Commerce Bank Purchases Shares of 3,159 Reliance, Inc. $RS

Commerce Bank acquired a new stake in shares of Reliance, Inc. (NYSE:RS - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 3,159 shares of the industrial products company's stock, valued at approximately $1,180,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Reliance in the 2nd quarter worth $2,065,000. Evolve Private Wealth LLC purchased a new stake in Reliance during the second quarter valued at about $2,439,000. Farringdon Capital Ltd. acquired a new stake in Reliance during the second quarter worth about $268,000. XXEC Inc. acquired a new stake in Reliance during the second quarter worth about $127,493,000. Finally, Westpac Banking Corp acquired a new stake in Reliance during the second quarter worth about $330,000. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Reliance

In other 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 transaction of $902,242.00. Following the sale, the chief financial officer directly owned 14,640 shares of the company's stock, valued at approximately $6,004,010.40. The trade was a 13.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP William A. Smith II sold 2,353 shares of the business's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $414.21, for a total value of $974,636.13. Following the completion of the transaction, 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 position. Additional details regarding this sale are available in the official SEC disclosure. 0.40% of the stock is currently owned by insiders.

Reliance Trading Up 0.5%

RS opened at $384.48 on Wednesday. The firm's 50 day moving average is $397.77 and its 200-day moving average is $361.45. Reliance, Inc. has a 52-week low of $260.31 and a 52-week high of $433.02. The company has a quick ratio of 2.27, a current ratio of 4.30 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $19.63 billion, a P/E ratio of 22.35, a P/E/G ratio of 0.98 and a beta of 0.96.

Reliance (NYSE:RS - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The industrial products company reported $6.27 earnings per share for the quarter, beating analysts' consensus estimates of $5.47 by $0.80. Reliance had a net margin of 5.65% and a return on equity of 12.51%. The business had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.26 billion. During the same period last year, the business earned $4.43 EPS. The business's revenue was up 26.5% on a year-over-year basis. Reliance has set its Q3 2026 guidance at 6.400-6.600 EPS. Analysts expect that Reliance, Inc. will post 22.23 EPS for the current fiscal year.

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be paid a dividend of $1.25 per share. The ex-dividend date is Friday, August 14th. This represents a $5.00 annualized dividend and a dividend yield of 1.3%. Reliance's dividend payout ratio (DPR) is currently 29.07%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on RS shares. Zacks Research raised Reliance from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 3rd. Bank of America downgraded shares of 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. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Reliance in a research report on Thursday, August 13th. JPMorgan Chase & Co. dropped their price objective on shares of Reliance from $378.00 to $376.00 and set a "neutral" rating for the company in a research report on Wednesday, July 15th. Finally, Wells Fargo & Company reduced their price objective on Reliance from $398.00 to $391.00 and set an "equal weight" rating on the stock in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $377.50.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source