Diversified Trust Co Raises Stake in Reliance, Inc. (NYSE:RS)

Diversified Trust Co lifted its stake in shares of Reliance, Inc. (NYSE:RS) by 8.3% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,632 shares of the industrial products company’s stock after acquiring an additional 511 shares during the period. Diversified Trust Co’s holdings in Reliance were worth $1,894,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP raised its position in Reliance by 2.3% in the fourth quarter. Wellington Management Group LLP now owns 1,224,274 shares of the industrial products company’s stock valued at $342,405,000 after purchasing an additional 27,074 shares during the period. Acadian Asset Management LLC lifted its position in 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 valued at $358,270,000 after buying an additional 184,509 shares during the last quarter. First Trust Advisors LP boosted its stake in Reliance by 7.9% during the fourth quarter. First Trust Advisors LP now owns 885,818 shares of the industrial products company’s stock worth $247,746,000 after buying an additional 64,895 shares during the period. Norges Bank acquired a new stake in shares of Reliance during the fourth quarter valued at about $186,693,000. Finally, Principal Financial Group Inc. lifted its holdings in shares of Reliance by 21.5% in the 1st quarter. Principal Financial Group Inc. now owns 348,534 shares of the industrial products company’s stock worth $116,473,000 after acquiring an additional 61,687 shares during the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Stock Down 1.5 %

NYSE:RS traded down $4.12 during trading hours on Wednesday, hitting $278.41. The company’s stock had a trading volume of 11,255 shares, compared to its average volume of 315,447. The stock has a market capitalization of $15.32 billion, a P/E ratio of 13.20 and a beta of 0.86. The company has a current ratio of 5.02, a quick ratio of 2.43 and a debt-to-equity ratio of 0.15. The stock has a fifty day moving average of $288.99 and a 200-day moving average of $303.55. Reliance, Inc. has a 52-week low of $237.14 and a 52-week high of $342.20.

Reliance (NYSE:RS) last released its quarterly earnings data on Thursday, July 25th. The industrial products company reported $4.65 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 analysts’ expectations of $3.64 billion. Reliance had a net margin of 7.99% and a return on equity of 14.73%. The company’s revenue was down 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $6.49 EPS. On average, equities analysts forecast that Reliance, Inc. will post 17.59 earnings per share for the current year.

Reliance Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be issued a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 1.58%. The ex-dividend date of this dividend is Friday, August 16th. Reliance’s payout ratio is 20.55%.

Wall Street Analyst Weigh In

RS has been the topic of a number of research analyst reports. Bank of America cut their target price on Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. StockNews.com downgraded Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. KeyCorp reduced their price target on shares of Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 3rd. BMO Capital Markets dropped their price objective on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a report on Friday, April 26th. Finally, Wolfe Research lowered Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective on the stock. in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $329.40.

Insider Activity at Reliance

In related news, COO Stephen Paul Koch sold 20,421 shares of the business’s stock in a transaction on Friday, May 31st. The shares were sold at an average price of $295.38, for a total value of $6,031,954.98. Following the completion of the sale, the chief operating officer now directly owns 7,552 shares of the company’s stock, valued at $2,230,709.76. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.69% of the company’s stock.

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.