Inspire Investing LLC Has $286,000 Stock Position in Reliance, Inc. (NYSE:RS)

Inspire Investing LLC trimmed its position in Reliance, Inc. (NYSE:RS) by 73.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 989 shares of the industrial products company’s stock after selling 2,718 shares during the quarter. Inspire Investing LLC’s holdings in Reliance were worth $286,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RS. Acadian Asset Management LLC increased its position in Reliance by 20.8% in the first quarter. Acadian Asset Management LLC now owns 1,072,200 shares of the industrial products company’s stock worth $358,270,000 after purchasing an additional 184,509 shares during the period. Hsbc Holdings PLC grew its position 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 buying an additional 127,422 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Reliance by 4.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company’s stock worth $333,809,000 after buying an additional 53,747 shares during the period. Principal Financial Group Inc. grew its position in shares of Reliance by 13.3% during the 2nd quarter. Principal Financial Group Inc. now owns 394,793 shares of the industrial products company’s stock worth $112,753,000 after buying an additional 46,259 shares during the period. Finally, Victory Capital Management Inc. grew its position in shares of Reliance by 21.1% during the 2nd quarter. Victory Capital Management Inc. now owns 202,628 shares of the industrial products company’s stock worth $57,871,000 after buying an additional 35,336 shares during the period. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently issued reports on RS shares. Wolfe Research lowered 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. Bank of America decreased their target price on Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Finally, KeyCorp decreased their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research report on Monday, October 14th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $329.40.

Reliance Price Performance

Shares of RS opened at $296.92 on Friday. 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 50 day simple moving average of $282.91 and a 200 day simple moving average of $292.86. Reliance, Inc. has a 52-week low of $237.14 and a 52-week high of $342.20. The firm has a market capitalization of $16.34 billion, a PE ratio of 15.16 and a beta of 0.85.

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

Reliance Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were paid a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 1.48%. The ex-dividend date was Friday, August 16th. Reliance’s payout ratio is 22.46%.

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.