Assenagon Asset Management S.A. Sells 11,646 Shares of Reliance, Inc. $RS

Key Points

• Assenagon Asset Management cut its Reliance, Inc. stake by 48% in Q1, selling 11,646 shares and leaving it with 12,638 shares valued at about $3.84 million.
• Reliance reported strong quarterly results, with EPS of $5.16 beating estimates and revenue of $4.03 billion topping forecasts, while revenue rose 15.1% year over year.
• Analysts remain mixed on the stock: the consensus rating is Hold with an average price target of $364.50, though several firms recently raised their targets and one upgraded the shares to Buy.

Assenagon Asset Management S.A. trimmed its position in Reliance, Inc. (NYSE:RS - Free Report) by 48.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,638 shares of the industrial products company's stock after selling 11,646 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Reliance were worth $3,841,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its stake in Reliance by 6.6% in the first quarter. Royal Bank of Canada now owns 15,111 shares of the industrial products company's stock valued at $4,364,000 after acquiring an additional 940 shares during the last quarter. Empowered Funds LLC raised its position in shares of Reliance by 4.8% during the 1st quarter. Empowered Funds LLC now owns 5,662 shares of the industrial products company's stock valued at $1,635,000 after acquiring an additional 258 shares during the last quarter. Geneos Wealth Management Inc. raised its position in shares of Reliance by 99.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 263 shares of the industrial products company's stock valued at $76,000 after acquiring an additional 131 shares during the last quarter. Walleye Capital LLC lifted its stake in shares of Reliance by 2,192.5% in the 2nd quarter. Walleye Capital LLC now owns 1,215 shares of the industrial products company's stock valued at $381,000 after purchasing an additional 1,162 shares during the period. Finally, Marshall Wace LLP acquired a new position in shares of Reliance in the 2nd quarter valued at $1,318,000. 79.26% of the stock is owned by institutional investors.

Insider Transactions at Reliance

In other Reliance news, CFO Arthur Ajemyan sold 3,500 shares of Reliance stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $358.12, for a total value of $1,253,420.00. Following the sale, the chief financial officer owned 16,840 shares of the company's stock, valued at $6,030,740.80. This trade represents a 17.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.40% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. KeyCorp lifted their price objective on Reliance from $378.00 to $418.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 24th. BMO Capital Markets increased their target price on Reliance from $320.00 to $350.00 and gave the company a "market perform" rating in a research note on Monday, April 27th. Wells Fargo & Company increased their target price on Reliance from $343.00 to $376.00 and gave the company an "equal weight" rating in a research note on Thursday, June 4th. Wall Street Zen upgraded Reliance from a "hold" rating to a "buy" rating in a report on Saturday, April 11th. Finally, Bank of America lowered Reliance from a "neutral" rating to an "underperform" rating and set a $365.00 target price for the company. in a research report on Thursday, April 30th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Reliance currently has an average rating of "Hold" and a consensus price target of $364.50.

Reliance Price Performance

Shares of RS opened at $374.64 on Tuesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.24 and a current ratio of 4.39. The stock has a 50 day simple moving average of $377.02 and a 200 day simple moving average of $335.47. Reliance, Inc. has a 52-week low of $260.31 and a 52-week high of $419.83. The firm has a market capitalization of $19.13 billion, a PE ratio of 24.44, a P/E/G ratio of 1.19 and a beta of 0.95.

Reliance (NYSE:RS - Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The industrial products company reported $5.16 earnings per share for the quarter, beating analysts' consensus estimates of $4.63 by $0.53. The firm had revenue of $4.03 billion for the quarter, compared to analyst estimates of $3.89 billion. Reliance had a net margin of 5.42% and a return on equity of 11.37%. The business's revenue was up 15.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.77 earnings per share. Reliance has set its Q2 2026 guidance at 5.150-5.350 EPS. Sell-side analysts predict that Reliance, Inc. will post 19.26 EPS for the current fiscal year.

Reliance Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Friday, May 22nd were paid a $1.25 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $5.00 dividend on an annualized basis and a yield of 1.3%. Reliance's dividend payout ratio is presently 32.62%.

Reliance Company Profile

Reliance Steel & Aluminum Co NYSE: RS is a leading metals service center company that distributes and processes a broad array of metal products. The company offers cut-to-length, shearing, blanking, sawing, bending, machining and value-added services for carbon and alloy steel, stainless steel, aluminum, brass, titanium and specialty metal alloys. Its products serve diverse end markets, including energy, infrastructure, general manufacturing, transportation, aerospace and defense.

Founded in 1939 in Los Angeles, Reliance Steel & Aluminum has grown through a combination of organic expansion and strategic acquisitions.

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