Connor Clark & Lunn Investment Management Ltd. Invests $1.91 Million in Reliance, Inc. (NYSE:RS)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has invested $1.91 million in Reliance, Inc. by acquiring 6,616 shares during the first quarter, according to its recent SEC filing.
• Reliance, Inc. has a current market cap of $15.06 billion and reported quarterly earnings of $4.43 per share, which missed analysts' estimates by $0.29.
• The company recently announced a $1.20 quarterly dividend, with a yield of 1.7%, set to be paid on August 29th.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in Reliance, Inc. (NYSE:RS - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 6,616 shares of the industrial products company's stock, valued at approximately $1,910,000.

Other hedge funds have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted 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 acquiring an additional 319,576 shares in the last quarter. First Trust Advisors LP lifted its position in Reliance by 15.5% in the 4th quarter. First Trust Advisors LP now owns 1,382,916 shares of the industrial products company's stock valued at $372,364,000 after acquiring an additional 185,873 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its position in Reliance by 23.6% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 633,578 shares of the industrial products company's stock valued at $170,598,000 after acquiring an additional 121,078 shares in the last quarter. Northern Trust Corp lifted its position in Reliance by 32.7% in the 4th quarter. Northern Trust Corp now owns 597,348 shares of the industrial products company's stock valued at $160,842,000 after acquiring an additional 147,076 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its position in Reliance by 22.8% in the 4th quarter. Nuveen Asset Management LLC now owns 424,952 shares of the industrial products company's stock valued at $114,423,000 after acquiring an additional 78,877 shares in the last quarter. 79.26% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company raised Reliance to a "hold" rating in a research report on Thursday. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $323.50.

Reliance Price Performance

Shares of RS opened at $286.34 on Friday. The firm has a market cap of $15.06 billion, a PE ratio of 20.90, a P/E/G ratio of 1.38 and a beta of 0.89. The company has a current ratio of 3.18, a quick ratio of 1.51 and a debt-to-equity ratio of 0.14. The firm has a fifty day simple moving average of $310.23 and a two-hundred day simple moving average of $296.43. Reliance, Inc. has a 1-year low of $250.07 and a 1-year high of $347.43.

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

Reliance Dividend Announcement

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

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.

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