International Assets Investment Management LLC Increases Holdings in Reliance, Inc. (NYSE:RS)

International Assets Investment Management LLC increased its stake in Reliance, Inc. (NYSE:RS) by 27,269.0% in the 3rd quarter, HoldingsChannel reports. The fund owned 112,213 shares of the industrial products company’s stock after acquiring an additional 111,803 shares during the period. International Assets Investment Management LLC’s holdings in Reliance were worth $32,453,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Diversified Trust Co boosted its stake in shares of Reliance by 18.2% during the 1st quarter. Diversified Trust Co now owns 6,121 shares of the industrial products company’s stock worth $2,046,000 after purchasing an additional 943 shares during the period. State of Michigan Retirement System raised its holdings in shares of Reliance by 2.1% in the first quarter. State of Michigan Retirement System now owns 14,897 shares of the industrial products company’s stock worth $4,978,000 after buying an additional 300 shares during the period. United Capital Management of KS Inc. lifted its stake in shares of Reliance by 4.7% during the 1st quarter. United Capital Management of KS Inc. now owns 28,987 shares of the industrial products company’s stock worth $9,687,000 after acquiring an additional 1,299 shares during the last quarter. Norden Group LLC purchased a new position in Reliance during the 1st quarter valued at $355,000. Finally, First Trust Direct Indexing L.P. boosted its holdings in Reliance by 10.4% during the 1st quarter. First Trust Direct Indexing L.P. now owns 1,282 shares of the industrial products company’s stock valued at $429,000 after acquiring an additional 121 shares during the period. 79.26% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on RS shares. 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 research report on Friday, July 26th. KeyCorp decreased their price objective on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a report on Monday, October 14th. Finally, BMO Capital Markets dropped their target price on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research note on Friday. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Reliance has a consensus rating of “Hold” and a consensus price target of $326.40.

Reliance Stock Up 4.9 %

NYSE:RS opened at $297.54 on Tuesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. The firm has a market cap of $16.37 billion, a PE ratio of 16.34 and a beta of 0.85. The company has a 50-day moving average of $283.99 and a 200 day moving average of $290.34. Reliance, Inc. has a 1-year low of $249.29 and a 1-year high of $342.20.

Reliance (NYSE:RS) last released its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). The business had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. Reliance’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $5.00 earnings per share. As a group, research analysts anticipate that Reliance, Inc. will post 16.96 EPS for the current fiscal year.

Reliance Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a $1.10 dividend. The ex-dividend date is Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.48%. Reliance’s dividend payout ratio is presently 24.16%.

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.