Swedbank AB Boosts Stake in Reliance, Inc. (NYSE:RS)

Swedbank AB increased its holdings in shares of Reliance, Inc. (NYSE:RS) by 38.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 42,881 shares of the industrial products company’s stock after acquiring an additional 11,887 shares during the period. Swedbank AB owned approximately 0.08% of Reliance worth $12,402,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Riverview Trust Co purchased a new stake in shares of Reliance in the first quarter valued at approximately $25,000. Contravisory Investment Management Inc. purchased a new stake in Reliance in the 1st quarter worth $30,000. Innealta Capital LLC acquired a new position in Reliance during the second quarter worth $28,000. UMB Bank n.a. grew its position in shares of Reliance by 27.0% in the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after purchasing an additional 53 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in shares of Reliance during the first quarter worth about $86,000. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance Trading Up 1.4 %

RS opened at $296.34 on Friday. 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 company’s 50 day simple moving average is $282.63 and its two-hundred day simple moving average is $293.11. The firm has a market capitalization of $16.30 billion, a price-to-earnings ratio of 15.13 and a beta of 0.85. Reliance, Inc. has a 1-year low of $237.14 and a 1-year high of $342.20.

Reliance (NYSE:RS) last released its quarterly earnings data on Thursday, July 25th. The industrial products company reported $4.65 earnings per share for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.08). Reliance had a return on equity of 14.73% and a net margin of 7.99%. The company had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same period last year, the firm posted $6.49 EPS. The business’s quarterly revenue was down 6.1% on a year-over-year basis. Analysts expect that Reliance, Inc. will post 17.16 EPS for the current fiscal year.

Reliance Announces Dividend

The company also recently disclosed 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 1.48%. The ex-dividend date was Friday, August 16th. Reliance’s payout ratio is currently 22.46%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on RS shares. Bank of America decreased their price target on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. Wolfe Research lowered Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target on the stock. in a research note on Friday, July 26th. Finally, KeyCorp reduced their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research note on Monday. One investment 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, the stock has an average rating of “Hold” and a consensus 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.