Boston Partners Purchases 305,620 Shares of Reliance, Inc. (NYSE:RS)

Key Points

• Boston Partners increased its stake in Reliance, Inc. by 42.7% in the first quarter, owning over 1 million shares valued at approximately $295 million as of its latest filing.
• Reliance reported earnings per share of $4.43 for the latest quarter, missing expectations by $0.29, while revenue was reported at $3.66 billion.
• The firm has announced a quarterly dividend of $1.20 per share, with the annualized dividend yield at 1.7%.

Boston Partners increased its position in Reliance, Inc. (NYSE:RS - Free Report) by 42.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,021,900 shares of the industrial products company's stock after purchasing an additional 305,620 shares during the quarter. Boston Partners owned approximately 1.94% of Reliance worth $295,052,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Cordatus Wealth Management LLC grew its position in shares of Reliance by 3.7% during the 1st quarter. Cordatus Wealth Management LLC now owns 974 shares of the industrial products company's stock worth $281,000 after purchasing an additional 35 shares in the last quarter. Hemington Wealth Management boosted its position in shares of Reliance by 18.0% during the 1st quarter. Hemington Wealth Management now owns 229 shares of the industrial products company's stock worth $66,000 after acquiring an additional 35 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in Reliance by 0.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 11,083 shares of the industrial products company's stock valued at $3,200,000 after buying an additional 38 shares in the last quarter. Townsquare Capital LLC boosted its position in Reliance by 3.1% in the fourth quarter. Townsquare Capital LLC now owns 1,342 shares of the industrial products company's stock valued at $361,000 after buying an additional 40 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its position in Reliance by 11.1% in the first quarter. Farther Finance Advisors LLC now owns 401 shares of the industrial products company's stock valued at $116,000 after buying an additional 40 shares in the last quarter. 79.26% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, Wells Fargo & Company initiated coverage on shares of Reliance in a research note on Wednesday. They set an "equal weight" rating and a $296.00 price target for the company. Three research 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 currently has a consensus rating of "Hold" and a consensus price target of $323.50.

Reliance Trading Down 1.2%

Shares of RS stock traded down $3.40 during trading hours on Thursday, hitting $290.26. 262,526 shares of the company's stock traded hands, compared to its average volume of 492,285. The stock's 50 day simple moving average is $310.71 and its 200 day simple moving average is $296.47. The stock has a market cap of $15.26 billion, a PE ratio of 21.19, a price-to-earnings-growth ratio of 1.40 and a beta of 0.89. Reliance, Inc. has a 12 month low of $250.07 and a 12 month high of $347.43. The company has a quick ratio of 1.51, a current ratio of 3.18 and a debt-to-equity ratio of 0.14.

Reliance (NYSE:RS - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The industrial products company reported $4.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.72 by ($0.29). Reliance had a net margin of 5.39% and a return on equity of 10.48%. The business had revenue of $3.66 billion for the quarter, compared to the consensus estimate of $3.66 billion. During the same period in the previous year, the business posted $4.65 EPS. Reliance's revenue was up .5% on a year-over-year basis. On average, sell-side analysts anticipate that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be paid a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, August 15th. Reliance's dividend payout ratio (DPR) is currently 35.04%.

Reliance Company 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.