Skandinaviska Enskilda Banken AB publ Acquires 5,570 Shares of Reliance, Inc. (NYSE:RS)

Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of Reliance, Inc. (NYSE:RS) by 6.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 97,997 shares of the industrial products company’s stock after purchasing an additional 5,570 shares during the period. Skandinaviska Enskilda Banken AB publ owned 0.17% of Reliance worth $27,988,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Jump Financial LLC increased its holdings in shares of Reliance by 32.9% in the fourth quarter. Jump Financial LLC now owns 1,251 shares of the industrial products company’s stock valued at $350,000 after purchasing an additional 310 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in shares of Reliance by 6.3% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 907 shares of the industrial products company’s stock valued at $254,000 after buying an additional 54 shares during the period. Avantax Advisory Services Inc. raised its position in shares of Reliance by 4.2% during the fourth quarter. Avantax Advisory Services Inc. now owns 1,023 shares of the industrial products company’s stock worth $286,000 after acquiring an additional 41 shares during the last quarter. Beacon Pointe Advisors LLC lifted its stake in shares of Reliance by 50.2% during the fourth quarter. Beacon Pointe Advisors LLC now owns 1,583 shares of the industrial products company’s stock valued at $443,000 after acquiring an additional 529 shares during the period. Finally, UBS Group AG boosted its holdings in Reliance by 262.0% in the fourth quarter. UBS Group AG now owns 45,016 shares of the industrial products company’s stock valued at $12,590,000 after acquiring an additional 32,580 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have issued reports on RS. Bank of America cut their target price on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. KeyCorp dropped their price target on shares of Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a research note on Wednesday, July 3rd. Finally, Wolfe Research cut shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective on the stock. in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $329.40.

Reliance Stock Performance

Shares of RS stock opened at $281.03 on Friday. The stock has a market cap of $15.46 billion, a PE ratio of 13.13 and a beta of 0.85. The stock has a 50-day moving average of $286.57 and a 200-day moving average of $298.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.02 and a quick ratio of 2.43. Reliance, Inc. has a one year low of $237.14 and a one year high of $342.20.

Reliance (NYSE:RS) last issued its earnings results on Thursday, July 25th. The industrial products company reported $4.65 EPS for the quarter, missing the consensus estimate of $4.73 by ($0.08). The firm had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.64 billion. Reliance had a net margin of 7.99% and a return on equity of 14.73%. The firm’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period in the previous year, the company posted $6.49 EPS. As a group, sell-side analysts expect that Reliance, Inc. will post 17.21 earnings per share for the current year.

Reliance Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were paid 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 1.57%. 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.