Assenagon Asset Management S.A. Increases Stock Position in Reliance, Inc. $RS

Key Points

• Assenagon Asset Management S.A. increased its stake in Reliance, Inc. by 55.1% in Q2, owning a total of 14,323 shares valued at approximately $4.5 million.
• Reliance reported Q2 earnings of $4.43 per share, missing estimated projections, while revenues remained steady at $3.66 billion.
• The company announced a quarterly dividend of $1.20, resulting in an annualized yield of 1.7% and a payout ratio of 35.04%.

Assenagon Asset Management S.A. grew its position in Reliance, Inc. (NYSE:RS - Free Report) by 55.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,323 shares of the industrial products company's stock after purchasing an additional 5,087 shares during the period. Assenagon Asset Management S.A.'s holdings in Reliance were worth $4,496,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. TCTC Holdings LLC boosted its position in Reliance by 138.9% in the first quarter. TCTC Holdings LLC now owns 86 shares of the industrial products company's stock worth $25,000 after purchasing an additional 50 shares during the last quarter. N.E.W. Advisory Services LLC purchased a new stake in Reliance during the first quarter worth about $29,000. Wayfinding Financial LLC purchased a new stake in Reliance during the first quarter worth about $30,000. Transamerica Financial Advisors LLC increased its holdings in Reliance by 595.5% during the first quarter. Transamerica Financial Advisors LLC now owns 153 shares of the industrial products company's stock worth $45,000 after buying an additional 131 shares during the last quarter. Finally, Hemington Wealth Management increased its holdings in Reliance by 18.0% during the first quarter. Hemington Wealth Management now owns 229 shares of the industrial products company's stock worth $66,000 after buying an additional 35 shares during the last quarter. Hedge funds and other institutional investors own 79.26% of the company's stock.

Reliance Trading Up 0.6%

RS stock opened at $284.71 on Thursday. The company has a market capitalization of $14.97 billion, a PE ratio of 20.78, a price-to-earnings-growth ratio of 1.35 and a beta of 0.89. Reliance, Inc. has a one year low of $250.07 and a one year high of $347.43. The company's 50 day moving average price is $295.69 and its two-hundred day moving average price is $296.34. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.51 and a current ratio of 3.18.

Reliance (NYSE:RS - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The industrial products company reported $4.43 EPS for the quarter, missing the consensus estimate of $4.72 by ($0.29). Reliance had a return on equity of 10.48% and a net margin of 5.39%.The business had revenue of $3.66 billion for the quarter, compared to analysts' expectations of $3.66 billion. During the same period last year, the business posted $4.65 earnings per share. The company's revenue was up .5% compared to the same quarter last year. Reliance has set its Q3 2025 guidance at 3.600-3.800 EPS. As a group, analysts predict that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were paid a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, August 15th. Reliance's payout ratio is presently 35.04%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. JPMorgan Chase & Co. initiated coverage on shares of Reliance in a report on Tuesday, September 9th. They set an "overweight" rating and a $350.00 price objective for the company. Zacks Research lowered shares of Reliance from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 13th. Finally, Wells Fargo & Company upgraded shares of Reliance to a "hold" rating in a research report on Thursday, August 14th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $328.80.

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.

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