Assenagon Asset Management S.A. Decreases Position in Reliance, Inc. (NYSE:RS)

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

Several other hedge funds have also recently modified their holdings of RS. Coppell Advisory Solutions LLC increased its position in Reliance by 224.6% in the fourth quarter. Coppell Advisory Solutions LLC now owns 185 shares of the industrial products company's stock worth $49,000 after purchasing an additional 128 shares during the last quarter. Transce3nd LLC purchased a new position in shares of Reliance in the 4th quarter worth $58,000. Quarry LP increased its holdings in shares of Reliance by 83.7% in the 4th quarter. Quarry LP now owns 259 shares of the industrial products company's stock worth $70,000 after buying an additional 118 shares during the last quarter. Jones Financial Companies Lllp raised its position in shares of Reliance by 1,216.0% during the 4th quarter. Jones Financial Companies Lllp now owns 329 shares of the industrial products company's stock valued at $89,000 after buying an additional 304 shares in the last quarter. Finally, Providence First Trust Co purchased a new stake in shares of Reliance during the 4th quarter valued at about $90,000. Hedge funds and other institutional investors own 79.26% of the company's stock.

Analysts Set New Price Targets

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

Reliance Trading Up 1.2%

RS stock traded up $3.70 during midday trading on Tuesday, reaching $309.52. The company's stock had a trading volume of 349,320 shares, compared to its average volume of 407,201. Reliance, Inc. has a 1 year low of $250.07 and a 1 year high of $326.87. The firm has a market capitalization of $16.28 billion, a price-to-earnings ratio of 20.05 and a beta of 0.88. The stock has a fifty day simple moving average of $294.00 and a two-hundred day simple moving average of $288.39. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 3.21.

Reliance (NYSE:RS - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The industrial products company reported $3.77 EPS for the quarter, topping analysts' consensus estimates of $3.66 by $0.11. Reliance had a net margin of 6.33% and a return on equity of 11.87%. The firm had revenue of $3.48 billion for the quarter, compared to analysts' expectations of $3.44 billion. During the same period in the prior year, the business posted $5.30 earnings per share. The business's revenue for the quarter was down 4.4% on a year-over-year basis. On average, equities research analysts predict that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 23rd were paid a dividend of $1.20 per share. The ex-dividend date was Friday, May 23rd. This represents a $4.80 annualized dividend and a dividend yield of 1.55%. Reliance's dividend payout ratio is currently 34.41%.

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.