MBB Public Markets I LLC Takes Position in Reliance, Inc. (NYSE:RS)

MBB Public Markets I LLC bought a new position in Reliance, Inc. (NYSE:RS) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 4,220 shares of the industrial products company’s stock, valued at approximately $1,205,000.

A number of other institutional investors and hedge funds also recently modified their holdings of RS. Wellington Management Group LLP lifted its position in shares of Reliance by 2.3% in the 4th quarter. Wellington Management Group LLP now owns 1,224,274 shares of the industrial products company’s stock valued at $342,405,000 after acquiring an additional 27,074 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Reliance by 4.8% in 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 in the last quarter. Acadian Asset Management LLC boosted its position in shares of 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 buying an additional 184,509 shares during the period. First Trust Advisors LP grew its holdings in shares of Reliance by 7.9% during the fourth quarter. First Trust Advisors LP now owns 885,818 shares of the industrial products company’s stock valued at $247,746,000 after buying an additional 64,895 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in Reliance by 13.3% during the second quarter. Principal Financial Group Inc. now owns 394,793 shares of the industrial products company’s stock valued at $112,753,000 after buying an additional 46,259 shares during the period. 79.26% of the stock is owned by institutional investors and hedge funds.

Reliance Stock Down 0.1 %

Shares of Reliance stock opened at $289.21 on Tuesday. The firm has a market cap of $16.61 billion, a price-to-earnings ratio of 13.51 and a beta of 0.85. The stock has a 50-day simple moving average of $284.54 and a 200-day simple moving average of $296.39. Reliance, Inc. has a 52-week low of $237.14 and a 52-week high of $342.20. 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 (EPS) for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.08). The business 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%. Reliance’s revenue was down 6.1% compared to the same quarter last year. During the same quarter last year, the firm earned $6.49 earnings per share. On average, equities research analysts expect that Reliance, Inc. will post 17.21 earnings per share for the current fiscal year.

Reliance Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were issued a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend was Friday, August 16th. Reliance’s dividend payout ratio is presently 20.55%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on RS shares. KeyCorp decreased their price objective on Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a research report on Wednesday, July 3rd. Bank of America decreased their price target on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Finally, Wolfe Research lowered shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective on the stock. in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target 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.