Bank of New York Mellon Corp Purchases New Position in Reliance, Inc. $RS

Key Points

• Bank of New York Mellon acquired 473,536 Reliance shares worth approximately $176.9 million, representing about 0.93% of the company. Institutional investors collectively own 79.26% of Reliance.
• Reliance exceeded quarterly expectations, reporting $6.27 in EPS versus the $5.47 consensus and $4.63 billion in revenue, up 26.5% year over year. The company guided for third-quarter EPS of $6.40–$6.60.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $378.67 target price. Reliance also announced a quarterly dividend of $1.25 per share, or $5.00 annualized, yielding approximately 1.3%.

Bank of New York Mellon Corp acquired a new position in shares of Reliance, Inc. (NYSE:RS - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 473,536 shares of the industrial products company's stock, valued at approximately $176,913,000. Bank of New York Mellon Corp owned approximately 0.93% of Reliance at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. PFA Pension Forsikringsaktieselskab bought a new stake in shares of Reliance during the fourth quarter valued at approximately $61,317,000. Arjuna Capital acquired a new position in Reliance during the 4th quarter worth $1,838,000. Forsta AP Fonden acquired a new position in Reliance during the 4th quarter worth $2,022,000. Fulcrum Wealth Advisors LLC bought a new position in Reliance in the 4th quarter valued at $2,529,000. Finally, Versor Investments LP acquired a new stake in shares of Reliance in the 4th quarter valued at $399,000. Institutional investors own 79.26% of the company's stock.

Insider Activity

In other Reliance news, CFO Arthur Ajemyan sold 2,200 shares of Reliance stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $410.11, for a total value of $902,242.00. Following the sale, the chief financial officer owned 14,640 shares of the company's stock, valued at $6,004,010.40. This trade represents a 13.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP William A. Smith II sold 2,353 shares of the business's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $414.21, for a total value of $974,636.13. Following the completion of the sale, the senior vice president owned 19,394 shares in the company, valued at approximately $8,033,188.74. This trade represents a 10.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.40% of the company's stock.

Analyst Ratings Changes

RS has been the topic of several research reports. JPMorgan Chase & Co. cut their price target on Reliance from $378.00 to $376.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 15th. Zacks Research upgraded Reliance from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 3rd. Wells Fargo & Company boosted their price objective on Reliance from $372.00 to $398.00 and gave the stock an "equal weight" rating in a report on Thursday, July 23rd. Seaport Research Partners raised their target price on shares of Reliance from $340.00 to $390.00 and gave the company a "buy" rating in a research note on Tuesday, April 28th. Finally, Bank of America cut shares of Reliance from a "neutral" rating to an "underperform" rating and set a $365.00 price target for the company. in a research report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $378.67.

Reliance Price Performance

Reliance stock opened at $387.58 on Friday. The company has a current ratio of 4.30, a quick ratio of 2.27 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $19.79 billion, a P/E ratio of 22.53, a PEG ratio of 1.00 and a beta of 0.96. The business has a 50-day moving average of $398.80 and a 200-day moving average of $360.65. Reliance, Inc. has a 1 year low of $260.31 and a 1 year high of $433.02.

Reliance (NYSE:RS - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The industrial products company reported $6.27 EPS for the quarter, topping the consensus estimate of $5.47 by $0.80. The business had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.26 billion. Reliance had a return on equity of 12.51% and a net margin of 5.65%.The firm's revenue was up 26.5% compared to the same quarter last year. During the same quarter last year, the business posted $4.43 EPS. Reliance has set its Q3 2026 guidance at 6.400-6.600 EPS. On average, equities analysts anticipate that Reliance, Inc. will post 22.23 EPS for the current year.

Reliance Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Friday, August 14th. Reliance's dividend payout ratio is 29.07%.

Reliance 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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