Reliance, Inc. (NYSE:RS) Stake Reduced by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. cut its holdings in Reliance, Inc. (NYSE:RS) by 6.5% during the 2nd quarter, Holdings Channel.com reports. The fund owned 60,149 shares of the industrial products company’s stock after selling 4,208 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Reliance were worth $17,179,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RS. Riverview Trust Co purchased a new stake in Reliance during the first quarter valued at about $25,000. Innealta Capital LLC acquired a new stake in shares of Reliance during the second quarter valued at approximately $28,000. Contravisory Investment Management Inc. purchased a new stake in shares of Reliance in the 1st quarter valued at approximately $30,000. Rise Advisors LLC acquired a new position in Reliance in the 1st quarter worth approximately $49,000. Finally, National Bank of Canada FI grew its position 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 purchasing an additional 41 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

RS has been the subject of a number of research analyst reports. Bank of America reduced their target price on Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Wolfe Research downgraded 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. Finally, KeyCorp lowered their target price on Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 3rd. One equities 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’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $329.40.

Reliance Stock Up 0.9 %

RS opened at $283.73 on Tuesday. The company has a market capitalization of $16.29 billion, a PE ratio of 13.25 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, Inc. has a fifty-two week low of $237.14 and a fifty-two week high of $342.20. The business has a 50-day moving average of $286.24 and a 200-day moving average of $297.49.

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 firm had revenue of $3.64 billion for 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 quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $6.49 earnings per share. Equities research analysts forecast that Reliance, Inc. will post 17.21 EPS for the current fiscal year.

Reliance Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were issued a dividend of $1.10 per share. The ex-dividend date was Friday, August 16th. This represents a $4.40 annualized dividend and a dividend yield of 1.55%. Reliance’s dividend payout ratio is 20.55%.

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.