Acadian Asset Management LLC Sells 84,162 Shares of Reliance, Inc. (NYSE:RS)

Acadian Asset Management LLC reduced its holdings in Reliance, Inc. (NYSE:RS) by 7.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 988,038 shares of the industrial products company’s stock after selling 84,162 shares during the quarter. Reliance comprises 0.9% of Acadian Asset Management LLC’s investment portfolio, making the stock its 19th largest position. Acadian Asset Management LLC owned approximately 1.72% of Reliance worth $282,151,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Riverview Trust Co bought a new position in Reliance in the first quarter worth about $25,000. Innealta Capital LLC bought a new position in shares of Reliance in the 2nd quarter worth approximately $28,000. Contravisory Investment Management Inc. purchased a new position in shares of Reliance in the 1st quarter valued at approximately $30,000. Partnership Wealth Management LLC bought a new stake in shares of Reliance during the fourth quarter valued at approximately $43,000. Finally, Rise Advisors LLC purchased a new stake in Reliance in the first quarter worth $49,000. 79.26% of the stock is owned by hedge funds and other institutional investors.

Reliance Stock Performance

Shares of RS stock opened at $272.69 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.43 and a current ratio of 5.02. The company has a market capitalization of $15.66 billion, a price-to-earnings ratio of 12.74 and a beta of 0.85. Reliance, Inc. has a one year low of $237.14 and a one year high of $342.20. The company’s 50-day moving average is $287.92 and its 200 day moving average is $301.01.

Reliance (NYSE:RS) last announced its quarterly earnings results 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 firm had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same period last year, the business earned $6.49 EPS. Reliance’s revenue was down 6.1% on a year-over-year basis. Sell-side analysts expect that Reliance, Inc. will post 17.21 EPS for the current fiscal year.

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 paid a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend was Friday, August 16th. Reliance’s dividend payout ratio is currently 20.55%.

Analyst Ratings Changes

Several equities analysts have commented on RS shares. StockNews.com lowered Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. KeyCorp dropped their price objective on shares of Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 3rd. Bank of America decreased their target price 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. Finally, 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 report on Friday, July 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’s stock. According to data from MarketBeat, Reliance has a consensus rating of “Hold” and an average target price of $329.40.

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.