UMB Bank n.a. Purchases 53 Shares of Reliance, Inc. (NYSE:RS)

UMB Bank n.a. lifted its holdings in Reliance, Inc. (NYSE:RS) by 27.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 249 shares of the industrial products company’s stock after acquiring an additional 53 shares during the period. UMB Bank n.a.’s holdings in Reliance were worth $72,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RS. Riverview Trust Co bought a new stake in Reliance in the first quarter worth approximately $25,000. Innealta Capital LLC bought a new stake in shares of Reliance in the 2nd quarter valued at $28,000. Contravisory Investment Management Inc. acquired a new position in shares of Reliance during the 1st quarter valued at $30,000. Rise Advisors LLC bought a new position in Reliance during the first quarter worth $49,000. Finally, National Bank of Canada FI grew its holdings in Reliance by 17.9% in the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock worth $76,000 after purchasing an additional 41 shares during the period. 79.26% of the stock is owned by institutional investors and hedge funds.

Reliance Stock Performance

Shares of Reliance stock opened at $290.95 on Monday. Reliance, Inc. has a 52 week low of $237.14 and a 52 week 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 business has a 50 day moving average price of $281.94 and a 200-day moving average price of $293.68. The company has a market cap of $16.01 billion, a PE ratio of 14.85 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 earnings per share for the quarter, missing the consensus estimate of $4.73 by ($0.08). Reliance had a net margin of 7.99% and a return on equity of 14.73%. The company had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter last year, the business posted $6.49 earnings per share. Reliance’s revenue was down 6.1% on a year-over-year basis. Equities analysts anticipate that Reliance, Inc. will post 17.16 earnings per share for the current fiscal year.

Reliance Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders 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 annualized dividend and a dividend yield of 1.51%. Reliance’s payout ratio is 22.46%.

Analysts Set New Price Targets

Several brokerages have recently commented on RS. KeyCorp reduced their target price on Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a research note on Wednesday, July 3rd. Wolfe Research cut Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a research note on Friday, July 26th. Finally, Bank of America cut their target price on Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. One investment 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. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $329.40.

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.