Occidental Asset Management LLC Boosts Stock Position in Reliance, Inc. (NYSE:RS)

Occidental Asset Management LLC increased its holdings in shares of Reliance, Inc. (NYSE:RS) by 1.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,596 shares of the industrial products company’s stock after buying an additional 283 shares during the period. Occidental Asset Management LLC’s holdings in Reliance were worth $4,511,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in RS. Sei Investments Co. boosted its holdings in Reliance by 13.1% in the 1st quarter. Sei Investments Co. now owns 51,053 shares of the industrial products company’s stock worth $17,062,000 after buying an additional 5,902 shares during the last quarter. Bessemer Group Inc. boosted its stake in shares of Reliance by 2,870.9% in the first quarter. Bessemer Group Inc. now owns 3,981 shares of the industrial products company’s stock worth $1,331,000 after acquiring an additional 3,847 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Reliance by 1.9% during the first quarter. Russell Investments Group Ltd. now owns 159,878 shares of the industrial products company’s stock worth $53,644,000 after purchasing an additional 2,985 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its stake in Reliance by 24.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 107,735 shares of the industrial products company’s stock valued at $36,005,000 after purchasing an additional 20,981 shares during the last quarter. Finally, Mediolanum International Funds Ltd purchased a new position in Reliance in the 1st quarter valued at $2,407,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Stock Performance

NYSE:RS opened at $293.64 on Tuesday. The company’s 50-day moving average is $282.13 and its two-hundred day moving average is $293.40. Reliance, Inc. has a 1-year low of $237.14 and a 1-year high of $342.20. 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 capitalization of $16.16 billion, a price-to-earnings ratio of 14.99 and a beta of 0.85.

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 analyst estimates 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% on a year-over-year basis. During the same quarter in the prior year, the company posted $6.49 earnings per share. Analysts forecast that Reliance, Inc. will post 17.16 EPS for the current year.

Reliance Dividend Announcement

The firm 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 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date of this dividend was Friday, August 16th. Reliance’s payout ratio is 22.46%.

Wall Street Analysts Forecast Growth

RS has been the subject of a number of recent research reports. 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 report on Monday. Wolfe Research downgraded shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a report on Friday, July 26th. Finally, Bank of America lowered their target price on Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $329.40.

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.