Royal London Asset Management Ltd. Trims Holdings in Reliance, Inc. (NYSE:RS)

Royal London Asset Management Ltd. trimmed its stake in shares of Reliance, Inc. (NYSE:RS) by 6.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 879,321 shares of the industrial products company’s stock after selling 60,582 shares during the quarter. Reliance accounts for about 0.6% of Royal London Asset Management Ltd.’s holdings, making the stock its 24th largest position. Royal London Asset Management Ltd. owned about 1.53% of Reliance worth $251,134,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the stock. Riverview Trust Co purchased a new stake in shares of Reliance in the first quarter worth $25,000. Innealta Capital LLC bought a new stake in shares of Reliance during the 2nd quarter valued at about $28,000. Contravisory Investment Management Inc. purchased a new position in shares of Reliance during the first quarter worth about $30,000. Partnership Wealth Management LLC bought a new position in shares of Reliance in the fourth quarter worth approximately $43,000. Finally, Rise Advisors LLC purchased a new stake in Reliance in the first quarter valued at approximately $49,000. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on RS. Bank of America cut their price target on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Wolfe Research lowered shares of 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 lowered their price target on Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 3rd. Finally, StockNews.com lowered Reliance from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. 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. Based on data from MarketBeat, Reliance presently has a consensus rating of “Hold” and an average target price of $329.40.

Reliance Price Performance

Shares of Reliance stock opened at $272.24 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.43 and a current ratio of 5.02. Reliance, Inc. has a 52-week low of $237.14 and a 52-week high of $342.20. The company has a fifty day moving average of $287.77 and a 200-day moving average of $300.57. The stock has a market capitalization of $14.98 billion, a price-to-earnings ratio of 12.72 and a beta of 0.86.

Reliance (NYSE:RS) last posted its quarterly earnings results on Thursday, July 25th. The industrial products company reported $4.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.73 by ($0.08). The business had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.64 billion. Reliance had a net margin of 7.99% and a return on equity of 14.73%. The business’s quarterly revenue was down 6.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $6.49 earnings per share. Equities research analysts expect that Reliance, Inc. will post 17.21 EPS for the current 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 $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 1.62%. Reliance’s dividend payout ratio (DPR) is currently 20.55%.

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.