Dana Investment Advisors Inc. Decreases Stock Holdings in Reliance, Inc. (NYSE:RS)

Dana Investment Advisors Inc. cut its stake in Reliance, Inc. (NYSE:RS) by 2.5% in the second quarter, HoldingsChannel reports. The institutional investor owned 14,586 shares of the industrial products company’s stock after selling 374 shares during the quarter. Dana Investment Advisors Inc.’s holdings in Reliance were worth $4,166,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

Several research firms have weighed in on RS. Bank of America dropped their target price 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. 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. Finally, KeyCorp reduced 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 given a buy rating to the stock. According to data from MarketBeat.com, Reliance presently has an average rating of “Hold” and a consensus price target of $329.40.

Reliance Stock Performance

NYSE:RS opened at $289.96 on Wednesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.02 and a quick ratio of 2.43. The firm has a market cap of $15.95 billion, a PE ratio of 13.54 and a beta of 0.85. The firm has a 50 day simple moving average of $284.54 and a 200-day simple moving average of $296.39. Reliance, Inc. has a 1-year low of $237.14 and a 1-year high of $342.20.

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

Reliance Dividend Announcement

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

Reliance 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.