Corient Private Wealth LP Invests $129.80 Million in Reliance, Inc. $RS

Key Points

• Corient Private Wealth initiated a $129.8 million position in Reliance, acquiring 347,428 shares, while institutional investors collectively own 79.26% of the company.
• Reliance exceeded quarterly expectations, reporting $6.27 in earnings per share versus the $5.47 consensus estimate and $4.63 billion in revenue, up 26.5% year over year. The company guided for third-quarter EPS of $6.40–$6.60.
• Reliance declared a quarterly dividend of $1.25 per share, equivalent to a $5.00 annualized payout and a 1.3% yield. Analyst sentiment remains mixed, with an overall “Hold” rating and an average price target of $377.50.

Corient Private Wealth LP acquired a new stake in shares of Reliance, Inc. (NYSE:RS - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 347,428 shares of the industrial products company's stock, valued at approximately $129,799,000. Corient Private Wealth LP owned 0.68% of Reliance as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. XXEC Inc. bought a new position in Reliance in the second quarter worth about $127,493,000. BlackRock Inc. purchased a new position in shares of Reliance in the 2nd quarter worth approximately $2,171,081,000. State Street Corp raised its stake in shares of Reliance by 4.5% during the 4th quarter. State Street Corp now owns 2,715,764 shares of the industrial products company's stock worth $784,503,000 after acquiring an additional 118,009 shares in the last quarter. Boston Partners lifted its position in Reliance by 27.5% during the third quarter. Boston Partners now owns 2,247,603 shares of the industrial products company's stock valued at $631,224,000 after acquiring an additional 484,286 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in Reliance by 25.2% during the third quarter. Wellington Management Group LLP now owns 1,708,756 shares of the industrial products company's stock valued at $479,870,000 after acquiring an additional 343,598 shares during the last quarter. Institutional investors own 79.26% of the company's stock.

Reliance Stock Performance

Shares of RS stock opened at $390.63 on Thursday. The stock has a market cap of $19.95 billion, a PE ratio of 22.71, a price-to-earnings-growth ratio of 0.99 and a beta of 0.96. The business has a 50-day simple moving average of $397.51 and a 200-day simple moving average of $361.79. The company has a quick ratio of 2.27, a current ratio of 4.30 and a debt-to-equity ratio of 0.22. Reliance, Inc. has a 52-week low of $260.31 and a 52-week high of $433.02.

Reliance (NYSE:RS - Get Free Report) last released 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 analyst estimates of $4.26 billion. Reliance had a return on equity of 12.51% and a net margin of 5.65%.The business's quarterly revenue was up 26.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.43 EPS. Reliance has set its Q3 2026 guidance at 6.400-6.600 EPS. On average, equities analysts expect that Reliance, Inc. will post 22.23 EPS for the current year.

Reliance Announces Dividend

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

Insiders Place Their Bets

In other news, CFO Arthur Ajemyan sold 2,200 shares of the firm's 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 in the company, valued at $6,004,010.40. This trade represents a 13.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP William A. Smith II sold 2,353 shares of Reliance 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 transaction, the senior vice president owned 19,394 shares of the company's stock, valued at approximately $8,033,188.74. This represents a 10.82% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have recently commented on RS. Bank of America cut Reliance from a "neutral" rating to an "underperform" rating and set a $365.00 price objective 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. KeyCorp increased their price target on Reliance from $378.00 to $418.00 and gave the company an "overweight" rating in a research note on Wednesday, June 24th. Wells Fargo & Company lowered their price target on Reliance from $398.00 to $391.00 and set an "equal weight" rating for the company in a report on Monday. Finally, Zacks Research upgraded Reliance from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Reliance presently has an average 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.

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