Mediolanum International Funds Ltd Has $1.89 Million Stock Position in Reliance, Inc. (NYSE:RS)

Mediolanum International Funds Ltd lessened its position in Reliance, Inc. (NYSE:RS) by 11.3% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 6,521 shares of the industrial products company’s stock after selling 834 shares during the period. Mediolanum International Funds Ltd’s holdings in Reliance were worth $1,885,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its position in Reliance by 4.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company’s stock valued at $333,809,000 after acquiring an additional 53,747 shares in the last quarter. Acadian Asset Management LLC grew its holdings in Reliance by 20.8% during 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 in the last quarter. Principal Financial Group Inc. raised its position in Reliance by 13.3% in the 2nd 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 last quarter. Hsbc Holdings PLC lifted its stake in Reliance by 78.5% during the 2nd quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock valued at $82,816,000 after acquiring an additional 127,422 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in Reliance by 21.1% during the 2nd quarter. Victory Capital Management Inc. now owns 202,628 shares of the industrial products company’s stock worth $57,871,000 after acquiring an additional 35,336 shares during the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

Reliance Price Performance

RS opened at $283.54 on Monday. The firm has a market cap of $15.60 billion, a P/E ratio of 14.47 and a beta of 0.85. The firm has a 50-day moving average of $283.64 and a 200 day moving average of $290.58. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.43 and a current ratio of 5.02. Reliance, Inc. has a fifty-two week low of $237.14 and a fifty-two week high of $342.20.

Reliance (NYSE:RS) last posted its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing the consensus estimate of $3.66 by ($0.02). The company had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.38 billion. Reliance had a net margin of 7.99% and a return on equity of 14.73%. Reliance’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.00 EPS. On average, research analysts expect that Reliance, Inc. will post 17.16 EPS for the current year.

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a dividend of $1.10 per share. The ex-dividend date is Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a yield of 1.55%. Reliance’s dividend payout ratio is presently 22.46%.

Wall Street Analysts Forecast Growth

RS has been the subject of several recent analyst reports. BMO Capital Markets reduced their target price on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday. Wolfe Research lowered shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price for the company. in a research note on Friday, July 26th. Finally, KeyCorp reduced their target price on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research note on Monday, October 14th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $326.40.

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.