Vest Financial LLC Has $23.25 Million Stock Position in Reliance, Inc. (NYSE:RS)

Vest Financial LLC boosted its holdings in shares of Reliance, Inc. (NYSE:RS) by 42.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 81,409 shares of the industrial products company’s stock after buying an additional 24,161 shares during the period. Vest Financial LLC owned approximately 0.14% of Reliance worth $23,250,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Riverview Trust Co purchased a new position in Reliance during the first quarter valued at approximately $25,000. Innealta Capital LLC purchased a new position in shares of Reliance during the 2nd quarter valued at $28,000. Contravisory Investment Management Inc. purchased a new position in shares of Reliance during the 1st quarter valued at $30,000. Rise Advisors LLC acquired a new position in shares of Reliance in the first quarter worth $49,000. Finally, National Bank of Canada FI raised its holdings in shares of Reliance by 17.9% during the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock worth $76,000 after acquiring an additional 41 shares in the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on RS. Wolfe Research lowered Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price on the stock. in a research report on Friday, July 26th. KeyCorp dropped their price objective on Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a report on Wednesday, July 3rd. StockNews.com cut shares of Reliance from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Finally, Bank of America dropped their price target on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $329.40.

Reliance Stock Up 0.5 %

Shares of Reliance stock opened at $272.48 on Thursday. The stock has a 50 day moving average price of $287.34 and a two-hundred day moving average price of $300.01. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15. Reliance, Inc. has a 12-month low of $237.14 and a 12-month high of $342.20. The stock has a market capitalization of $15.65 billion, a P/E ratio of 12.73 and a beta of 0.85.

Reliance (NYSE:RS) last announced its earnings results on Thursday, July 25th. The industrial products company reported $4.65 EPS for the quarter, missing the consensus estimate of $4.73 by ($0.08). Reliance had a return on equity of 14.73% and a net margin of 7.99%. The firm had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter last year, the business earned $6.49 EPS. The business’s revenue was down 6.1% compared to the same quarter last year. Equities analysts expect that Reliance, Inc. will post 17.21 earnings per share for the current year.

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were issued a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend was Friday, August 16th. Reliance’s dividend payout ratio (DPR) is currently 20.55%.

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.