Truist Financial Corp Sells 6,017 Shares of Reliance, Inc. (NYSE:RS)

Truist Financial Corp trimmed its stake in shares of Reliance, Inc. (NYSE:RS) by 88.8% in the second quarter, Holdings Channel.com reports. The fund owned 757 shares of the industrial products company’s stock after selling 6,017 shares during the quarter. Truist Financial Corp’s holdings in Reliance were worth $216,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sei Investments Co. boosted its position in Reliance by 13.1% during the first quarter. Sei Investments Co. now owns 51,053 shares of the industrial products company’s stock valued at $17,062,000 after acquiring an additional 5,902 shares during the last quarter. Bessemer Group Inc. increased its holdings in 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 purchasing an additional 3,847 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in Reliance by 1.9% in the first quarter. Russell Investments Group Ltd. now owns 159,878 shares of the industrial products company’s stock valued at $53,644,000 after buying an additional 2,985 shares during the period. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Reliance by 24.2% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 107,735 shares of the industrial products company’s stock worth $36,005,000 after buying an additional 20,981 shares in the last quarter. Finally, Mediolanum International Funds Ltd acquired a new stake in shares of Reliance during the 1st quarter worth approximately $2,407,000. 79.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on RS. Bank of America dropped 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. 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 research note on Friday, July 26th. Finally, KeyCorp cut their price objective on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $329.40.

Reliance Price Performance

Shares of RS opened at $296.92 on Friday. The business’s fifty day moving average is $282.91 and its 200 day moving average is $292.86. Reliance, Inc. has a 12-month low of $237.14 and a 12-month high of $342.20. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15. The stock has a market cap of $16.34 billion, a P/E ratio of 15.16 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 earnings per share 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 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 quarterly revenue was down 6.1% on a year-over-year basis. During the same period last year, the business posted $6.49 earnings per share. Sell-side analysts anticipate that Reliance, Inc. will post 17.16 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were paid a dividend of $1.10 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $4.40 dividend on an annualized basis and a yield of 1.48%. Reliance’s dividend payout ratio (DPR) is currently 22.46%.

About Reliance

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.