Reliance, Inc. (NYSE:RS) Stake Lifted by DekaBank Deutsche Girozentrale

DekaBank Deutsche Girozentrale increased its stake in shares of Reliance, Inc. (NYSE:RS) by 0.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 77,155 shares of the industrial products company’s stock after buying an additional 52 shares during the quarter. DekaBank Deutsche Girozentrale owned about 0.13% of Reliance worth $25,837,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Riverview Trust Co bought a new position in shares of Reliance in the first quarter worth $25,000. Contravisory Investment Management Inc. bought a new position in shares of Reliance in the first quarter worth $30,000. Rise Advisors LLC bought a new position in shares of Reliance in the first quarter worth $49,000. Partnership Wealth Management LLC bought a new position in shares of Reliance in the fourth quarter worth $43,000. Finally, Rational Advisors LLC grew its stake in shares of Reliance by 33.6% in the first quarter. Rational Advisors LLC now owns 159 shares of the industrial products company’s stock worth $53,000 after purchasing an additional 40 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RS. KeyCorp cut their price objective on Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a report on Wednesday, July 3rd. Citigroup lowered Reliance from a “buy” rating to a “neutral” rating and upped their price objective for the company from $280.00 to $380.00 in a report on Thursday, April 11th. Bank of America reduced their target price on Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. BMO Capital Markets reduced their target price on 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 downgraded Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price for the company. in a report on Friday, July 26th. One equities 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’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $329.40.

Insider Buying and Selling

In related news, COO Stephen Paul Koch sold 20,421 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $295.38, for a total transaction of $6,031,954.98. Following the completion of the transaction, the chief operating officer now owns 7,552 shares in the company, valued at approximately $2,230,709.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director James Donald Hoffman sold 5,000 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $292.77, for a total transaction of $1,463,850.00. Following the completion of the sale, the director now directly owns 39,042 shares of the company’s stock, valued at approximately $11,430,326.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Stephen Paul Koch sold 20,421 shares of the firm’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 sale, the chief operating officer now directly owns 7,552 shares of the company’s stock, valued at $2,230,709.76. The disclosure for this sale can be found here. Insiders sold 30,421 shares of company stock worth $8,967,605 in the last 90 days. 0.69% of the stock is owned by company insiders.

Reliance Stock Performance

NYSE:RS traded down $8.73 during mid-day trading on Friday, hitting $287.22. 402,335 shares of the company’s stock traded hands, compared to its average volume of 386,900. The firm has a 50 day moving average of $290.99 and a two-hundred day moving average of $303.26. Reliance, Inc. has a 12 month low of $237.14 and a 12 month high of $342.20. The firm has a market capitalization of $16.50 billion, a price-to-earnings ratio of 13.42 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.

Reliance (NYSE:RS) last announced 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). Reliance had a return on equity of 14.73% and a net margin of 7.99%. The firm had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter in the prior year, the business posted $6.49 EPS. Reliance’s revenue was down 6.1% compared to the same quarter last year. On average, equities analysts forecast that Reliance, Inc. will post 18.06 earnings per share for the current fiscal year.

Reliance Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be given a dividend of $1.10 per share. The ex-dividend date of this dividend is Friday, August 16th. This represents a $4.40 annualized dividend and a dividend yield of 1.53%. Reliance’s dividend payout ratio (DPR) is presently 20.55%.

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.