Private Advisor Group LLC grew its holdings in Reliance, Inc. (NYSE:RS – Free Report) by 11.6% during the second quarter, HoldingsChannel.com reports. The fund owned 3,901 shares of the industrial products company’s stock after purchasing an additional 404 shares during the quarter. Private Advisor Group LLC’s holdings in Reliance were worth $1,114,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in RS. Riverview Trust Co purchased a new position in shares of Reliance in the 1st quarter valued at $25,000. Innealta Capital LLC acquired a new stake in Reliance during the 2nd quarter valued at $28,000. Contravisory Investment Management Inc. acquired a new stake in Reliance during the 1st quarter valued at $30,000. Rise Advisors LLC acquired a new stake in Reliance during the 1st quarter valued at $49,000. Finally, National Bank of Canada FI grew its holdings in Reliance by 17.9% during the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after purchasing an additional 41 shares in the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.
Reliance Price Performance
Shares of RS stock opened at $277.90 on Monday. The firm has a market cap of $15.29 billion, a P/E ratio of 12.98 and a beta of 0.85. 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 1-year low of $237.14 and a 1-year high of $342.20. The firm has a fifty day moving average of $287.13 and a two-hundred day moving average of $299.17.
Reliance Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were issued a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 1.58%. The ex-dividend date was Friday, August 16th. Reliance’s dividend payout ratio (DPR) is presently 20.55%.
Wall Street Analysts Forecast Growth
RS has been the subject of a number of recent analyst reports. Bank of America lowered their price target on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Wolfe Research lowered 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, KeyCorp lowered their price target on shares of Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a report on Wednesday, July 3rd. One equities research 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’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $329.40.
Get Our Latest Stock Analysis on Reliance
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.
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