16th. Reliance’s dividend payout ratio is presently 22.46%.

Analysts Set New Price Targets

RS has been the subject of several recent research reports. KeyCorp reduced their price target on shares of Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a report on Wednesday, July 3rd. Bank of America reduced their price objective 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 downgraded 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. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price 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.