Vest Financial LLC Buys 24,161 Shares of Reliance, Inc. (NYSE:RS)

Vest Financial LLC lifted its stake in Reliance, Inc. (NYSE:RS) by 42.2% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 81,409 shares of the industrial products company’s stock after acquiring an additional 24,161 shares during the period. Vest Financial LLC’s holdings in Reliance were worth $23,250,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Sei Investments Co. increased 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 valued at $17,062,000 after buying an additional 5,902 shares during the period. UBS Group AG raised its position in Reliance by 262.0% in the fourth quarter. UBS Group AG now owns 45,016 shares of the industrial products company’s stock worth $12,590,000 after purchasing an additional 32,580 shares in the last quarter. Bessemer Group Inc. lifted its stake in Reliance by 2,870.9% during the first quarter. Bessemer Group Inc. now owns 3,981 shares of the industrial products company’s stock worth $1,331,000 after purchasing an additional 3,847 shares during the period. MMCAP International Inc. SPC acquired a new stake in Reliance during the fourth quarter valued at approximately $845,000. Finally, Russell Investments Group Ltd. grew its stake in shares of Reliance by 1.9% in the 1st quarter. Russell Investments Group Ltd. now owns 159,878 shares of the industrial products company’s stock valued at $53,644,000 after purchasing an additional 2,985 shares during the period. 79.26% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently commented on RS. StockNews.com downgraded Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. KeyCorp lowered their target price on shares of Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a report on Wednesday, July 3rd. Wolfe Research downgraded shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target for the company. in a report on Friday, July 26th. Finally, Bank of America decreased their price objective 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. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Reliance has a consensus rating of “Hold” and an average price target of $329.40.

Reliance Stock Performance

Shares of NYSE:RS opened at $272.48 on Thursday. The business has a fifty day moving average of $287.34 and a 200-day moving average of $300.01. 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 twelve month low of $237.14 and a twelve month high of $342.20. The firm has a market cap of $15.65 billion, a PE ratio of 12.73 and a beta of 0.85.

Reliance (NYSE:RS) last issued 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 company had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same period in the prior year, the company earned $6.49 EPS. The firm’s revenue was down 6.1% compared to the same quarter last year. On average, equities research analysts predict that Reliance, Inc. will post 17.21 EPS for the current fiscal year.

Reliance Dividend Announcement

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 $1.10 dividend. The ex-dividend date was Friday, August 16th. This represents a $4.40 dividend on an annualized basis and a yield of 1.61%. Reliance’s payout ratio is 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.