Wealthspire Advisors LLC Makes New Investment in Reliance, Inc. (NYSE:RS)

Wealthspire Advisors LLC acquired a new stake in Reliance, Inc. (NYSE:RS) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,290 shares of the industrial products company’s stock, valued at approximately $368,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Riverview Trust Co acquired a new stake in Reliance in the 1st quarter worth about $25,000. Contravisory Investment Management Inc. purchased a new position in shares of Reliance during the 1st quarter worth about $30,000. Innealta Capital LLC acquired a new stake in shares of Reliance in the second quarter worth approximately $28,000. Rise Advisors LLC purchased a new stake in Reliance in the first quarter valued at approximately $49,000. Finally, Headlands Technologies LLC acquired a new position in Reliance during the first quarter worth approximately $86,000. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Reliance Stock Performance

Shares of RS stock opened at $279.55 on Tuesday. The company has a current ratio of 5.02, a quick ratio of 2.43 and a debt-to-equity ratio of 0.15. The company has a market cap of $16.05 billion, a PE ratio of 13.06 and a beta of 0.85. The company’s fifty day simple moving average is $287.13 and its 200-day simple moving average is $299.17. Reliance, Inc. has a 52 week low of $237.14 and a 52 week high of $342.20.

Reliance (NYSE:RS) last announced 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 company had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.64 billion. Reliance had a net margin of 7.99% and a return on equity of 14.73%. The firm’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $6.49 earnings per share. As a group, equities research analysts anticipate that Reliance, Inc. will post 17.21 EPS for the current year.

Reliance Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 1.57%. The ex-dividend date of this dividend was Friday, August 16th. Reliance’s dividend payout ratio (DPR) is presently 20.55%.

Analyst Ratings Changes

Several brokerages have recently issued reports on RS. Wolfe Research cut shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a research note on Friday, July 26th. KeyCorp lowered their price target on Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a research report on Wednesday, July 3rd. Finally, Bank of America dropped their price target 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 equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Reliance currently has a consensus 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.