Assenagon Asset Management S.A. Sells 41,458 Shares of Reliance, Inc. (NYSE:RS)

Assenagon Asset Management S.A. decreased its holdings in shares of Reliance, Inc. (NYSE:RS - Free Report) by 81.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,236 shares of the industrial products company's stock after selling 41,458 shares during the period. Assenagon Asset Management S.A.'s holdings in Reliance were worth $2,667,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its position in Reliance by 9.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,709,737 shares of the industrial products company's stock valued at $998,886,000 after buying an additional 319,576 shares in the last quarter. Wellington Management Group LLP grew its stake in Reliance by 10.4% in the fourth quarter. Wellington Management Group LLP now owns 1,479,542 shares of the industrial products company's stock valued at $398,381,000 after acquiring an additional 138,866 shares during the period. First Trust Advisors LP raised its position in shares of Reliance by 15.5% during the fourth quarter. First Trust Advisors LP now owns 1,382,916 shares of the industrial products company's stock worth $372,364,000 after purchasing an additional 185,873 shares during the period. Principal Financial Group Inc. raised its position in shares of Reliance by 53.5% during the fourth quarter. Principal Financial Group Inc. now owns 725,685 shares of the industrial products company's stock worth $195,402,000 after purchasing an additional 252,955 shares during the period. Finally, Boston Partners lifted its holdings in shares of Reliance by 7.6% in the 4th quarter. Boston Partners now owns 716,280 shares of the industrial products company's stock worth $192,894,000 after purchasing an additional 50,528 shares in the last quarter. Institutional investors and hedge funds own 79.26% of the company's stock.

Reliance Stock Down 0.6%

Shares of Reliance stock traded down $1.71 on Friday, hitting $307.34. The company had a trading volume of 221,717 shares, compared to its average volume of 405,478. Reliance, Inc. has a 1 year low of $250.07 and a 1 year high of $326.87. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.58 and a current ratio of 3.17. The stock has a 50 day moving average of $295.80 and a 200-day moving average of $288.60. The stock has a market capitalization of $16.16 billion, a price-to-earnings ratio of 22.01, a P/E/G ratio of 1.37 and a beta of 0.88.

Reliance (NYSE:RS - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The industrial products company reported $3.77 EPS for the quarter, beating analysts' consensus estimates of $3.66 by $0.11. The business had revenue of $3.48 billion during the quarter, compared to analyst estimates of $3.44 billion. Reliance had a return on equity of 10.77% and a net margin of 5.65%. Reliance's quarterly revenue was down 4.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.30 EPS. As a group, sell-side analysts forecast that Reliance, Inc. will post 16.98 earnings per share for the current year.

Reliance Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 23rd were issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend was Friday, May 23rd. Reliance's dividend payout ratio (DPR) is presently 34.41%.

Wall Street Analysts Forecast Growth

Separately, KeyCorp boosted their price target on shares of Reliance from $321.00 to $327.00 and gave the company an "overweight" rating in a research note on Monday, February 24th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $319.00.

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.