Park Avenue Securities LLC Has $499,000 Stock Position in Reliance, Inc. (NYSE:RS)

Park Avenue Securities LLC decreased its holdings in shares of Reliance, Inc. (NYSE:RS) by 26.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,725 shares of the industrial products company’s stock after selling 614 shares during the quarter. Park Avenue Securities LLC’s holdings in Reliance were worth $499,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Acadian Asset Management LLC raised its position in Reliance by 20.8% during the first quarter. Acadian Asset Management LLC now owns 1,072,200 shares of the industrial products company’s stock valued at $358,270,000 after acquiring an additional 184,509 shares in the last quarter. Hsbc Holdings PLC increased its holdings in shares of Reliance by 78.5% during the 2nd quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock worth $82,816,000 after purchasing an additional 127,422 shares during the period. Principal Financial Group Inc. increased its stake 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 valued at $116,473,000 after acquiring an additional 61,687 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Reliance by 4.8% during the second quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company’s stock valued at $333,809,000 after purchasing an additional 53,747 shares during the period. Finally, Victory Capital Management Inc. increased its holdings in Reliance by 21.1% in the 2nd quarter. Victory Capital Management Inc. now owns 202,628 shares of the industrial products company’s stock valued at $57,871,000 after buying an additional 35,336 shares during the period. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RS. Wolfe Research downgraded 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. KeyCorp decreased their price target on Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 3rd. Finally, Bank of America dropped their price objective on Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Reliance has an average rating of “Hold” and a consensus target price of $329.40.

Reliance Stock Performance

Shares of RS stock opened at $290.92 on Friday. The stock has a 50-day moving average of $281.94 and a 200-day moving average of $294.24. Reliance, Inc. has a one year low of $237.14 and a one year high of $342.20. The stock has a market cap of $16.01 billion, a PE ratio of 14.85 and a beta of 0.85. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.02 and a quick ratio of 2.43.

Reliance (NYSE:RS) last posted its earnings results on Thursday, July 25th. The industrial products company reported $4.65 earnings per share for the quarter, missing the consensus estimate of $4.73 by ($0.08). Reliance had a return on equity of 14.73% and a net margin of 7.99%. The firm had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same quarter last year, the business posted $6.49 earnings per share. The company’s revenue for the quarter was down 6.1% on a year-over-year basis. As a group, sell-side analysts expect that Reliance, Inc. will post 17.16 earnings per share for the current year.

Reliance Dividend Announcement

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

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.